COMMERCE AND FINANCE

Otago Daily Times, Issue 24715, 18 September 1941, Page 2

COMMERCE AND FINANCE

| THE SHARE MARKET DUNEDIN STOCK EXCHANGE YESTERDAY'S SALES DUNEDIN Sales Reported £ s. d. War Loan. 1953 87 5 0 N.Z. Paper Mills 1 12 6 AUCKLAND Sales on 'Change.— War loan, 195.1-54, 3 per cent.. £96 15s (3); National Bank of New Zealand (odd lot). £1 19s; Bank of New Zealand. £1 19s 9d (7); South British, £2 15s; Northern Steam (paid), 4s 6d; New Zealand Breweries, £1 16s (late sale), £1 16s: Australian Alloy Steel, 8s; Farmers' Trading, £1 Is 9d; M.K. Manufacturers (late sale), 5s 9d: K.D.V. Boxes. 8s 9d; Reid Rubber (late sale), £1 6s 6d. Unofficial List.— Farmers' Freezing, £1 2s 6d (cum div.); Hellabys (pref.), £1 Is 3d. WELLINGTON Sales on 'Change.— War Loan, 1953 (late Tuesday), £B7 ss; National Bank of New Zealand (odd lot. late Tuesday). £1 19s; Woolworths, Ltd. (late Tuesday), 18s 3d; Mac Duffs (pref.. late Tuesday), 19s lid; Broken Hill South (late Tuesday), £1 9s; New Zealand Breweries. £1 16s; Wellington Woollen (ord.), £7 Is;.Woolworths, Ltd., 18s 3d (3); Mac Duffs (pref.), 19s lid. CHRISTCHURCH Sales on 'Change.— Auckland Gas 5 per cent, perpetual debenture stock, £9B 10s. Sales Reported.— Union Bank of Australia date Tuesday). £7 5s (21; West- V port-Stockton, 2s 6d; New Zealand Breweries (late Tuesday), £1 16s; Howard Smith, £1 2s 9d; New Zealand Farmers' Co-op. 4| per cent, slock, 1950 (late Tuesday), £BS; New Zealand Farmers' 4i per cent, stock, 1953 (late Tuesday). £BS: Wilsons Cement, 19s 6d: Woolworths (Syd., ord.. cum div.), 18s 3d (2); Wilsons Cernsnt, 19s 7d; Felt and Textiles (rights), 8s 9d. LATEST QUOTATIONS

COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of September 16:— At yesterday's tea sale of 1.250,0001 b. all trades were in brisk demand. Common teas advanced i'd to Id. Medium kinds were id dearer, while good quality grades were also Jd to ;;d higher at close of auction. A total of 1,375,0001 b has been catalogued for sale next week. •

WOOL INDUSTRY CHANGES IN BRITAIN The British woollen mill industry has had contrasting experiences since the war started. For a considerable period turnover was a record, the rapidly-expanding British fightingforces being equipped with clothing and temporarily civilian trade was fairly brisk, states Winchcombe, Carson,'Ltd. More latterly, Government orders have been much decreased, renewals of uniforms requiring less "'rush" work. Rationing has reduced civilian needs to 20 per cent, of average prewar consumption, and the extension of the war. throughout almost the whole of Europe and the Scandinavian countries curtailed export business. In addition, the dominions are not only supplying practically all their own requirements, but are also exporting military and civilian goods to cater for countries more or less adjacent to them.

In order to release labour for more urgent work, activity in the mills is being concentrated in fewer establishments. Fears have been expressed that so much male and female labour has gone to other factories that if the Government quickly required goods in large quantities sufficient hands would not be available to cope with the business. Reports indicate adequate stocks of raw material are still on hand in the United Kingdom. Since the war commenced prices for wool, tops, noils, and wastes were fixed in Great Britain, but figures for yarns and fabrics were not controlled. A Goods and Seiwices Price Control Bill introduced now gives the Board of Trade authority to fix margins of profits on all production and distribution and to fix actual prices., That reform was necessary. Admittedly high taxation would cut deeply into any profits made, but injustice must be felt when some sections are rigidly controlled with prices and the balance have at least a good measure of freedom. IMPORT LICENCES AMENDMENTS TO SCHEDULE Advice has been received by the Dunedin Chamber of Commerce of the following further amendments to _ the import licensing schedule for the sixth period. Cotton Piece Goods (tariff item 180/1): Licences may be granted for imports of cotton piece goods (other than moauettes, tapestry, etc.) from the United 'Kingdom during the sixth cericd to the extent of 50 per cent, of the amounts of licences issued for imports of similar goods from that source during 1940. Dates (ex tariff item 36/1): In addition to the licences authorised in circular memorandum 1941/89 of August 14, 1941, further licences may now be cranted for imports of dates from any source to the extent of 50 per cent, of , the value of imports of similar goods j from that source during 1938 bv the applicant for a licence. Macaroni and Vermicelli (ex tariff item 47): Sixth period licences may be granted for the importation of macaroni and vermicelli from Australia for amounts eauivalent to 25 per cent, of the value of imports of similar I f-oods from British countries during j 1938 by the applicant for a licence, and j the licences may be made available for imports of these commodities dur- I inf the current vear. Bran or Pollard (tariff item 5/2): It has been' decided that licences may be granted without reference to this office, for the imrjortation of bran and pollard (tariff item 5/2),from Australia during the sixth oeriod, up to the value of licences granted for imports of such goods from that source in 1940. BEATH AND CO. INCREASED NET PROFIT (Special) CHRISTCHURCH. Sept. 17. Beath ,and Co.'s gross profit for the vear ended August 19 last was £ 110.239. an increase of £3375 on the figure of the previous year. After paving a dividend of 6 per cent, for the vear on the ordinary shares and 5 per cent, on the £1 cumulative pre* ference shares, a balance of £16.574 is to be carried forward, compared with £14.586 last year. The net profit for this year of £9202 shows another increase, last year's total being £7815. The taxation reserve is £16.762. compared with £15,177 last year. SYDNEY STOCK EXCHANGE (Roc. 11.30 p.m.) SYDNEY. Sept. 17. A sharp reaction occurred on 'Change to-day. due to company dividends coming within the scope of both State and Federal Budgets, the announcement of the new Commonwealth loan, which is the biggest in Australia's history, and the disquieting news from the Russian front. Buyers operated cautiously in an endeavour to bring sellers down, resulting in contraction of the turnover and shading of prices.

The Morning Sales.—Bank of Australasia. £8 13s: Associated News, 13s: Australian Consolidated Industries, £2 9s 9d; British Tobacco. £2 7s; Cash Orders, 16s 3d (pref.. £1 4s 6d); Dunlop Perdriau. £1 3s; Farmers', £1 8s 3d; Huddart. Parker (New Zealand delivery), £2 7s. Additional Sales.— National Bank (£lO paid). £11.195; ditto. (£5 paid), £5 18s: United Insurance, £9 15s; Colonial Sugar. £SO; Howard Smith. £1 2s 6d; New Zealand delivery, £1 2s 6d: Coles. £3 7s 3d; Woolworths, 17s 4d; Electrolytic Zinc, £2 14s 3d: Broken Hill Proprietary; £1 18s lOd: Rawang. 8s lid.

John M. Fraser and. Co.. Ltd., selling agents for Otago aiid Oamaru Egg Circles, report as under: — Eggs: Heavy grade, Is 6d: standard. Is 4dj m?dium, Is 2d. Dairy butter: Pais, lid to Is Id. Potatoes, lis to 12s per cvvt; King Edward potatoes. 12s to 13s per cwt. Chaff. £6 10s per ton, sacks extra. Canterbury onions. 19s per cwt. Whole fowl wheat, to 6s 9d per bushel. Honey. 7d to 8d per lb: 51b fins. 101 b tins wanted. Poultry: While Leghorn hens, 5s to 6s: heavy breeds. 6s to 7s: cockerels—light 4s to 6s, heavy breed 7s 6d to 9s 6d: roofers, 2s 6d to 4s 6d: ducks, 6s to 7s; ducklings, 6s to 7s. all per pair. Turkeys: Gobblers. 8d to lOd per lb. live weight; hens, 7d to 9d per lb. We stock "C.F.M." mealfncal. buttermilk powder. Palmer's chick food. We are. Otago agents for: "Champion " cgsj crates, " Sol-Vit-Ax" cod liver oil for poultry, prices on application.

Consignors, please note that all poultry must arrive not later than Wednesday morning of each week. We have a stock of poiitry crates on hand for use of our clients.

MINING NEWS WEST COAST DREDGES (P.A. GREYMOUTH, Sept. 17. The returns of West Coast dredges for the first half of September are as follows: — Barrytown: 2560 z for 236 hours (101,000 yards). Kanieri: 2620 z for 162 hours (77.000 yards). Arahura: 8460 z for 265 hours (138.000 yards). KILDARE COMPANY'S RETURN The Kildare Consolidated Gold Mining Company. Ranfurly, advises that a return of 41 ounces has been obtained from a wash-up over a period of Hi weeks.

OOVERNMEN r LOANS Buyer. Seller. £ S. d £ s. a 3i p.c. Bonds, 1953-57 102 0 0 — 3J p.c. Stock, 1953-57 102 0 0 4 p.c. Slock. 1943-46 .. — 101 15 0 4 p.c. Stock. 1946-49 .. — 105 15 0 4 p.c. Stock. 1952-55 .. 106 10 0 2J p.c. War Loan, 1946 100 0 0 3 p.c. War Loan, 195154 — 100 0 0 BANKING N.Z. (£1) 2 0 0 Commercial (10s) 0 15 0 0 15 6 ; INSURANCE AND SHIPPING National '7s) .. .. 0 11) 4 0 19 8 South British (10s) .. 2 17 0 Standard (£1) .. .. 3 1 0 P. and O. Stock (£1) 1 10 0 — U.S.S. Co. (pref.; £1) 1 6 0 — MEAT. LOAN AND AGENCY N.Z. Refrig. (£1) .. 0 19 4 N.Z. Refrig (10s) 0 8 10 0 9 1 South. Froz. (ord.; £1) 1 12 0 — South Otago (£5) .. 5 0 0 — Waitaki'Farmers (£5) 4 12 6 — Natl. Mortgage (£2) 1 14 6 _ Natl. Mort. (B; £1) 1 1 0 — L. and M. (ord.; £100) 35 0 0 _ Guar. Corp. (3s) 0 2 9 — Perpetual Trust (18s) 2 10 6 — Trustees, Exec (£3) 4 5 0 — W.S. (pref.; £1) 0 19 0 — GAS AND COAI Auckland (£1) .. .. 0 6 11 Kaitangata (16s) — 1 13 6 Westport (10s) .. .." 1 3 10 — W.-Stock, (ord.; 10s) .. 0 2 ,') — WOOLLEN COMPANIES Bond's Hosierv (£1) 1 7 '6 _ Bruce (ord.; £1) 1 3 0 — Bruce (pref.; £1) .. 1 1 3 — Mosgiel (£4) .. ..,' 10 7 0 — Timaru (£1) .. .. 0 16 6 0 18 6 MISCELLANEOUS! Broken Hill Pty. (£1) 2 2 6 2 3 6 B.I.C. (pref.; £1) .. 1 4 0 — Bom. Fertiliser (£1) 1 3 ;■; — Dom. Rubber (£1) .. 0 1C 0 1 0 6 Donaghy's Rope (£1) 2 5 0 — Don. Rope (rights) .. 0 15 8 0 16 0. G, J. Coles (£1) .. 3 8 0 — Kauri Timber (£1 5s) 1 3 0 — MacDuffs (ord.; £1).. — 0 9 4 MacDuffs (pref.; £1) — 1 0 1) Milburn Lime (£1) .. 1 17 0 1 18 0 Nstl. Electric (£1) .. 1 2 6 — N.Z. Drug Co. (£2) 3 17 9 — N.Z.'Drug (£1 paid) 2 9 6 — Farm. Fertiliser (£1) 0 19 0 — N.Z. Paper Mills (£1) 1 12 0 1 13 0 O.D. Times (£1) 1 17 6 — Regent Theatre (£1) — 0 19 0 Smith and Smith (pref.; £1) .. .. 0 19 0 — Wilsons Cement (10s) 0 19 3 — Woolworths (ord.; 5s) 0 14 2 — Wool worths (Syd.; 5s) 0 18 0 0 18 7 Woolworths Prpts (£1) ' .. ..• .. •• 1 5 0 — BREWERIES New Zealand (£1) .. — 1 16 3 Dunedin (£1) .. .. — 1 1 0 MINING BrdJcen Hill South (5s) 1 9 0 1 9 9 Mount L-yell (£1) 1 8 3 1 9 6 Mount Morgan (2s 6d) 0 9 9 — North Broken Hill (5s) 2 4 0 2 6 0 Rawang Tin (10s) .. 0 8 10 — UNLISTED STOCKS National Tobacco 1 11 G — Mackintosh Caley 0 14 6 0 15 3 O. and S. Finance 0 1 8 — O. and S. Finance 0 7 0 — O. and S. Finance (pref.) 0 18 6 1 0 0