COMMERCE AND FINANCE

Otago Daily Times, Issue 24735, 11 October 1941, Page 2

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE STEADY LEVELS MAINTAINED Trading in the investment market dining the past week has been marked by no features of special interest. The voluble of business recorded on the Dunedin Stock Exchange has been greater than in recent weeks, and in a few instances values have shown a tendency to improve, though no movements of particular note have occurred. One or two Government loans have received steady attention and several parcels of the 1953 War Loan have changed hands. In the latter case the price has remained steady. Banking shares have attracted some interest, with deals recorded in New Zealands and the Long D shares. Commercials have had a steady inquiry and Unions have also been unsuccessfully sought daily. National Insurances turned over firmly and the demand was always keen. The most notable movement of the week was the firming of New Zealand Insurances by several shillings. They were keenly sought at the close of the market. South British shares were neglected and Standards were firmer The inquiry for meat shares was strong with New Zealand Refrigerating always prominent. There was also a continued demand for loan and agency lines, National Mortgages and New Zealand Loan and Mercantiles both moving up on buyers’ quotations. Kaitangata coals were steadily sought, but the market was a wide one and Westports were scarce in spite of a strong demand. Woollens continued to be a popular choice, with Bruce ordinary shares always prominent. Bonds hosiery also had an improved demand and offers were forward for contributing Kaiapois and Mosgiels as well as for Oamarus and Timarus. There were few changes in the miscellaneous section, the principal Australian lines being quiet, while the inquiry for leading New Zealand industrials was firm. D.l.C.’s had a strengthening demand and both the old and new issues of Donaghy’s Ropes were sought, with no seller in the market. National Electrics had a wide market and New Zealand Drugs were unchanged. A buyer of New Zealand Newspapers came into the market with an offer which was above late parity, and New Zealand Paper Mills were well supported. No changes were apparent in Breweries. ... , Australian mining was quiet with few movements, and. except for one or two lines, such as Okaritos, which were a little firmer, there movements in the New Zealand mining section. YESTERDAY’S SALES DUNEDIN SALES REPORTED N.Z.. Insurance ~ .... • • 310 0 Standard Insurance 3 3 0 Westpbrt Coal 15 0 Macduffs .(pref.) 10 3 National Electric 13 6 Clutha River 016 UNLISTED STOCK Mackintosh Caley Phcenix .. 016 0 AUCKLAND Sales on ’Change.—Commercial Bank of Australia (pref.). £9 14s (2); Bank of New South Wales, £28,105; Bank of New Zealand. £2 (4): National Insurance, £l, New Zealand Insurance, £3 10s (late sale). £3 10s (5); South British (ex div.l, £3 Is 3d: F.A.C. (B pref.), £1 2s 6d; Wright, Stephenson (ord.). 18s; Auckland Gas (cont.). 3s; Dominion Breweries. £i 10s 9d (2); Claude Neon (N.Z.). 16s 6d (odd lot): Macky Logan. £1 4s 3d: Robinson Ice, £1 4s: Woolworths (N.Z.). 14s 3d (3); Woolworths (Syd.). 17s 4d (2): Una Hill. Is 4d. WELLINGTON Sales on ’Change.—4 p.c. 1949-52 stock (late Thursday). £lO6 ss; Mac Duffs (pref.: late Thursday), £1 0s 3d; National Electric (late Thursday). £1 3s 6d: Consolidated Brick (late Thursday), 8s; Woolworths Holdings (late Thursday), 16s 8d; Wilsons Cement. £1; 3 p.c. 1946-48 Stock, £97 10s: Gear Meat. 15s; Felt and Textiles. £1 19s 3d; Wellington Woollen. £7 ss; Woolworths, Ltd.. 17s 4d (6). CHRISTCHURCH Sales on ’Change.—Springs Ellesmere Electric Power Board, 3i p.c., 1966. £IOO 10s; Kaiapoi Woollens (17s paid). 17s 6d; Woolworths (Syd.: ord.), 17s sd. Sales Reported.—Commercial Bank of Australia (pref,), £9 15s; Dominion Breweries (late Thursday). £1 10s Sd; Woolworths (Svd.; ord.). 17s Aid; Woolworths (N.Z.). 14s 3d. AFTER TWO YEARS OF WAR AMERICAN BUSINESS CONDITIONS The end of two years of war in Europe finds the economic situation and outlook in the United States profoundly altered, states the Guaranty Trust Company of New York in discussing American business after two years of war in the current issue of The Guaranty Survey, its monthly review of business and financial conditions in this country and abroad. The changes are due partly as a result of ths Inevitable industrial, commercial, and financial dislocations of wartime, but even more largely to the vast Rearmament programme upon which the nation suddenly embarked when it became apparent that developments abroad contained a greater menace to American security and interests than had been recognised at the beginning. The Survey says: “Inasmuch as the American defence programme did not get under way until after almost a year of war, the most radical changes in this country have occurred during the last 12 months. So sweeping have these changes been that the United States now finds itself In an economic position not unlike that of a nation actually at war. It is doubtful however, whether the country is yet fully atvake to the implications of an unlimited national emergency. There is still a disposition in some quarters to regard the defence programme not as a common task that must be accomplished by unanimous effort- and sacrifice but as an opportunity to promote the interests of certain groups at public expense. As long as this attitude persists, not only will an equitable sharing of costs be rendered impossible, but rearmament itself will be impeded and its broad economic consequences Immeasurably aggravated, to the lasting hurt of the self-seeking groups, along with the rest of the community. At present, the Survey says, the country is not far beyond the commencement, of the Immense task that It has undertaken. The stimulating effects of emergency demands on productive facilities have been felt, but most of the major strains are yet to appear. Priorities, price ceilings., and export curbs have been imposed in numerous cases; but these restaints are of small significance in comparison with the sacrifices that will have to be made in the future. Just how great these sacrifices will be, and where they will fall, cannot yet be foreseen. It is obvious, however, that a country cannot abruptly divert a large share of its productive capacltv from peace-time to war-time channels without serious damage to some parts of its industrial structure. And it is equally clear that the energies of the people cannot be turned from the production of the necessities and comforts of life to the production of implements ot war without a corresponding decline in the standard of living.

LATEST QUOTATIONS GOVERNMENT LOANS Buyer. Seller.

GRAIN AND PRODUCE RAIN RETARDS SOWING EXPORT TRADE IN SEEDS The rains being experienced in the South Island are retarding growth and spring sowing. In some districts in North Canterbury areas have been changed to barley and peas. There is no change in the fowl wheat market. Flour, Bran, Etc. Flour—2oo’s. £l3 15s 6d: 100's, £l4 12s Gd: 50’s, £l4 17s 6d: 25’s, £ls 7s 6d. Bran, £5 5s per ton of 20001 b. Pollard, £6 15s per ton of 20001 b. Oatmeal.—2oolb sack, £25 10s 6d per ton: 251 b loose, £27 0s 6d; 251 b packed in sacks of eight, £27 10s 6d. Little Business in Oats Little if any business is being recorded in A and B grade Cartons, as there is none of this quality available for shipment from this port. Inquiries are being received from the North Island for feed oats, and this demand is being partly filled from the limited stocks of black oats and duns left in Dunedin. Seed oats are still going out to the country, but the seasonal demand is now drawing to a close. The fixed price of 3s lid f.0.b,, 5.1., for A grade Cartons still holds, but in the absence of any offerings this price is purely nominal. No Change In Chaff The chaff market is unchanged. Advice from Marlborough states that there is a heavy carry-over there. Potato Position Steady On present indications it would appear that the potato market will remain stationary until the new season’s potatoes become plentiful. Supplies are quite sufficient to meet the demand, but the quality of some of the stocks is not very good. Seeds for Overseas Interest in seeds is still mainly centred in the demand from overseas. This demand has remained steady through the season for white clover. ( There have also been intermittent inquiries for Montgomery red clover, perennial and Italian ryegrass. crested dogstail, and Chewings fescue. A peculiar feature of the overseas demand for white clover and Montgomery red clover has been the fact that overseas buyers have been prepared to pay only a very small advance for certified lines as against uncertified lines. Current Values Wholesale prices arc as follows: Chaff: Good bright oaten sheaf, £5 10s to £6 per ton. sacks extra, ex truck: to £6 15s, ex store. Fowl wheat, up to 6s 6d per bushel, according to quality and quantity, ex store. Potatoes: Arran Chiefs. £lO 10s to £ll a ton: King Edwards, round about £l2 per ton. Dairy butter: Milled bulk. Is Id per lb; separator. Is Id per lb. Bacon, Is 3d per lb. Hams, Is 2Jd per lb; boneless. Is 4d. Onions: Canterbury, 22s to 23s per bag: market very firm. Prices for Eggs Unchanged The retail prices of eggs are as follows: Heavy Is Bd. standard Is 6d. medium Is 4d. The wholesale prices are Is 6d. Is 4d. Is 2d. FRUIT AND VEGETABLES NEW SEASON’S GREEN PEAS HIGH PRICES FOR LETTUCES Fair quantities of apples are being released from the cool stores, but the demand for this fruit is only fair. Pears are also being released from the cool stores. The season for this fruit is now drawing to a close. Supplies of New Zealand-grown lemons are fairly plentiful. Bananas and oranges are off the market. and there is no advice when further supplies can be expected. Small consignments of hothouse-grown tomatoes and cucumbers reached the marts from the north during the week, and met with a ready sale at high prices. Asparagus is reaching the marts in slightlv larger quantities from Jhe Christchurch, Kakanui. and Outram districts. The first of the season’s new green peas arrived on the market ,durlne the week. Small supplies of new potatoes are still coming forward. Supplies of rhubarb are increasing weekly. The supplies are coming principally from the Outram district. Cauliflowers continue in heavy supply. Anything under sound quality is hard to P Supplies of cabbages, on the other hand, are not sufficient to meet the demand. The Taieri is the chief source of supply at present. Lettuces are bringing very high prices. These are coming principally from the North Otago district. The market is bare of swedes. The market for carrots continues to soar. The season is about finished. Wholesale prices are as follows: Apples; Delicious, 5s to 8s 6d per case, according to grade and count: Stunners, 4s to 6s: Granny Smiths, 6s to 8s; Rome Beauty. 4s 6d to 8s: cookers. 4s 6d to Bs. Oranges are off the market. Pears, 4s to 5s per half-case. Lemons: New Zraland, 11s to 20s per case, according to grade and count. Bananas: Unobtainable. Rhubarb. 2s 6d to 3s per dozen bundles. Cauliflowers: Choice, 4s to 5s per sack: others. Is to 2s. Potatoes: King Edwards, 12s per cwt; Arran Chiefs, 10s to 10s 6d. Cabbages: Spring-grown, 4s to 5s per case of 16. Asparagus, Is 3d to Is !)d per lb bundle: small, 6d to 8d per bundle. Cucumbers, to 2s each. Green peqs. Is 2d to Is 3d per lb. New Potatoes: From Nelson, 5Jd per lb. Hothouse tomatoes, 3s 6d to 4s per lb. Lettuce; Choice, 3s to 6s per dozen; others, is 6d to 2s. Carrots, up to 25s per cwt.

Parsnips. 3s per sugar bag. Swedes. 2s per sugar bag. Beetroot. Is 6d to Is 8d per dozen bunches.

Leeks, 4d per bundle; small bundles i. Silver beet, 5s per case.

OPOSSUM SKIN SALE LARGE OFFERING: MARKET EASIER The Dunedin Stock Agents’ and Wool - brokers’ Association (Messrs Dalgety and Co.. Ltd,, Donald Reid and Co.. Ltd., Stronach, Morris and Co., Ltd., New Zealand Loan and Mercantile Agency Co., Ltd.", Wright, Stephenson and Co., Ltd,, Otago Farmers’ Co-op. Assn., Ltd., and National Mortgage and Agency Co.. Ltd.) reports as follows: — The second opossum skin sale was held yesterday, when an approximate offering of 88,000 skins was submitted to the usual attendance of buyers. Compared with last sale, the quality of the offering showed little change, a greater proportion of the skins on offer being from North Island districts. The preparation and get-up of the skins was. with few exceptions, well done. There was a good demand, red browns, red necks, blues and greys coming in, for special attention. Exporters again took the bulk of the offering,’ New Zealand furriers being very quiet. As compared with the September rates, browns were 6d to Is 6d, blacks 6d to 2s, greys, blues and slates 6d to Is 6d lower. Red necks sold on about a par with September rates, with the exception of North Island light skins, which receded on the average 6d. Extra super blues sold to 16s; super blues to 15s; first blues to 13s lid, extra super greys to 12s 8d; super greys to 12s 6d, first greys to 11s, Greys (rusty) super to 10s 6d. firsts to 9s 7d, seconds to 8s 6d. Red necks: Super to 11s 5d firsts to 10s 10d, seconds to 9s 7d, and thirds to 7s Id. Browns: Extra super to 8s 9d, firsts to 9s sd, seconds to 8s lid. Blacks: Extra super to 8s 9d. super to Bs, firsts to 7s. „ The range of prices Is as follows.— Blues.—Extra super. 14s 4d to 16s; super, 9s 4d to 15s; firsts, 8s 6d to 13s lid; seconds, 7s to 10s 6d; thirds, to 6s sd. Greys.—Extra super. 11s 3d to 12s 8d: super, 7s IUI to 12s 6d; firsts, 6s lid to lls; seconds, 5s 4d to 8s 8d; thirds, 3s Greys (Rusty).—Super, to 10s 6d; firsts, to 9s 7d: seconds, to 8s 6d. Red Necks.—Super, 10s 3d to lls sd, firsts, 9s to 10s 10d; seconds. 7s 6d to 9s 7d: thirds, 4s lid to 7s Id. Browns (Red).—Super, to 9s sd: firsts, to 8s lid; seconds, to 7s 6d; thirds, to 5s 3d. . _ , Browns (Dark).—Extra super, to 8s 9d; super, to 3s 2d: firsts, to 7s; seconds, to 5s 4d.; thirds, to 2s lid. Blacks.—Extra super. 8s 7d to 8s 9d: super, to 8s; firsts, 6s to 7s; seconds, 4s 4d to 4s 6d; thirds, to 2s sd. Slates. —Super, 6s to 7s 6d; firsts. 5s to 6s 6d; seconds, to 4s; thirds, to 2s 3d. Three-quarter-grown blues. 6s Id to 7s 6d; three-quarter-grown greys. 4s to 5s 4d; three-quarter-grown blacks. Is lOd to 2s lid; small blues and greys, 2s lid to 5s 7d; small blacks, Is 9d to 2s Id. Badly-damaged. stale, rough. and weevily skins sold at low rates; rumpers n °Ferrets.—Super, to 9s 6d; firsts, 6s lOd to 9s; firsts (small), 3s lid; inferior difficult of sale; stoats. 6d to 2s. A supplementary sale Is to be held on November 14. SEARCH FOR OIL MIDHIRST BORE DOWN TO 8845 FEET (PA.) GISBORNE. Oct. 10. The New Zealand Petroleum Company has issued the following reports:— Morere Wore: Depth advanced to 6400 ft in hard and soft shales. Midhirst bore: Down to 8845 ft. No change in formation. CANTERBURY MARKETS LITTLE ACTIVITY RECORDED (PA) CHRISTCHURCH. Oct. 10. There has been little activity in the grain and produce markets this week, and except for potatoes, no section commands much interest. It is reported that there will be np further Government shipments of potatoes from Australia. Stocks remaining on farmers’ hands in North Cahterburv are now very small and the situation in South Canterbury is said to be little better. Locally Whites are almost impossible to procure, though there are a few Buttons and Dakotas left. Small shipments continue to go north, bufc the season is virtually finished and prices to farmers have rissn £1 a ton on the week. The weather has interfered with the small retail trade in seeds and the markets are dull. PALMERSTON STOCK SALE There was a small entry of sheep at the Palmerston stock sale held yesterday. but cattle were yarded in fair numbers. The sheep section was represented by a few pens of ewe hoggets and ewes with lambs at foot, these selling on a par with recent auctions. Quotations; Medium ewe lambs. 22s lOd to 25s 9d: ewes and lambs, (all counted), 12s lOd to 14s 7d; fat ewes, 19s 3d to 21s 9d. Fat cows, £9 to £l2 10s; fat heifers, £5 17s 6d to £8: dairy cows. £6 5s to £8 2s 6d; three-vear-old steers, £7 15s to £9 8s: yearling heifers. £3 2s. Pigs; Slips, 24s to 30s; suckers. 16s to. 18s. c MINING NEWS AUSTRAL-NEW ZEALAND DREDGE (P.A.) CHRISTCHURCH. Oct. 10. The Austral-New Zealand dredge return for the 28 days ended midnight, October 4. is as follows: H23oz of bullion from 323.000yds in 455 hours. BANK DIVIDENDS (P.A.) WELLINGTON. Oct. 10. The Board of Directors of the National • Bank of Australasia has decided to pay on November 26, next an Interim dividend on both classes of shares at the rate of 6 per cent, per annum for the half year ended September 30. The Bank of Adelaide has declared an interim dividend of 5i per cent, per annum, payable on November 5. SYDNEY STOCK EXCHANGE £ (Rec. 0.30 a.m.) SYDNEY, Oct. 10. Some weakening occurred to-day on the Stock Exchange as the result of the Russian situation. ( The Morning Sales Bank of New South Wales, £26; Tooths, £2 14s 6d; Tooheys, £1 9s 9d; Austral Gas A, £4 19s; Bradford Cotton, £2: Cumberland Paper, £1 15s 3d, Consolidated Industries, £2 6s 6d; Dunlops. ,£1 3s; Mark Foys, £1 2s; Woolworths. 16s 9d; Wilcox Mofflln, 9s 8d: Mount Lyell, £1 7s 7d: Kuala Kampar, 18s 9d; Rawang, 9s: Selfrldges, £1 Is 6d; Electrolytic Zinc, £2 lls Id; Herald and Times, £2 18s 6d; Mount Morgan, 9s.

£ s. d. £ s. d3i p.c. Bonds. 1933-57 101 0 0 — 3J p.c. Stock, 1953-57 101 0 0 — 4 p.c. Bonds, 1943-46 .. 101 0 0 — 4 p.c. Stock, 1943-46 .. 101 0 0 — 4 p.c. Bonds, 1946-49 .. 104 15 0 — 4 p.c. Stock, 1946-49 .. 104 15 0 — 4 p.c. Bonds, 1952-55 .. 106 U 0 — 4 p.c. Stock, 1952-55 . . 106 0 0 — Nat. Dev. Loan, 195659 99 10 0 — 3 p.c. War Loan, 195154 97 0 0 — War Loan, 1953 .. .. 87 10 0 — BANKING A’asia. (£5) 8 10 0 — New Zealand (£1) .. — 2 0 2 N.Z. (Long D; £1) .. 1 11 6 — Commercial (10s) 0 15 0 0 15 7 Natl, of N.Z. (£2 10s) — 1 19 3 Union (£5) 7 5 0 — INSURANCE AND 1 SHIPPING National (7s) 0 19 11 1 0 2 New Zealand (£1) .. 3 9 6 — Standard (£1) 3 3 0 3 3 9 Howard Smith (£1) 1 1 0 — P. and 0. Stock (£1) 1 10 0 2 0 0 U.S.S. Co. (pref.; £1) 1 6 0 — MEAT. LOAN AND AGENCY N.Z. Refrig (£1) 1 0 9 — N.Z. Refrig. (10s) .. 0 9 1 0 9 4 South. Fzn. (ord.; £1) 1 12 6 — Waitaki Farmers (£5) 4 15 0 — Dalgety and Co. (£5) 6 5 0 — Natl. Mortgage (£2 .. 1 17 9 — Natl. Mort. (B; £1) 1 2 3 — L. and M. (ord.; £100) 36 0 0 — Perpetual Trust (I3s) 2 10 6 — Trustees, Exec (£3) 4 5 0 — W.S. (ord.; £1) 0 17 9 0 19 0 W.S. (pref.; £1) .. 0 19 0 — COAL AND OIL Kaitangata (16s) 1 12 3 1 14 0 Westport (10s) 1 4 9 1 5 3 W.-Stockton (ord.; 10s) 0 2 5 ’ — W,-Stock, (pref.: 10s) 0 6 6 0 7 3 Moturoa (pref.: 5s) 0 5 0 WOOLLEN COMPANIES Bond's Hosiery (£1) 1 9 3 — Bruce (ord.: £1) 1 3 9 — Bruce (pref.; £1) 1 1 6 — Kaiapoi (cont.; 7s) 0 5 6 0 e 6 Mosgiel (£4) .. .. 10 10 0 — Oamaru (£1) .. .. 1 4 0 Timaru (£1) .. •• 0 17 6 — MISCELLANEOUS B.-Macdonald (pf.; £1) 0 4 3 0 5 0 British Tobacco (£1) — 2 9 0 Broken Hill Pty. (£1) — 2 3 0 C. Begg and Co, (£1) 0 19 0 — D.I.C. (ord.: 10s) 0 14 3 — D.I.C. (pref.: £1) .. 1 4 9 — Dom. Fertiliser (£1) 1 3 3 — Dom. Rubber (£1) .. — 1 0 0 Rope (£1) 2 8 0 — Don. Rope (cont.) .. 1 11 3 — I.C.I. (pref.; £1) 1 4 6 — Kaun Timber (£1 5s) 1 3 0 — MacDufTs (ord.: £1) .. — 0 9 6 MacDuffs (pref.; £1) — 1 0 6 McKenzie’s (£1) 2 3 0 — McLeod Bros. (£10) .. — 27 10 0 Natl. Electric (£1) .. 1 3 0 — N.Z Drug Co. (£2) .. 3 18 3 — N.Z. Drug (£1 pd.) .. 2 9 9 — Farm. Fertiliser (£1) 1 0 0 — N.Z. Newspapers (16s 8d) 1 11 6 — N.Z. Paper Mills (£1) 1 13 7 — O.D. Times (£1) 1 18 0 — Regent Theatre (£1) — 0 19 0 S. and S. (pref.; £1) 0 19 0 — Woolworths (ord.; 5s) 0 14 0 0 14 6 Woolworths Prpts. (£1) 1 5 9 — BREWERIES N.Z. Breweries (£1) 1 16 0 — Dominion (£1) 1 10 0 — Dunedin (£1) .. .. 1 i 0 MINING Broken Hill South (5s) 1 8 0 — E. Zinc (ord.; £1) .. 2 13 0 — E. Zinc (pref.; £1) .. 2 15 6 — Mount LyelL (£1) .. 1 8 0 1 8 6 Mount Morgan (2s 6d) — 0 9 7 New Broken Hill (5s) 0 15 0 — Austral. N.Z. (£1) .. — 1 4 3 Clutha River (2s) 0 1 5 0 1 9 Gillespie’s Beach (Is) — 0 0 2 h Grey River (10s) 0 15 6 — Nokomai (5s) .. .. — 0 1 0 Okarito (5s) .. .. 0 1 3 0 1 9 Waihi Investmts. (5s) 0 4 0 — Waitahu (5s) .. .. 0 0 5 0 0 9 UNLISTED STOCKS National Tobacco 1 ii 9 — Mackintosh Caley Phoenix 0 15 0 0 17 6 Snowhite Laundries .. 0 10 6 0 17 6 O ■ and S. Finance (cont.) 0 1 8 — O. and S. Finance (paid) 0 7 0 — O. and S. Finance (pref.) -v •• •• 0 18 0 — Otago Invest. Trust 0 0 6