COMMERCE AND FINANCE

Otago Daily Times, Issue 23649, 5 November 1938, Page 8

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

SHARE MARKET REVIEW SUBSTANTIAL INCREASE IN TURNOVER BANK OF NEW ZEALANDS RECOVER LOCAL BODY DEBENTURES IN DEMAND

In contrast with the preceding period, when interest and trading on the Dunedin Stock Exchange were at a low ebb, the week under review has been one of great activity. It has been a most encouraging opening for the new month, and the wide interest displayed at each of the daily call-overs was sufficient to show that there is a fair amount of money available for investment. One of the dominating features of the market, was the pronounced swing over to local body debentures, which have not been in such demand for a very long time. Long dated 4i per cent, investments were in strong demand, and there was an equally good inquiry, for most issues of Government Stocks. The total number of recorded transfers— 93—-was more than treble, of that for last week and, allowing for transactions which sharebrokers have their own reasons for not reporting, the business put through for the period under review must run very close to being the most substantial week of trading for 1938. Once again the market witnessed a few upsets, but cases of severe writing down in values were few and far between. One conspicuous downfall, however, was the somewhat sensational drop in the price of Bank- of New Zealands, purchasers of which at £2 secured a good buy. By the end of the period buyers at 6d above that figure were 6d away from vendors limits. The setback may be attributed chiefly to the statements made during the election compaign that the Government would take over the bank if it thought fit, this suggestion causing a weakness in the scrip right throughout the Dominion. Like many other cases, however, the fall was too severe at the beginning, and within a few days a firming set in and was well maintained during the remainder of the period. At their present values, Bank of New Zealands are looked upon in financial circles as an extra good investment, ~.,.. .- „ Another contributing factor to the increased volume of trading was provided by the winding up of several deceased estates. There were very few sections of the market which did not contribute to the week's turnover, but, once again, Commonwealth scrip figured prominently in the sales list. Callroom trading was infinitely brighter, and some quick dealings took place in Australian mining ventures. Two movements in Dominion shares which were noticeable were the sudden rise in Bruce Woollens (ord.) caused by speculative interest, and the fall in westport Coals, following the interim dividend announcement of 4Jd per share. It was evident that shareholders were anticipating a further distribution from the reserves of the company, and when this.did not eventuate, the scrip lost ground. The WeekV Sales The following list of sales represents the trading recorded on the Dunedin Stock Exchange for the period ended yesterday afternoon:—

Gilt-Edged Securities Not f ° h r »r?n S th a e S Stock tnS g»St^ V,t WSrfS- on 'Change

were almost sufficiently frequent to be regarded as commonplace—an unusual occurrence on the local Exchange. Local body debentures, as previously stated, enjoyed wide popularity, but the demand far exceeded the supply. For the second successive week a sale was recorded of Australian Consolidated Bonds (4 per cent.) expiring 1950, the price being £lO3 2s 6d. Banks and Insurances Bank of New, Zealands switched from sales at £2 0s 9d down to £2 and back again to £2 0s 6dr while Nationals of New Zealand had a solitary transaction at £2 10s.. Union Banks were slightly easier with business at £8 14s 9d, and Commercials (10s paid) were also fractionally easier. Bank of Australasia contributed to the turnover from the section with a sale at £lO 7s. After selling at the reduced price of 15 s 10d National Insurances improved 2d. South British scrip was weaker with a sale at £2 2s 3d, and New Zealands changed hands at 13s 3d. Good Support for Australians Certain leading Australian lines were in strong demand at each of the call-overs and, for preferred Imperial Chemical Industries, there was a pronounced inquiry Transfers were effected at from £1 2s 9d to £1 3s, with more wanted at £1 2s 9d and sellers 3d away. Australian Glass scrip rose to business at £5 0s 6d, while other attractive shares to investors were British Tobaccos, Broken Hill Proprietaries, which were fairly steady throughout at around £2 17s 6d, Consolidated Bricks, Dunlop Rubbers. G. J. Coles, and Gordon and Gotch. Sharp Fall in Mount Morgans A slight easing, was discernible for most shares in the Australian mining section at the close, but the biggest loss was recorded in Mount Morgans, which lost approximately 9d during the period. Altogether they had 14 transfers at between 9s lid and 9s lOd, the market closing with buyers at the latter price tod sellers Id away. Electrolytic zincs were fairly steady but there was an easing in Mount Lyells, and North and South Broken Hills.

YESTERDAY'S TRANSACTIONS Sales on 'Chance Morning Call

LATEST QUOTATIONS The following are yesterday afternoon's buying and selling quotations, which are subject to the usual brokerage:— GOVEUNMEN3 LOANS

NORTHERN EXCHANGES

WELLINGTON

CHRISTCHURCH Sales on 'Change Comm. Bank of Australia

FOREIGN EXCHANGES

UNLISTED STOCKS All stocks In this section are not quoted on the official list and transactions are subject to a different rate of brokerage:Buyer. Sellei £sd £ s d Woolworths Properties (£1) 14 4 - DIVIDENDS PAYABLE The following is a list of shares on which dividends will shortly be payable:— Mataki Junction Dredge—ljd per share ' .. To-day fcmperor Gold Mines—ls per share Nov 10 Sharland and Co.—Final, 2i p.c, making 5 p.c. per annum Nov. 10 Waihi Investment—6 p.c. p.a. stg. (less British income tax at 5s 6d in£) Nov. 11 N.Z. Paper Mills—lnterim. half-yearly 3 per cent. . Nov 15 Bycroft—lnt., 4 p.c Nov. 15 Burns-Philp—lnt. fully paid, Is a share, con., 6d a share Nov. 15 Australian Glass—lnt.. ord.. 7 p.c, pref., 4J p.c Nov. 16 National Insurance—Final. 5d a share . Nov. 17 Westport Coal—Final, 6d per share Nov. 21 Broken Hill Propty—Halfyearly, Is 3d per share • Nov. 23 North Kalgurli (1912)—9d sterling, 'ess U.K income tax of 3s in £ Nov. 25 Wilsons Cement—lnterim 4Jd per share (equal to 7J p.c.) Nov. 25 National Bank ot Australasia —lnterim at 6 per cent, per annum Nov. 30 Dunedin Brewery—lnterim. 3 p <c Dec. 1 Taririgamutu Totara—Final 4J p.c Dec - 1 Henry Jones—Final. Is id a share Dec. 1 Victoria Nyanza—6 p.c. p.a. Dec. 7 North Broken Hill—Quarterly 6d per share Dec 8 Bank N.Z.—lnt. ord., Is a share; D mort., 3s p.c. .. Dec. 10 Broken Hill South—6d a share Dec. 15 Kauri Timber—Final 3J • p.c Dec. CALLS PAYABLE The following is a list of shares on which calls will shortly be ableDominion Breweries—New. 5s ■ a share Nov. 14 Broken Hill Pty—Cont.. 5s a share, making 13s 4d pd. .. Nov. 30

AUCKLAND Sales on 'Change

SHARE QUOTATIONS (United Press Association) (By electric Telegraph—Copyright) LONDON, Nov. 3. Share quotations: Clutha River—buyers Is 6d, sellers Is 9d; Molyneux—buyers 7Jd, sellers 10£d.

CHRISTCHURCH STOCK EXCHANGE

(British Official Wireless) (United Press Association) (By Electric Telegraph—Copyright)

ON NEW 2EALAND CURRENCY BASIS The Bank of New South Wales, Duncdln, quoted the following rate for purchases and sales of foreign exchange yesterday • London— Buying Sellimj

DROUGHT REDUCES LARGE AREAS TO DUST HEAPS

DOLLAR RATES The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis They are subject to alteration without notice:— U.S.A. Canada (Per£l (Per £1 N.Z.) N.Z.) Dols Dols Serine— T.T 3.78 7-16 3.808 O.D 3.78 11-16 3.801 Buying— O.D 3.83 S 3.86 5-16 LONDON METAL MARKET (United Press Association) (By Electric Telegraph Copyrighti LONDON, Nov. 3. The following are the odicial netai Quotations:—

BRADFORD TOPS MARKET

uz Sliver, standard 19gd Rise id Silver, fine 21 3-16 d Rise id DOLLAR AND FRANC (United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 3. Exchange on New York is quoted at 4.75 J dollars to the £. and on Paris at 178 11-16 francs

DUNEDIN MARKETS

WHEAT, OATS, ETC.

INVESTORS CAUTIOUS (Special to Dailv Times) CHRISTCHURCH. Nov. 4. Investors on the Stock Exchange have been even more cautious this week than last, and the volume of business put through was small. Immediately before and after the election business was brisker than it has been for some time, but it has slipped back sharply in the last two weeks The turnover this week was £18,913 compared with £19,590 a week ago This is just about half the business put through weekly between October 8 and October 22, when the total fluctuated between £30,000 and £42,000. The demand for Australian industrials was still the strongest influence in the market, although, of course, it wa- not quite so pronounced a: it has been. Prices for Australian shares generally moved between fairly narrow limits. An exception was Australian Glass, which firmed following the rise in Australia to £4 19s Outside of Christchurch they rose by 3s Gd to £5 Is. Although investors showed marked preference every day for Australian shares, they are nevertheless watching the Australian market carefully Company profits this year will be affected by the national, insurance legislation there, and it has been estimated that the equivalent of a 1 per cent, dividend can be allowed for this charge. Trading in Government debentures during the week was slightly heavier than last week, but buying support was never really strong, and prices consequently eased. The 3J per cent 1953-57 stock was placed at £92 10s. the 1955 stock at £99 10s, and the 1949 at £99. Rural bonds were firm in other centres at £99 ss, Commonwealth 4 per cent. 1947 at £lO2 15s, and New Zealand 3 per cent. 1939-41 at £96 10s.

Bank shares were again quieter, with movements of prices irregular. New Zealand issues were in moderate demand, but they sank to still lower levels. Nationals were sold at from £2 10s to £2 10s 3d, compared with £2 10s 3d and £2 10s 6d last week, and New Zealands at from £2 Os lOd to £2 0s 3d. The sale price for New Zealands last week was £2 Is 3d.

Generally speaking, there were more sellers than buyers to the classified sections, and prices were irregular. Dalgetys and Goldsbrough Morts were the only loan shares sold, and they were both weaker. The only transaction in Breweries was in New Zealands at the firmer price of £2 0s 9d. In the miscellaneous section. Broken Hill Proprietary Dominion Fertiliser. G J. Coles, Taranaki Oilfields, Wilson's Cement and Woolworths. Limited, were all easier. The only shares to advance were Australian Glass. South Broken Hills, Mount Lyells and Mount Morgan ordinaries all eased, and Mount Morgan preference moved up to £1 Is 10£d. Wellington Alluvials were fractionally weaker at ss.

CONDITIONS IN QUEENSLAND

A general merchant and importer in Queensland gives an unfavourable account of business conditions in that State in a letter received from him by a friend in Dunedin At present, he writes, fully 50 per cent, of our sheep country is sufferfrom a drought of some years duration. Our travellers write to say that many parts of the Barcoo. Thompson, and Cooper Rivers country are merely dust-heaps, and some of the stock have been removed many hundreds of miles awa„ for agistment, although most of it has perished. Certainly some parts of Queensland nave had a good rainfall, and the wheat crop on the Darling Downs will be exceptionally good, but the price of wheat (2s 6d) is unprofitable. This is a sparsely-populated district, and the Australian manufacturer, through his travellers, penetrates to every smail township—consisting of one store and one " pub." The fact is that our higher tariffs, which shut out all importations, have brought about a multiplicity of manufacturing concerns, and they have taken advantage of the tariff to start manufacturing and packing goods of every description, and so the wholesale merchants are gradually being squeezed out. . Most of the storekeepers and publicans whom we serve are on the bread line, and, although ours is a wonderful climate when we get rainfall, this is so irregular that the settler only needs to remain long enough on the land to be ruined. Of course, there have been good times before the advent of railways and the opening up of Central Queensland by the expansion of these railways (which has really been phenomenal), but I do not think the Australian manufacturer who sends his traveller throughout this sparselypopulated district gains one penny of profit.

(United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 3. Bradford tops: Merinos—7o's, 27d; 64's 26d; 60's, 25d. Crossbreds—sß s, 22d; 56's, 19Jd; 50's, 17d; 46*s. 16d (nominal); 44's. 16d (nominal). Business is small. Topmakers are granting concessions, but with delivery instructions increasing the outlook is more optimistic.

LONDON STOCK EXCHANGE

(United Press Association) ' (By Electric Telegraph—Copyright) LONDON, Nov. 3. (-»/•>* 27 Nov. 3.

Further heavy rains have fallen throughout the South Island during the week. The Canterbury and North Otago districts are looking particularly well for this time of the year, and it is now fairly safe to predict good yields of both wheat and oats from these quarters in the coming season. In Otago and Southland the growth is not so marked as in the northern areas, but the recent rains have helped the position materially, and the prospects for the incoming season are also excellent in these districts. Millers continue to work on their stocks of New Zealand and Australiangrown wheat, and it is considered that these stocks will be sufficient to meet their requirements until the new season's wheat is available. The fowl wheat market remains Arm. with supplies just about sufficient to meet the demand. Best quality is selling at 6s 9d per bushel, sacks extra, ex store.

Wholesale prices are as follows: Flour.—2oo*s. £l3 15s 6d: 100's. £l4 12s 6d: 50*s, £l4 17s 6d; 25's. £ls 7s 6d.

Bran. £5 5s per ton. Pollard. £6 15s per ton. • Oatmeal.—2oolb sacks. £l9 per ton; 25's. £2O per ton. Oat Market Quiet

The amount of business passing in the oat market is not large. Local millers have ample stocks in hand, and inquiries from the North Island are for small lines only. So far as the Otago district is concerned, merchants' stocks are light for this time of the year, and there are no offerings from the country. Business with the North Island is being done from Canterbury and Bluff ports. The ruling quotations are 3s 3d. f.0.b.. s.i., for A Gartons and 3s, f.0.b., s.i., for B's. At these figures there are also sellers for delivery next season. Advice from Victoria states that, following on the absence of rain, the oat market there has firmed considerably. Supplies from Victoria have an influence on the New Zealand market. Limited Demand for Chaff The demand for chaff is limited, and small sales only are being recorded. Values are unchanged, with best quality worth £6 10s per ton, sacks extra; ex store. Local merchants continue to supplement their stocks from Canterbury Ample Stocks of Potatoes There are still ample stocks of potatoes available in Canterbury. Growers there are not interested in selling their tubers, owing to the low prices offering. After picking over lines there would be little left for them at the current values. The lateness of the new season's crop in the North Island has prolonged the demand for old tubers. Some of the North Island ports are short of old potatoes, and this had tended to some improvement in the market. Stocks locally are sufficient for requirements, and freshly-picked lines are worth round about £2 10s per ton. saoks included, ex store. Seed Markets Firm The seed markets continue firm. There have been sales overseas, with business being transacted in perennial and Italian ryegrass and white clover, and to a less degree in cocksfoot and cow grass. The export demand for dogstail has quietened down, and the brown top market is still inactive. The shortage of supplies of most seeds has caused a firmness in the market, and this position is expected to continue until the new season's seed is available. Reports from Canterbury state that the ryegrass crop will be later than usual, and that it will not be ready for garnering until the end of January. Wholesale prices are as follows: Chaff. —Good, bright oaten sheaf. £5 17s 6d per ton. ex truck, to £6 10s ex store. Potatoes.—Whites. £2 10s per ton, ex store: market weak. Dairy Butter.—Milled bulk, lOd per lb: separator, lOd per lb. Supplies wanted. Bacon, Is 3d per lb. Hams, Is 2d per lb; boneless. Is 4d. Eggs, Is, Is Id. Onions.—Canadian, up to 22s 6d per cental bag. to arrive. Lard.—Bulk, 8d per lb. « Bulk honey, 6d to 6Jd per lb.

FRUIT AND VEGETABLES THE ORANGE MARKET A further shipment of Australian oranges is due to arrive on Tuesday next, ex the Maunganui. A supply of Jamaican oranges will be available early next month. It is understood that the Marketing Board has made arrangements for a continuous supply of oranges throughout the season from various sources. A small shipmem of pineapples is also expected ex the Maunganui. Samoan bananas are meeting a ready sale, A small shipment will arrive early next week, transhipped ex the Matu3 at Wellington. Supplies of apples, ex cool stores, are on the short side, and are meeting with a ready sale at the marts. Tomatoes from Canterbury and local hothouses are increasing in supply, and a good demand is being experienced. New Zealand lemons are in heavy supply. A large shipment of Californian grapes arrived during the week, transhipped ex the Monterey at Auckland. Cauliflowers are in short supply and higher prices were ruling at the weekend. Cabbages are plentiful and the market is easier. Lettuce have been in over supply. Only choice quality are worth sending to the market.

Rhubarb is in good supply. ■ Green peas are arriving regularly from the Waimate and Canterbury districts. Last week's values are being maintained. New potatoes are increasing in supply and are selling readily. New season's carrots will be available shortly. The new season's white turnips are now on offer. Wholesale prices are as follows: Apples.—Delicious and Sturmers, extra fancy 7s to 10 per case, fancy 6s to 7s 6d; commercial 3s to 4s: cookers 7s to 8s 6d. Pears.—Dessert. 10s to lis per case. Oranges.—Australian, 16s to 21s per case, according to count. Pineapples, to 20s per case. Tomatoes—Auckland hothouse. Is 2d to Is 6d per lb; Christchurch. Is 7d to Is lOd; local, to 2s 2d. Grapes.—Californian. 25s to 32s od. Lemons.—New Zealand: Best quality. 6s to 8s per case; others, 4s to ss. Bananas.—Ripe, to 24s per case. Cauliflowers.—Choice. 6s to 10s per sack; others, 2s to 4s. New potatoes, 6d to 7Jd per lb. Green peas. 5d to 6d per lb. Cabbages.—Soring cabbages, 3s to 4s 6d per case: inferior, 2s to 2s od. Rhubarb. Is to Is 6d per dozen bunches; loose. Id to Ud per lb. Asparagus. 7s 6d to 10s 6d per dozen bunches. Carrots, 3s to 4s per sugar bag. Parsnips. 5s per sugar bag. Lettuce. 6d to Is 6d per dozen. Spinach, Is to Is 6d per dozen bunches. Leeks. 4d per bunch. WHEAT AND FLOUR (United Press AssociaUon) (By Electric Telegraph- -Copyright) LONDON, Nov. 3. Wheat: Cargoes easier. Parcels steady. Futures—London: November, 20s 7id; March, 21s s£d. Liverpool: December, 4s 3£d; March, 4s 3|d; May, 4s 32d. The spot trade is quiet. Australian (ex ship), 26s 9d. Flour is quiet. Australian (ex store) 22s 3d to 235. Chicago futures—December, 63J cents per bushel; May, 65£; July, 65i. BEET SUGAR (United Press Association) (Bv Electric Telegraph—Copyright) LONDON. Nov. 3. Beet sugar 5s 6d.

OVERSEAS TRADE

MACDUFFS, LTD.

FALL IN EXPORT VALUES

LOWER FAVOURABLE BALANCE

(Special to Daily Times) WELLINGTON, Nov. 4.

A heavy decline in export values and a slight reduction in imports are the main features of the Dominion's overseas trade returns for September, issued yesterday by. the Customs Department. Exports during September, one of the dullest months of the " off season," were valued at £3,184,000, as compared with £3,902,000 for September, 1937, a reduction of £718,000. The latest figure is £796,000 below that for September, 1936. Imports for the latest month were valued at £4,821,000, as compared with £5,403,000 for September, 1937, a decrease of £582,000, but £374,000 ahead of the total for September 1936. In spite of the decline in imports during September, the heavy fall in exports gave ah excess of imports for the month of £1,637,000, as against £1.501,000 for September of last year and £467.000 for September, 1936. The following table gives a comparison of exports and imports for September for the last three years:— Excess of Exports. Imports Imports. Month of £ (N.Z.) £ (N.Z.) £ (N.Z.) September. 1938 .. 3,184,000 4,821,000 1,637,000 1937 .. 3,902,000 5,403,000 1,501,000 1936 .. 3,980,000 4,447,000 467,000 ■ Exports for the nine months of the calendar year ended September 30 were valued at £48,097,000, as against £55,284,000 for the corresponding period of last year, a decrease of £7,187,000. Imports for the nine months were valued at £41,604,000, as compared with £41,982,000 for the corresponding period of last year, a decrease of £378,000, but they were £9,719,000 in excess of those for the nine months of 1936. The excess of exports for the nine months was only £6,493,000, as against £13,302,000 for the corresponding period of 1937. and £14,157,000 for 1936. The trade position for the nine months of the last three years is shown in the following comparative table:— Nine Excess of months Exports. Imports. exports, ended £ (N.Z.) £ (N.Z.) £ (N.Z.) September, 1938 .. 48,097,000 41,604,000 6,493.000 1937 .. 55,284,000 41,982,000 13,302,000 1936 .. 46.042,000 31,885,000 14,157,000 The above figures take no account of specie, movements of which have been as follows: Exports. Imports. £ £ Month of Sept., 1938 .... Nine months ended September, 1938 750 27,552

APPOINTMENT OF RECEIVER ACTION BY COMPANY'S BANKERS At the present time the business throughout New Zealand of Messrs Macduffs, Ltd., departmental stores, is being controlled by a receiver and manager, who was appointed on November 1 by the company's bankers. The secretary of Macduffs, Ltd., department stores, has sent the following circular letter to the company's creditors:— "I have to advise you that the company's bankers have appointed as receiver and manager of the company's business Mr T. L. Ward, public accountant, of Clarke. Menzies. Griffin and Co. " The date of appointment is November 1, so that all accounts owing by the company up to and including October 31 will rank as unsecured creditors of the company. "It is not possible at the present juncture to form any opinion as to what the position of the unsecured creditors will be, but further information will be given as soon as the position is more clearly defined. In the meantime, the business of the company will be carried on by the receiver and manager, who will be responsible for all goods purchased by him." It was on April 30 of this year that the company bought out the firm of Shillings, Ltd., shareholders in which had their holdings transferred to Macduffs. At an extraordinary meeting of shareholders in Shillings. Ltd.. on April 30 a resolution was carried authorising the distribution of 137,500 ordinary shares fully paid in Macduffs, Ltd.. to contrihutories in the proportion of 11 ordinary shares for every 10 ordinary shares held in Shillings Ltd., fractions to be sold by the liquidator on behalf of shareholders. BANK OF ENGLAND RETURN (United Press Association) (By Electric Teleeraoh—Copyright) LONDON, Nov. 3. The following is the Bank of England return:— ISSUE DEPARTMENT Note issue in circulation £483,900.000 Bank department .. .. 42,500,000 Government securities .. 188.800,000 Other securities ... .. 100.000 BANKING DEPARTMENT Rest .. 3,200,000 Public deposits .. .. 14,100,000 Bankers' deposits .. .. 109.500.000

Other amounts .. .. 36,400.000 Government securities .. 102.400.000 Discounts and advances 10,400.000 Other securities .. 21,100.000 Notes and coin .. .. 43.800.000 Ratio of reserve to liabilities is 27.31 per cent. The Bank of England discount rate remains unchanged at 2 per cent.

BRITAIN'S PROSPERITY

PRICE OF FINE GOLD

BALCLUTHA STOCK SALE

LOWER PRICES FOR SHEEP

(Special xo Dail* Timbs) i BALCLUTHA, Nov. 4. There was a good yarding of fat sheep at the Balclutha stock sale today. In the store pens owes, and lambs predominated. All classes met with a limited demand compared with the previous sale, and selling rates were lower. Fat ewes in wool made to 275; fat ewes, shorn, up to 1.9 s 6d; aged and inferior ewes in wool, 12s to 15s; heavy wethers in wool up to 31s; light wethers in wool, 22s 6d; shorn wethers, comprising medium-weights, 21s to 235; fat hoggets in wool, to 235. Store Sheep.—There was a big entry of ewes and lambs, which were in over-supply, the resuK being that prices eased generally to the extent of 2s, except for best quality, which did not show any great change compared with previous sales. A keen demand was shown for a number of ewe hoggets in wool, which realised up tc 28s; medium type ewes and lambs, all counted, sold at 5s 9d to 15s Id, according to quality and condition; shorn ewe hoggets made to 225; shorn two-tooth .wethers, well grown. 15s lOd.

Fat Cattle.—The yarding was better than usual, and prices were well maintained. Best fat cows realised up to £lO 12s 6d; best heifers £10; light steers £7 10s to £lO 15s; light cows £6 to £6 2s 6d.

Pigs.—A brisk market awaited a good yarding of young pigs. Suckers sold at from 20s to 335: slips 25s to 30s; store pigs £2 Bs.

LORD NUFFIELD'S OPTIMISM

Emphatic belief that there was nothing to prevent Britain's industries from shortly exceeding even their former prosperity was expressed by Lord Nuffield in a recent address in London. His optimism was supported by Mr R. H. Cross, M.P., Parliamentary Secretary to the Board of Trade, who said he believed the bottom of world trade recession had been reached, and a rally in prices would follow. "I firmly believe," said Lord Nuffield, "that, thanks to the skilful diplomacy and wise policy of our Prime Minister, there is little danger of war. The crisis is over, and I see no reason why the great industries of Britain should not progress and even exceed their former prosperity within the near future."

One of the greatest factors in the present position, said Mr Cross, was the decline in the industrial activity in the United States, but so far as he could see there had been some signs in recent times of improvement. "It is too early," said Mr Cross, "to prophesy about the future of S rices, bound up as they are with the nited States industrial situation and with the political situation in Europe, but on the whole it would appear to be reasonable to look in the present circumstances for a rally in prices."

(United Press Association) (By Electric Telegraph—Copyright) LONDON, Nov. 3. X> . * A

AUSTRALIAN WOOL CLIP It is expected that the first estimate of the 1938-39 Australian wool clip, at 2,970,000 bales, may be 100,000 bales too great. Production in 1937-38 was a record at 3,338,000 bales. After a ioint conference of the National Council of Wool Selling Brokers of Australia and the Australian Wool Growers' Council held last week, it was announced that, in view of the continued bad season since June, the two council expected that the estimate of the 1938-39 wool clip may not be reached by possibly 100,000 bales. The usual definite revised estimate will be issued by the respective chairmen immediately the November statistics are availab'e.

* £ s. d. 31 per cent. Stock. 1939-43 (3) 98 0 0 98 7 6 3 per cent. Stock, 1939-41 96 10 0 4 per cent. Stock. 1943-46 .. .. 99 10 0 4 per cent. Stock. 1948-49 .. .. 99 10 0 (3) 99 0 0 31 per cent. Stock, 1941-52 105 5 0 4 per cent. Stock, 1052-55 (4) .. 99 10 0 4 per cent. Bonds, 1952-55 ...... 99 10 0 Ashburton Electric Power Board, 4i per cent., Feb., 1955 102 5 0 Chrlstchurch Tramways Debs., 102 5 0 Christchurch Drainage Board, 102 10 0 Wanganui City Debs., 41 p.c, 101 0 0 Australian Consolidated Bonds, 103 2 6 0 2 6 10 7 0 Bank ol New Zealand (2) .. ;.' ; (2) 2 0 9 2 0 0 2 0 6 Commercial Bank (10s paid) .. 0 16 9 National Bank of New Zealand 2 10 0 8 14 9 National Insurance (2) .. .. 0 15 10 0 16 10 New Zealand Insurance .. •• 2 13 3 2 2 3 N.Z. Refrigerating (paid; 3) .. 0 17 0 Bruce Woollen (ord.: 2) .. .. 0 6 0 5 0 6 Australian Paper Manufacturers 1 5 71 2 17 6 2 8 2 0 7 6 0 7 5 Dunlop Perdriau Rubber 1 0 41 10 6 3 19 9 2 13 101 Imperial Chemical Industries 12 9 1 2 11 13 0 0 16 6 McKenzies Departmental Stores 2 18 6 Woolworths (South Africa) .. New Zealand Breweries (4) •• 0 14 10 2 0 9 1 12 6 0 12 4 Electrolytic Zinc (pref.) .. -• 2 8 0 1 9 4 1 9 41 0 9 11 0 9 101 (6) 0 9 10 Mount Morgan (pref.) •• •• 116 2 11 6 North Broken Hill •■••■.•; A. and T. Burt (pref.: £1 Pd-> 0 11 6

4 jftc. Stock. 1946-49 ... .. *. s a , .. 99 0 0 Bank of New Zealand .. ., ,' .. 2 0 6 Broken Hill Pty. (2) .. .. , ., 2 17 6 , .. 0 9 10 Mount Morgan (2) ... ..

Afternoon Call 0 9 10 Sales Reported Mount Lyell (late Thursday) 19 4} Broken Hill Pty. (late Thurs2 17 6 Bruce Woollen (ord.; late Thursday) •• •• 0 6 0 National Insurance (late Thurs0 IS 10 0 16 0 99 0 0 99 10 0 99 10 0 Australian Consol Bonds, 4 p.c, 103 2 6 8 14 9 3 19 9 2 13 10) Sales Reported After Last Call 99 0 0 105 S 0 13 0 Woolworths (South Africa) .. 0 14 10 Mount Morgan (pref.) .. •• 116

Buyer. £ s A Seller £ s d 3} p.c. Stock, Nov., — 99 15 0 3J p.c. Stock, March, 1939-43 .... — 98 5 0 31 p.c. Stock, Sept., 1939-43 — 98 5 0 31 p.c. Stock, May, —, 100 0 0 31 p.c' Stock, Nov., — 102 0 0 4 p.c. Bonds, 1943-46 .. 99 10 0 — 4 p.c. StocK. 1943-46 .. — 99 10 0 4 p.c. Bonds, 1946-49 .. 99 0 0 — 4 p.c. Stock, 1946-49 .. — 99 5 0 4 p.c. Stock, 1952-55 .. — 99 12 6 31 P.O. Stock, 1953-57.. — 94 0 0 MINING Austral New Zealand — I 1 3 Big River (Is) .. .. 0 1 0 0 1 3 Clutha River (2s) .. 0 2 0 0 2 9 Gillespie's Beach (Is) — 0 1 0 Goldfields Dredging (Is) — 0 0 31 Molyneux River (2s) 0 0 10 — Waitahu (5s) .. .. 0 0 9 — BANKING N.S.W. (£20) .. .. — 31 0 0 2 0 6 2 1 0 N.Z. (long D; £1) .. — 1 9 0 8 13 0 — INSURANCE National (7s) 0 15 9 0 16 2 Standard (£1) .. .. — 2 16 0 SHIPPING P. and O. Dei. Stk. 1 5 0 — U.S.S. Co. (pref.; £1) 1 5 9 MEA1 PRESERVING Gear Meat (10s) - 0 15 0 N.Z Kefrig i paid. 0 17 0 — South Froz Meat (paid; £1) • •• — I 10 J South Otago Freezing — 5 0 0 Waitaki Farmers (£5) — 4 11 0 WOOLLEN COMPANIES Bruce (ord.; £1) . 0 5 0 0 7 6 Bruce (pref.; £1) .. — 1 1 0 LiUAfr >\NV AGENCY ■JoldsDrough Mort (£1) — 1 9 0 N.Z. Guarantee Corp. (3s) 0 4 0 — Otago Farmers (3s 4d) 0 2 9 — Otago Farmers (A pref.; £1) •• •• — 1 0 6 Wnfcln otepnenson (pref.: £1) •• •• —• 1 0 3 COAL AND OIL Kaitangata (16s) I 7 0 — Westport (10s) .... — 1 3 6 Westport • Stockton (ord.; 10s) .. .. — 0 4 9 Westport • Stockton (pref.; 10s) .. . 0 6 0 — Taranaki Oil i£i 4s 0 13 0 0 13 9 MISCELLANEOUS Associated News 1 1 6 — Associated News (pref.; £1) .. ,•• • 4 0 — Australian Foundation 0 4 y 0 5 1 Australian Glass (£1) 5 0 6 _ Broken tlii< Hropv 2 17 0 2 18 0 Brown, Ewlng (oro.; — 1 0 0 Crystal Ice (£1) — 1 19 0 D.I.C. (pref.; £1) .. — 1 3 0 Dominion Fertiliser 1 3 0 1 4 0 uonaghy's Hope (£1) — a 4 0 Dunlop Perd. Rubber 1 0 0 — G. J. Coles (£1) — 4 0 3 I.C.I. (pref.) .. .. 1 2 9 1 3 0 Milburn Lime (£1) .. — 1 16 0 N.Z. Drug Co. (£2) .. — 3 8 6 N.Z. Paper Mills (£1) — 1 2 9 Otagt Dail.v Times — 2 3 0 Smith and Smith (pret.. £1) — 1 2 0 Wilsons Cement (10s) — 0 16 9 Wnoiwnrths (Sydney;

Woolworths (S. Africa; 0 14 8 1 1 C 0 H 11

BREWERIES Dunedin (£1) .. .. ~ 1 6 0 AUSTRALIAN MINING Broken Hill South (5s) .. .. .. .. — 1 12 6 Electrolytic Zinc (ord.; £1) 2 4 9 — Mount Lyell (£1) .. — 1 9 4 Mount Morgan (2s 6d) 0 9 10 0 9 11 Mouni Morgan (pref.; 12s) 12 0 — North Broken Hill (5s) 2 10 0 2 11 0 Rawane Tin (10s) .. 0 8 5 0 9 0

Bonds, 1948-49, 4 p.c. 3J S. 99 2 u 6 99 7 6 Stock, 1943-46, 4 p.c. .. .. 99 5 0 Hamilton Borough. 1960, 4J p.c, .. Comm. Bank of Australia .. 101 0 0 0 16 8 Bank of New Zealand (2) .. 2 0 6 National Insurance .. .. 0 16 0 New Zealand Insurance .. 2 13 4 South British (2) .. .. 2 3 9 Farmers Auctioneering (A 1 1 0 1 2 6 Dominion Breweries .. 1 15 1 16 0 0 New Zealand Breweries .. 2 0 9 Australian Paper Manufac0 1 6 2 17 6 49 0 0 2 5 3 Electrolytic Zinc (pref.) .. 2 8 0 Imperial Chemicals (pref.) 1 2 ix 0 12 0 0 4" u 0 13 3 0 16 4 Woolworths (N.Z.) .. .. 0 19 0 2 3 9 W. R. Carpenter (rights) .. 0 16 0 0 10 0

Sales on 'Change Bank of N.Z. (late Thurs2 0 6 Dalgety and Co. (late Thurs7 19 3 Electrolytic Zinc (pref.; late 2 8 0 Electrolytic Zinc (ord.; late 2 5 3 Woolworths (N.Z.; late 0 18 11 Mount Morgan (late ThursE.S. and A. Bank .. 0 10 0 5 10 0 Bank of New Zealand (5) .. 2 0 6 Bank of N.Z. ("D," long 1 7 11 N.Z. Guarantee Corp. 0 4 1 British Tobacco (2) .. .. 2 8 6 Electrolytic Zinc (ord.) .. 2 5 0 1 2 11 0 7 0 Woolworths (N.Z.) .. .. 0 19 0

0 16 10 National Insurance .. .. 0 15 9 Goldsbrough, Mort .. 18 0 G. J. Coles (2) 3 19 6 I.C.I. (Aust. and N.Z.; pref.; 1 2 11 ' " ". ( 3> 1 3 0 0 13 3 Mount Lyell (2) 19 2 0 9 11 Sales Reported N.Z. Govt. 4 p.c, Inscr., 1949 99 0 0 National Zank of N.Z. 2 10 2 Unlisted Stock Ballins Breweries .. 0 10 5

RUGBY, Not. J. ParisPar. Nov. 2. Nov. 8. Francs to £1 124.21 173 51-64 178 25-32 Brussels — ' Belgasto £1 80 28.12 28.13} OsloKrouer to £) lB.liC 11.90 11.90 Stockholm— Kroner to £ 1 18 130 19.41 19.-11 CopenhagenKroner to £ 1 18.150 22.10 22.40 BerlinMarks to £1 20.34 11.88 11.88 MontrealDollars to £1 4.80 2-3 4.783 4.781 New YorkDollars to £1 4.86 2-3 4.753 1.75 15-16 YokohamaPence to yen 84.582 14 14 Hongkong— Pence to dollar 24.58 14 15-16 14 15-18 Bombay— Pence to rupee - 17 13-16 17 15-16 BatavlaFlorinsto £) 12.10 8.73} 8.73} MilanLire to £ 1 82.46 BO 7-16 90} AmsterdamGuilder to £ J 12.107 8.74 8.741 PragueKroner to £ 1 104 J 13SJ 138} (Jeneva— Franca to £1 25.22* 20.96 20.97} Henna— Schillings to £1 84.86} 26} 26} Ueislngfors— Marks to £ 1 193.23 220:! 2263 MadridPeseta." to £1 25.22} — — BelgradeDinars to £] 25.221 2113 2113 AthensDrachmas to £1 375'547} 547} Lisbon— Escudos to £1 110 no* 110} BucharestLei to £1 931.6 CG0 660 Rio de JaneiroPence to mllreis .. 5.890 3 3 Buenos AiresPence to pesos 47.22 19.02 19.01 Shanghai*— Pence to tael — 8 8 Montevideo— Pence to pesos — 20 20 Warsaw— Zlotvs to £1 — 25.37 £5.37 •Nominal.

£1 N.Z. to £100 r.T 124/10/125/-, O.D 124/1/3 124/19/6 Australia— £ A. to £100 N.Z. T.T. 100/-/-O.D 100/10/100/-/ FIJI— £ P. to £100 N.Z r.i 00/ -/■ H8/12/6 O.D 90/-/ >!8/12/6 New York— Dollars to £ N.Z T.T 3.8327 3.7975 O.D 3.8377 3.7985 MontrealDollars to £ N.Z. T.T 3.8563 3.8218 O.D 3.8650 3.8228 Belgium— Belgas to £ N.Z T.T. 22.T13 22.403 O.D. 22 s 788 22.408 Czechoslovakia— Crowns to £ N.Z. T.T. — 109.70 O.D. 109.72 Denmark— Kroner to £ N.Z. r.T. 18.131 17.821 O.D. 18.191 17 823 FinlandMarks to £ N.Z. T.T. 384.69 178.89 O.D 185.09 178.99 France— Francs to £ N Z. t r 144.56 142.06 O.D — 142.08 Germany— Uelchsmarks to £ N.Z .. .. T.T. — 9.429 O.D — 9.431 GreeceDrachma to £ r.T. — 128.98 N.Z O.D — 429.13 HollandFlorins to £ N.Z T.T. 7.099 6.949 O.D. 7.139 6.951 ItalyLire to £ N.Z T.T. — 72.163 O.l) — 72.188 JavaFlorins to £ N.Z r.T T.074 6.924 O.D 7.114 6.926 Norway— Kroner to £ N.Z r.T 18.119 15.829 O.D 16.179 15.832 NoumeaFrancs to £ N.Z. r.T 147.08 140.31 O.D — 110.35 Papeete— Francs to £ N.Z T.T O.D 146.46 140.46 140.50 SwedenKroner to £ N.Z. T.T. 15.737 15.442 O.D 15.797 15.445 SwitzerlandFrancs to £ N.Z. T.T 16.962 16.692 O.D 17.067 16.694 Chcfuu— N.Z. pence to l r.T _ „ dollar .. .. o.n _ _ Hongkong— V.Z. pence to 1 r.T 18 29-84 I If 53-64 dollar .. .. O.I) 18 27-64 l.» 53-61 India and Ceylon— V.Z pence to 1 r. i 22 7-32 V2.1 rupee .. .. O.D 22 3-16 221 •lapan— v '/. pence to 1 r.T _ 17 19-32 yen .... on — 17 19-32 Manila— v Z pence to I r.i „ peso .. O.D Shanghai— V Z pence to 1 r.T _ _ dollar .. ., O.D _ _ Singapore— N.Z pence to 1 T.T 34 19-31 1 35 o-64 dollar .. .. O.D 34 J 35 "-64

lor i £ s cl t , a Copper, spot 45 13 9 Fall 0 1 10} Copper, forward 45 16 10J Fall 0 3 9 Electrolytic, spot 51 10 0 Fall 0 5 0 Electrolytic, for ward 52 10 0 Fall 0 5 0 Wire bars 52 10 0 Fall 0 5 0 Lead, spot 15 15 7J Fall 0 5 0 Lead, forward 15 10 4i Fall 0 5 0 Spelter, spot 14 0 4J Fall 0 2 6 Spelter, forward 14 14 4J Fall 0 2 6 Tin, spot 212 2 6 Rise 0 5 0 Tin. forward 213 2 fi Rise 0 p 3

oct. i British- f s i' Consols. 2J p.c .. 72 3 Funding Loan, 4 p.c. 108 18 War Loan, 32 p.c. .. 9? .5 l 1 9 9 0 1NOV. «>. £ s. d. 72 2 6 109 1 3 99 5 0 Con. Loan, 3J p.c. .. 99 15 0 99 12 " 0 Victory Bonds, 4 p c 107 1*2 6 108 0 0 Commonwealth's p.c, 1945-75 4 p.c. 1943-48 32 p.c, 1948-53 34 p.c. 1956-61 3 p.c, 1955-58 105 3 • 99 15 97 15 88 10 85 10 9 0 0 0 0 105 0 99 15 97 16 87 1 85 7 0 0 3 3 6 New South WalesSi p.c, 1930-50 93 18 y 94 7 6 Victoria's p.c, 1929-40 *43 p.c, 1940-60 5 p.c, 1945-75 92 0 101 7 105 2 0 6 6 92 7 101 17 104 17 6 6 6 Queensland — •3 P.c, 1932-47 5 p.c, 1940-60 93 2 101 8 6 9 93 7 101 10 6 0 South Australia's p.c, 1916 or after 74 5 0 74 7 6 5 p.c, 1945-75 105 5 0 105 0 0 Western Australia— •4 p.c, 1942-64 99 11 3 99 2 6 Tasmania— *3J p.c. 1929-40 101 1 ■I 101 0 0 *4 p.c, 1940-50 99 15 0 99 17 6 New Zealand— 4J p.c, 1948-58. 98 10 0 97 12 6 3J p.c, 1940 .. . 3 p.c. 1945 . . .. 99 10 0 99 2 6 91 8 9 90 13 9 * Ex div.

£ S. •<!. November 3 .. 7 6 li November 2 .. 7 8 1 November 1 ,.. T 6 3$ October 31 .. *.. 7 6 0J October 28 .. .. .. 7 5 10i October 27 .. .. .. 7 5 7 October 26 .. .. .. 7 5 9 October 25 .. .. .. 7 5 11 October 24 .. .. .. 7 6 2| October 22 .. .. .. 7 6 l| October 21 .. .. 7 6 2* October 20 .. .. .. 7 5 9J