COMMERCIAL

Southland Times, Issue 25361, 13 August 1935, Page 2

COMMERCIAL

THE SHAREMARKET. INVERCARGILL STOCK EXCHANGE. BANKS CONTINUE VERY FIRM. Bank shares continued very firm on the Invercargill Stock Exchange yesterday, and there was an upward move in some of the pastoral companies. The price of Government securities remained stationary. Sates were reported in Woolworth’s (N.Z.) at £l4 2/6, and in Commercial Banks c/d at 17/6. Prices were quoted as follows:— Government Debentures.

NORTHERN EXCHANGES. (Per United Press Association.) Auckland, August 12. Sates on ’Change: Bonds, 1946, 4 per cent., £109; Bonds, 1949, 4 per cent., £110; Bonds, 1955, 4 per cent., £ll2 12/6; Stock, 1939-1952, 3J- per cent., £lOB 15/-; Auckland Harbour Board, 1954, 4| per cent., £107; Commercial Bank of Australia 17/6; National Bank of New Zealand 70/6; New Zealand Insurance 66/6; South British Insurance 96/6 (2); Mortgage Corporation 6/8; Renown Coal 10/7; Auckland Gas 26/10; Northern Steani 6/6; National Timber 15/6; Dominion Breweries 15/-; Broken Hill Proprietary 68/-; Dunlop Perdriau Rubber 16/-; Electrolytic Zinc 30/-; Wilson’s Cement 39/6; Golden Crown (1/- paid) 6/9; King Solomon 3/8; Talisman Dubbo 11/3; Waihi 36/-; Mount Morgan 40/6; Rawang Tin 7/8; Laloma 59/-; Placer Development £32 5/-. Unofficial: Woolworths (Sydney) £5 18/-. Wellington, August 12. Sates on ’Change: Inscribed Stock, 4 per cent., 1946, £lO9 2/6, £109; Commercial Bank of Australia 17/8; English, Scottish and Australian Bank £5 11/-, £5 10/6 (all late Saturday); National Bank of New Zealand 71/(late Saturday), 71/6; Union Bank £9 10/- (late Saturday), £9 10/-; New Zealand Guarantee Corporation 5/9; Mortgage Corporation 6/9 .(3, late Saturday); Wellington Gas 40/6; New Zealand Insurance 66/3; South British Insurance 96/6 (late Saturday), 96/6; New Zealand Refrigerating 20/9 (2), 20/8; Staple’s Brewery 33/-; British Tobacco 40/6; Colonial Sugar £45 10/(2) Consolidated Brick 11/6 (2); Dunlop Perdriau Rubber 16/-; New Zealand Drug 84/-; New Zealand Newspapers 40/-; Woolworths, Sydney (second pref.) 28/-; Worksop Extended 2/4. Unofficial: Woolworths (Sydney) £5 19/-, £5 19/6, £5 19/- (5); John Fuller £BO. Christchurch, August 12. Sates on ’Change: New Zealand Breweries 53/- (3), 53/1 (5); Anthony Hordern 20/2 (3), 20/3; British Tobacco 40/6; Mount Lyell 20/-; Rawang Tin 7/10 (4). Unlisted sates on Change: Argo Gold 1/5; Woolworths, Sydney (ord.) £5 19/- (3), £5 18/6 (3), £5 18/(3) Sates reported: Brian Boru 4d; Dunlop Perdriau Rubber 16/-; Staple’s Brewery 33/3; New Zealand Refrigerating (£1 paid) 20/8; New Zealand Guarantee Corporation 5/9, 5/10; New Zealand Government 3J per cent. In-

SYDNEY STOCK EXCHANGE. VALUES MOVE UPWARD. (United Press Assn.—Telegraph Copyright.) (Rec. 8.55 p.m.) Sydney, August 12. On the Stock Exchange to-day the investment market was brisk and values practically throughout tended upwards. Classified stocks, particularly banks, were firm. Noteworthy rises among general industries were those in Australian Iron and Steel (pref.) and Howard Smith. Broken Hill Proprietary shares rallied decisively. In anticipation of a favourable opening of the new season’s wool sates there was a demand for pastoral issues at improved rates. Sates:—

Although there is no official confirmation, it is freely rumoured in Melbourne that negotiations are in train by the Broken Hill Proprietary to acquire a large ordinary share interest in Australian Iron and Steel, Ltd., whose works are at Port Kembla.

MINING REPORTS. OKARITO AND GILLESPIE’S BEACH. (Per United Press Association.) Dunedin, August 12. The following mining returns have been issued:—■ Okarito: 290 z 14dwt for 116 hours. Gillespie’s Beach: 350 z 9dwt for 139 hours. A dividend of five per’ cent., is payable on September 25. The first wash-up of Waipawa Beach is expected next Friday. MATAKI. (Per United Press Association.) Auckland, August 12. The Mataki mining return for the week ending August 11 was 360 z. for five days’ work. DAIRY PRODUCE MARKET. The New Zealand Dairy Board has received the following market report from its London office dated August 9, 1935:— Butter.—93/-, 94/- up to 95/-, approx. 10.93 d f.o.b. (last week 93/- to 94/-); unsalted, 102/- to 104/- (100/— to 102/-); Australian salted, 92/- to 94/- (92/- to 93/-); unsalted, 98/- (94/to 95/-). Market firm. New Zealand retail price 1/-. Danish 86/- f.0.b., 109/- to 110/- spot (110/- spot); South Africa, 89/- to 90/- ( ); Dutch unsalted, 88/- to 92/- (85/- to 90/-); Esthonian unsalted, 92/- ( ); Siberian salted, 89/- (87/- to 89/-); Ukranian salted 88/- (87/- to 88/-); Polish salted 84/- to 85/- (80/- to 84/-); Lithuanian salted and unsalted 88/- to 90/— (87/- to 89/-); market steady. Danish retail price unchanged 1/1. Cheese.—New Zealand white, 47/6 to 48/-, approximately 5.11 d f.o.b. (45/- to 45/6); coloured 46/6, 47/-, up to 47/6, approximately 5d f.o.b. (44/6 to 45/-); market firm. New Zealand retail price unchanged 6d. Canadian white and coloured, 50/- to 52/- (62/- to 64/-); Canadian old season’s white 64/- to 65/-; Canadian old season’s coloured, 60/- to 64/-; Canadian C.1.F., 48/- (48/— to 49/-); market firm. English factory, 32/- to 40/- (32/- to 38/-); market steady. CHILLED BEEF. DEVELOPMENT KEEPS PACE WITH ALLOTMENTS. Remarks on the development of New Zealand’s chilled beef industry during the last year were made by Mr A. H. Cockayne, assistant DirectorGeneral of Agriculture, in his presidential address at the annual conference of the New Zealand Grassland Association last Thursday, reports the Press. Mr Cockayne’s address was a summary of progress and development in all activities affecting grassland farming which he described as the livelihood of the country.

“During the year the development of chilled beef has kept pace with the limited allotments which have been made,” he said, “and the tendency towards increase in the number of steamers with refrigerating space would seem to indicate optimism on the part of shipping companies about future expansion. Personally, I think that the chilled beef policy of New Zealand must be framed with due consideration of whether the youth essential for prime chilled meat can be squared with the age essential for cleaning up country. This is a point on which doubts may be entertained. The whole matter requires investigation from the general grassland point of view. “Interesting also is the tendency to limit shipment of beef meat which is derived from dairying country,” he said. “One is apt to view the produce from dairy farms in terms of butterfat only. Yet nearly 80,000 tons of meat either directly from the cow in the shape of beef or indirectly in the shape of pig-meat, are now produced on dairy farms. Any limitation of this product will naturally increase the cost of grassland management.” THE WOOL YEAR. DROP IN VALUE AND PRODUCTION. STATISTICAL POSITION STRONG. The importance of wool-growing in the industrial activities of the Dominion was remarkably demonstrated in the 1933-34 production year, when the sensational rise in wool prices from the

slump levels of the preceding four seasons stimulated a general business revival, says the Abstract of Statistics for July. External trading during the 1933-34 production year resulted in a heavy excess of commodity exports over imports of merchandise, largely because of the increased realizations for wool, the value of exports of which commodity rose from £6,703,359 in 1932-33 to £13.287,458 in 1933-34, comprising in the latter year 27 per cent, of the total value of exports as compared with 18 per cent, in 193233. Although the direct material effects of the vastly increased returns from wool production were thus substantial, the indirect psychological effects of the recovery of this important industry were even more significant. The prosperity of New Zealand is particularly dependent on returns from external trading; and the greatly improved returns from exports consequent on higher wool-values were soon followed by a definite change for the better in business activity generally throughout the Dominion. Unemployment decreased considerably from the extremely high levels of 1933, and other business indicators, such as the volume of bank debits, railway traffic, and salestax receipts, reacted rapidly to the stimulus primarily supplied by the restoration of wool-production to a prolitearning basis. Values Increase. The effects of greater purchasing power in the hands of the public were later apparent in a substantial increase in the value of import trade, which had fallen away to less than half the preslump normal, while the benefits of increased business activity were reflected in the Government revenues. Tire 1934-35 wool-selling season witnessed a sharp fall from the buoyant level of prices realized in the 1933-34 season, with the result that the total value of exports of wool during the year ending on June 30, 1935, was £6,327,793, as compared with £13,287,458 in the previous June year. Business conditions in the Dominion have, however, improved to such an extent, that even this serious decrease in the returns from one of the major industries has not occasioned a general falling-off in industrial activity. Economic conditions in several of the countries with which New Zealand has the closest trading relationships—notably Great Britain—improved very materially during 1934, with consequential beneficial effects on the industrial outlook of this Dominion.

The fall in wool-values in New Zealand came suddenly, realizations at the first of the season sales held in November and December, 1934, showing a sharp decline; while at subsequent sales prices showed signs of a gradual improvement. Since the end of the woolI selling season in New Zealand, prices of wool at the Sydney sales (where the season was extended), and in London have continued to advance, though not in any spectacular manner. The low average realizations at the New Zealand sales in 1934-35, the improvement in prices late in the season, and the prospects of further advances, have resulted in a substantial increase in the carry-over of wool in New Zealand, stocks on hand on June 30, 1935, totalling 87,300,0C01b in the grease, as compared with 49,800,0001 b a year previously. It should be noted, however, that the 1934 carry-over was considerably lower than in the immediately preceding seasons, the 1933 total being 78,600,0001 b, and the 1932 figure 117,900,0001 b. Statistics illustrative of stocks of wool on hand in the principal consuming countries indicate lower totals than at the corresponding times last year. Stocks of wool at warehouses in the principal ports of the United Kingdom totalled 165,000,0001 b at the end of April, 1935, as compared with 215,000,000 at the same time last year. Stocks of raw wool in Japan at the end of February were 45,800,0001 b; whereas, at the same time in 1934, holdings amounted to 60,000,0001 b. Stocks of tops at combing establishments in France and Germany at the end of April, 1935, and 1934, were (in million lb): France—--1935, 28.9; 1934, 34.7; Germany—l93s, 12.4; 1934, 15.7. No recent information is available as to stocks in the United States; but the woollen-manufacturing industry in that country has recently been exceptionally active, and it is anticipated that the carry-over of last season’s wool will not be heavy.

Stock, 31 p.c., 1938-43 105 0 0 ■ — Stock, 3J p.c., 1938-52 108 10 0 — Stock, 3\ p.c., 1939-43 105 0 0 — Stock, 3.'. p.c., 1939-52 103 10 0 — Stock, 4 p.c., 1940 — 102 10 0 Bonds, 4 p.c., 194C — 102 10 0 Stock, 4 p.c., 1946 108 5 0 — Bonds, 4 p.c., 1946 108 5 0 — Stock, 4 p.c., 1949 109 0 0 — Bonds, 4 p.c., 1949 109 0 0 — Stock, 4 p.c., 1955 112 0 0 — Bonds, 4 p.c., 1955 112 0 0 — Banks. Australasia 11 4 0 Commercial 0 17 5 — National of Australasia 6 15 0 E.S. and. A. Bank 5 11 0 — National of New Zealand 3 10 6 — New South Wales 33 5 0 — — New Zealand - 2 12 0 Union of Australia 9 8 0 — Breweries. N.Z. Breweries (Shares) — 2 13 6 Coal. Kaitangata 0 19 6 Westport Coal 1 2 0 1 2 6 Insurance. National 1 0 6 — New Zealand — 3 8 0 South British — 4 18 3 Standard 3 12 0 — Loan an I Agency. Wright, Stephenson and Co. (ord.) 0 18 0 — (pref.) 1 0 0 1 0 6 Goldsbrough Mort and Co. 1 12 3 ——- Dalgety and Co. 8 2 6 — Meat Companies. N.Z. Refrigerating (20/- paid) 1 0 6 .1 0 11 (10/- paid) 0 9 11 0 10 0 South Otago Freez ing Co. 6 16 0 — Southland Frozen Meat (£1 ord.) 3 16 0 — (10/- ord.) 1 18 0 — (£1 pref.) ■> 16 0 — Shipping. Union Steam Ship Co. (pref.) 1 7 4 Huddart-Parker — 2 3 0 Miscellaneous. Associated News 1 4 3 Australian Iron and Steel 1 4 3 —— British Tobacco ■(Aust.) 9 0 0 — Colonial Sugar Co. 45 0 0 — D.I.C. (pref.) — 1 6 0 Dominion Fertilize; 1 3 6 1 5 0 Dominion Rubber Co. — 1 9 0 Donaghy’s Rope and Twine 2 13 0 Milburn Lime and Cement 2 7 3 N.Z. Drug —— 4 4 6 N.Z. Guarantee Coi - po ration 0 5 0 — Woolworths (Sydney) — 6 0 0 (New Zealand) — 14 5 0 Woollen Mills. Bruce 0 14 6 — Mosgiel 11 0 0 — Mining. Bendigo Goldlight 0 0 9 Broken Hill 3 5 0 — Big River (I 1 11 — — Electrolytic Zinc (ord.) 1 9 6 — — (pref.) 1 16 0 —— Gillespie’s Beach — 0 1 41 Goldfields Dredging 0 0 3 — Kildare 0 3 2 King Solomon 0 3 7 0 3 11 Mount Lyell — 1 0 6 Mount Morgans — 2 1 0 Okarito 0 5 I) 0 6 0

£ s d Bank of New South Wales 34 5 0 National Bank (£10 paid) 14 3 0 United Insurance 13 0 0 Associated Newspapers 1 3 9 Associated Newspapers (pref.) 1 4 1’ Automatic Totalisators 19 6 Howard Smith 18 6 Burns Philp 3 8 0 Australian Gas (A) 8 4 0 British Tobacco 2 0 9 Toohey’s 1 10 9 Drug Houses of Australia 1 7 101 Australian Iron and Steel (pref.) 1 5 0 Dunlop Perdriau 16 11 Goldsbrough Mort 1 13 11 Winchcombe Carson 1 9 9 Wilcox Mofflin 12 4 Millaquin Sugar 1 18 0 Fairymead Sugar 1 19 0 Electrolytic Zinc 1 10 0 Farmers 1 7 101 Anthony Hordern 1 0 41 Lustre .Hosiery 1 8 9 General Industries 1 0 0 Mt. Morgan 2 1 0 Broken Hill Pty. _• 3 8 Kuala Kampai’ 14 6 Rawang 8 1 Larut 12 9 Placer Development 32 0 0 Melbourne Sales. Commercial Bank of Australia 17 11 G. Coles 3 ’ 4 0 Broken Hill Pty. 3 7 9 North Broken Hill 7 .1 0 Howard Smith 18 3