COMMERCIAL

Poverty Bay Herald, Volume LXV, Issue 19622, 3 May 1938, Page 11

COMMERCIAL

INDUSTRIALS QUIET LONDON STOCK EXCHANGE (Elec. Tel. Copyright—United Press Assn.) London, April 29. The London Stock Exchange received the Budget with admirable calmness, and selling on the part of professional!, proved to be mistaken. Prices, though inclined to sag at the end of the week owing to the disappointing behaviour of Wall Street, show little change. On the other hand, some sections, notably gold shares, continued their upward movement. Commodities are inclined to be weak. Non-ferrous metals, rubber, and cotton are ail easier. Reports from the industrial centres continue to be discouraging. The Board of Trade’s retail trade statistics for Marsh show a decline of 3.7 per cent, compared with February. The consumption of coal is declining, and export orders for coal are not improving. The iron and steel industries are quiet. The consumption of cotton goods is still below the production level, but the volume of orders in the wool and textile trade is slightly larger. Foodstuffs are firm. SYDNEY EXCHANGE SYDNEY, April 30. Sales on the Sydney Stock Exchange to-day included: Commonwealtn Bonds, 4 p.c., 1938, £lOl/17/0; 4 p.c.. 1941, £lO3/11/3; 4 p.c., 1951-53, £lO4 15/-; Bank of New South Wales, £32; Tooheys Ltd., £l/11/3; Associated Newspapers, £ 1/2/-; British Tobacco, £2/9/-; Burns, Philp, £2/13/6; Electrolytic Zinc, £2/2/-; General Industries, 19/11; Henry Jones Co-op., £2 9/6; Howard Smith, £l/l/4£. WAIKATO STOCK VALUES SALE AT MORRINSVILLE A good entry of beef met with a keen demand at the weekly Morrinsville stock sale on Friday. A medium entry of dairy cattle sold under the hammer before a fair bench of buyers, up to £8 being realised for sound cows. A good yarding of fat pigs consisted mostly of unfinished baconers and porkers. A few pens of good quality baconers sold in advance of Frankton rates, up to £4 7s being realised. Unfinished beconers and porkers sold at late quotations. Prices for a large entry of choppers were slightly in advance of Frankton rates. Store and weaner pigs were easier of sale. The range of prices was as follows: Beef. —Heavy fat Shorthorn bullocks, £l3 2s; medium cow and heifer beef, £7 12s to £8 16s; lighter cow beef, £6 10s to £7; fat Jersey cows, £5 17s 6d to £6 ss; lighter, £5 to £5 10s; heavy boner cows, £4 10s to £4 15s; medium potter bulls, £7 to £8 10s. Dairy Cattle.—Sound Jersey cows, £6 15s to £8; sound Shorthorn cows, £6 10s to £8; sound Jersey-cross cows, £5 10s to £7 10s; backward cows, £4 15s to £6. Pigs.—Heavy choppers, £3 15s to £4 7s; medium, £2 19s to £3 11s; light, 36s to £2 14s; prime top-weight baconers, £4 2s to £4 7s; heavy baconers, £3 16s to £4; medium, £3 10s to £3 14s; light, £3 2s to £3 8s; unfinished baconers and buttermilk pigs, £2 14s to £3; heavy porkers, £2 6s to £2 12s; medium, 38s to £2 4s; light, 32s to £2 4s; unfinished porkers, 28s to 30s; large stores, 23s to 26s 6d; medium stores, 18s to 21s 6d; slips, 11s 6d to 16s 6d: weaners, 4s to 9s 6d. NEW ZEALAND MEAT KILLINGS FOR EXPORT INCREASE IN LAMBS Killings of fat stock in New Zealand for export show a small increase for lambs, wethers and porker pigs, with substantial improvements in cattle for both chilling and freezing and for ewes. There was a reduction in the number of baconer pigs killed. The increase in lambs is confined to the South Island, there being a small decline in the number for the North Island. No chilled beef has been sent from the South Island so far this year. The New Zealand Meat Producers’ Board supplies the following totals of stock killed at all works in New Zealand from October 1 to April 15:— 1937-38 1936-37 quarters, quarters. Chilled beef .. 129,753 103,587 Frozen beef .. 66,129 47,136 carcases, carcases Wethers .. 786,870 741,781 Ewes .. 904,907 580,044 Lambs .. 7,489,727 7,181,151 Porkers .. 292,188 284,373 Baconers .. 204,182 213,152 Boneless Beef .. 318,908 216,197 Freight Freight carcases, carcases Boneless Bobby Veal .. 75,089 71,903 Sundries .. ' 224,916 186,663

SEASONS’ WOOL CHEQUE RETURNS FOR OTAGO LOWER BY £940,000 Now that payments have been made to farmers who sold their wool at the final sale of the 1937-38 season held op April 12 it is revealed that the Otago district realised £940,011 less lor its wool than for the 1930-37 clip. Bales sold were fewer by 8130 for 1930-37. The total revenue produced was £2,345,180 as against £1,405,108 for present season. Last season 102,957 bales were disposed of against 94,822 this season. Indications are that there must be a comparatively large carryover, but possibly some of this will be sold privately before next season arrives. At the April sale 21,120 bales were put up for auction and 18,783 were sold. Averages worked out at 9.47 d jjer lb and £l3 3s 7d per bale. These hgures show a drop on those realised inJflarph. when the averages were 10.22 d and £l4 2s lid respectively.

MINING NEWS' DREDGING IN OTAGO LONDON GROUP'S PLANS Although no fresh developments have occurred in the proposal for dredging the lower reaches of the Molvneux River, Mr. M. P. Lysnar, who is at present in Dunedin awaiting advice from his father, Mr, F J Lysnar, London, said that he was expecting a cablegram any day stating that financial arrangements had been completed. The scheme represents one of the longest dredging propositions to be undertaken in the world and, at present,- negotiations are in progress with English financial interests for the flotation of mining companies to dredge the river. It is confidently expected that within the next two or three years a chain of dredges will be operating from Cromwell to the sea. Preliminary details of the two proposed companies have been completed, but the announcement of their

flotation in London has been delayed because of the unsettled and disturbed state of the financial market. There is every likelihood, however, that will) the brighter tone developing on the stock exchanges, the share application list will be opened any day. The first of the new propositions will cover the 26-mile area from Coal Creek to Beaumont, while the second dredge will' cover the 17-mile area from Baumont to the Crookston, which is the boundary of the Otago mining district. The dredges wilt be similar to two at present operating on the Molyneux, but will possess larger bucket capacity. Mr. Lysnar expresses the view that systematic dredging will prove of benefit to settlers. He discounts the theory that indiscriminate dredging on the lower areas might cause serious trouble to the surrounding land by dredging away the bar at the mouth of the Molyneux and states that the river will be in better order for navigation.

SWAN BREWERY COMPANY

The directors of the Swan Brewery Company, Limited, Melbourne, have declared the usual preference dividend and a dividend of fid a share on ordinary shares. The rate is unchanged, and the dividend, with a bonus of 3d a share, will be paid on June 1.