COMMERCE AND FINANCE

Otago Daily Times, Issue 24255, 25 March 1940, Page 2

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

MINIMUM PRICES GOVERNMENT STOCKS NEW OFFICIAL RATES ADVERSE EFFECT ON MARKET (United Press Association) (By Electric Telegraph—Copyright) LONDON. Mar. 22. (Received Mar. 24. at 6.30 p.m.) The ill-timed fixing of new official minimum 1 market prices for Government stocks killed any prospect of the new war loan opening at a premium The public construed the action of the authorities less as a safeguard against depreciation than preparation for some imminent contingency. The fact that the initial announcement covered only 18 British stocks—implying a hasty decision and urgent need for publication —encouraged unfavourable interpretations. The sudden wavering of confidence affected all investment sections. Australian stocks suffered the first general decline for a year. The old 3i per cent war loan lost its recent hold on par arid the position of gilt-edgeds generally at the finish was from a half to one point down. . with the new war loan at one-eighth discount. The Stock Exchange official list re- * veals that the minima for Australian and New Zealand securities have been substantially raised. The new minima are as follows: —

WOOL FOR FOREIGNERS LATEST TREND AT HOME EXPORT OF MANUFACTURES THE PRODUCTION OF NYLON (United Press Association) (By Electric Telegraph—Copyright) LONDON, Mar. 23. (Received Mar. 24, at 6.30 p.m.) In view of the warnings about the dangers threatening the New Zealand and Australian wool industries if insufficient supplies are released to foreign customers, it is relevant to note the latest trends in the Wool Control’s policy. . The Statist says: “ The developments recently show that the Control authorities favour the export of manufactures rather than the shipment of crude, semi-finished articles. The Wool Control is stimulating the sales of piece goods and hosiery, but it is not treating exporters of yarns so liberally. Many opportunities still exist for increased export of wool. The authorities will have to earmark quantities for carrying out arrangements with foreign countries.” An important addition to the list of new wartime industries is British producton of nylon, which is an entirely new raw material derived from coal, air and water. The United States has pioneered its development. Three factories are being opened for the manufacture of nylon. The products of nylon fibres are stronger than wool, silk, and cotton fibres, and are highly suitable for the manufacture of hosiery. MERCHANDISE MARKET The market is at present well supplied with sugar, shipments coming to hand each week from Auckland. Cornflour Britain has imposed an embargo on the exportation of cornflour, and New Zealand importers have perforce had to turn their attention to the Canadian article. A shipment of Canadian bulk cornflour is due shortly, and it will be very timely, as stocks in New Zealand are about exhausted. Salmon A shipment of Canadian salmon is expected in the Dominion shortly after Easter. Pinks, the principal grade selling on the New Zealand market, will have to bear a high landed cost. The other grades will also show an advance in prices. Cheese Supplies of cheese are equal to the demand. There is not much speculative buying by dealers since price fixation was established. Tartaric Acid The Australian quotation for, tartaric acid has been advanced to 2s per lb f.0.b., Australia. Cream of Tartar Importers are patiently waiting for further arrivals of cream of tartar to replenish stocks. The overseas markets for this commodity are still very high, and until documents come to hand it is impossible to forecast the probable increase in landed costs over previous arrivals. Rebate, to Australian Manufacturers For the month of March the Commonwealth Government will pay to shippers the following export bonuses based on the sugar content of the goods:— On fruit products (Jams, preserved fruit, etc.) to New Zealand, 13s a ton; to all other destinations. £lO 6s a ton. . J „ On goods other than fruit products (such as confectionery, etc.), to New Zealand £2 17s a ton, and to all other destinations £l2 10s a ton. The Commonwealth Government pays these bonuses out of a fund obtained by levying a heavy duty charge on sugar produced in Austra lia and sold there for domestic consumption. ■, The tendency over the past few years has been towards a reduction in these bounty payments, and New Zealand manufacturers wish that they ceased altogether, thus compelling Australian packing concerns to quote on this market prices that are not assisted by Government bonuses The bonus payments have fallen by degrees to their present level from 1937, when exporters of fruit products to New Zealand received £5 10s a ton and to other destinations £l7 16s a ton, and exporters of goods other than fruit products to New Zealand received £7 9s a ton and to other destinations £2O a ton. CLOSING PRICES (United Press Association) (By Electric Telegrahp—Copyright) LONDON. Mar. 23. (Received Mar. 24, at 6.30 p.m.) Thursday Vclosing prices were;— Cotton: Spot. 7.55 d per lb; April shipment. 7.42 d. . Rubber: Para. 122 d per lb; plantation smoked. Hid. Linseed oil. £42 10s a ton. Turpentine. £2 14s 9d per cwt. FRUIT AND PRODUCE WORLD Reilly’s report selling:— Per Dozen.—Eggs, guaranteed 2s. pullets Is 6d, carrots Is, psrsmos Is. spinach Is 6d, lettuce Is to 2s, sweet corn 2s to 2s 6d. hothouse cucumbers 2s 6d to 3s 6d. Each—Champion eggs crates, 24 dozen 18s. , Per Half Case.—Peaches 3s 6d to ss. nectarines 5s to 6s, plums, dessert 4s to 6s. cooking plums 2s 6d to 3s 6d, pears dessert 3s to 4s, cooking 3s to 3s 6d, cucumbers 2s to 3s 6d. passion fruit 15s to 18s. Per Case.—Lemons. Californian 58s, oranges Jamaicans 26s to 32s 6d, Jamaican grapefruit 21s 6d to 30s 6d, bananas ripes 255, pears dessert 5s to Bs. apples extra fancy and fancy, Cox’s Orange 6s to 7s, Jonathans and Delicious 5s 6d to 7s, commercial grades 4s to 5s 6d; cooking. Alfristons and Dunns 4s to ss. Per Lb.—Strawberries to 2s Id, grapes lOd to Is 4£d, peaches dessert 3Jd to 4Jd, nectarines 4d to sd. plums 2d to 4d. green peas IJd to 2Jd. scarlet runners 3d, rhubarb Id. local hothouse tomatoes 4d to 5Jd. Christchurch outdoor lid to 3d, Central Otago lid to 3d. kumeres 2d. pickling onions 2d. garlic 4d; butter, storekeepers’ lid; bacon, prime Is 3d; pigs, baconers 7gd to Bd, porkers BJd. overweights 3d to 4d; clover honey 7d to Bd, second grade 6d, beeswax Is 4d. Per Bag.—Cauliflowers 4s 6d, cabbages 2s. Per Cwt. —Marrows 4s to 6s; onions, Canterbury 12s, potatoes 5s to 6s, pumpkins 9s, pie melons 12s. Olive oil 18s. lime sulphur 3s 9d gallon, restar half-gallons 4s 6d. Semesan 11b 8s 6d. Red Rose nicotine sulphate 101 b 435. 21b 13s 6d, 11b 7s 6d, ilb 4s 6d. D.P. Derris for white butterfly control lib tins 2s 3d. 101 b tins 15s. woodwool 30s. fruit wrapping paper 2s 9d ream. Fowl wheat to 6s 9d, second grade 6s, maize 7s 6d; oats. Gartons to 3s 6d per bushel, crushed oats 12s 6d, X keys meatmeal 15s per bag, oyster grit to 6s 6d per bag. bran £5 10s, pollard £6 15s, chaff b.o.s. £5 10s. oaten straw £3, hay £4 15s per ton. Palmer’s chick food 21s 6d per 1001 b. Per Pair.—One hundred cockerels 2s 2d to 7s per pair. 630 hens 2s to 6s 2d, 226 ducks 2s lOd to 7s. 81 geese 6s to 7s. and 6 pullets 10s per pair. 10 turkey gobblers lOd per lb. REILLY’S CENTRAL PRODUCE MART. LTD., Moray place, Dunedin, Cl.

ORANGE SUPPLIES SHIPMENT DELAYED MODERATE STOCKS AVAILABLE cPeh United Press Association) WELLINGTON, Mar. 23. The Minister of Finance (Mr W. Nash), in a statement, says that owing to an unexpected delay in shipping arrivals, a matter which is beyond the Government’s control, supplies of oranjeeS: that, were expected to be on the market before Easter will not now arrive till early in April. At the present time NeW Zealand is importing oranges from Jamaica, practically the only suitable Empire source at this •' time of the year. r On-the receipt, of intimation of the unfortunate shipping delay, inquiries were made from Australia and elsewhere, but it was ascertained that there was no possibility of’securing supplementary supplies. In the meantime reasonable quantities of oranges will be available, but it will be necessary to conserve household supplies for a week or so. .There are ample supplies of New Zealand-grown / sfruit on the local market, including apples of the very highest quality, and arrangements were recently made for this fruit to be available in case lots for delivery to homes at unusually low prices. DIVIDENDS AND CALLS The following is a list of shares on which dividends will shortly be payable:— •Bond’s Hosiery—lo p.c. .. .. Mar. 29 North Broken Hill—6d per share Mar. 29 Bank of Australasia—final, 8 p.c.. 4s 6d per share Mar. 29 Cox Bros—ls p.c., 4Jd per share .. .. Mar. 30 Dunlop Rubber—lnterim. 7 p.c., 3 2-5 d per share .. .. .. .. Mar. 30 British Tobacco—interim, 8 p.c., 4 4-5 d per share ; Mar 30 Hume Pipe (Australia), Ltd.—interim pref., 3| p.c.; ord.. 3 p.c. Mar. 30 Morris Hedstrom—final, halfyearly, pref.. 3 p.c. (Fijian currency) •• Mar. 30 Beath and Co.—lnt, ord. pref., 2J p.c. .. .. Apl. I Felt and Textiles—lnt., pref., 3 p.c.; ord., 5 p.c. Apl. 1 Milne and Choyce—int., pref., 3 P;C.; B, pref., 3j p.c.; ord. and deb., 3 p.c. .. Apl. 1 Wholesalers, Ltd.—final, 6 p.c. .. Apl. 1 Kanieri—second, Is .. .. .. Apl, 2 Howard Smith —final, ord., 3 p.c. Apl. 3 Yarra Falls—int.. Is Apl. 4 Woolworths (N.Z.)—int.. pref., 4 i p.c. .. Apl. 15 •Woolworths (Sydney)—final, Hi p.c. ...... - Apl. 15 Woolworths (W.A.)—final, 12 J p.c., bonus 2J p.c. .. .. .. Apl. 15 Woolworths (vie.)—pref., halfyearly, 3J p.c Apl. Is Mount Morgan—6d„ a share (Australian currency) .. .. May 15 Call A.C.1.; new, 5s a share .. .. Mar. 31 • Quoted ex dividend on Stock Exchange. JUTE MARKET DEMAND EQUALS SUPPLIES A late report from India states that the final Government forecast of the 1939-40 jute crop is 9,646,000 bales, against , a previous forecast by the trade of 11,000,000 bales. Last year the acreage cropped was restricted to 3,118,700, but the next season, it is expected, will be free of any restrictions. The annual demands on Indian jute mills will be able to absorb the whole of the incoming crop, according to the report.

Commonwealth, 5, 1945-48 .. ,, 101 0 0 Commonwealth, 4, 1943-48 .. .. 99 0 0 Commonwealth, 31, 1948-53 .. .. 95 0 0 Commonwealth, 3j. 1956-61 .. • • SB 0 0 Commonwealth. 3, 1955-58 .. 85 0 0 New South Wales, 3i, 1935-50 .. 93 0 0 Victoria, 3. 1929-49 .. .. .. 92 0 0 Victoria, 4j, 1940-60 .. .. • 99 0 0 Victoria. 5, 1945-75 ■.. .. .. 101 0 0 Queensland, 3, 1942-47 .. .. .. 93 0 0 Queensland, 5, 1940-60 .. ... 100 0 0 South Australia, 3, 1916 (opt.) .. 70 0 0 South Australia, 5, 1845-75 .. 0 0 West Australia, 4, 1942-82 .. .. 98 0 0 Tasmania, 4, 1940-50 •• .. ,, 98 0 0 New Zealand, ii, 1948-58 ., «... 98 0 0 New Zealand, 3, 1949 .. .. • • 93 0 0