MONEY AND MARKETS

Southland Times, Issue 23307, 17 September 1937, Page 3

MONEY AND MARKETS

SHARE MARKET

INVERCARGILL STOCK EXCHANGE METAL SHARES FIRMER At the call-over on the Invercargill Stock Exchange yesterday there was an improved tone in the miscellaneous section of the investment market. Metal companies’ shares were also firmer. Quotations were as follows: — Government Debentures

NORTHERN EXCHANGES SALES ON ’CHANGE

THE RESERVE BANK ASSETS AND LIABILITIES (United Press Association) WELLINGTON, September 16. Following is a statement of the assets and liabilities of the Reserve Bank of New Zealand as at the close of business on Monday, September 13:— LIABILITIES

Proportion of reserve (No. 7 less No. 5), to notes and other demand liabilities, 78.91 per cent. , THE WOOL MARKET POLITICAL TENSION CAUSES PESSIMISM LONDON, September 15. The political tension has affected the wool markets, according to Henry Dawson and Sons. Bradford is pessimistic and confidence has been rudely shaken. There is, however, no apparent statistical reason why lower prices are probable and some uneasiness exists whether the rate of wool production established during recent months can be maintained. The Japanese position, because of Japan’s military requirements, causes no misgivings, and the trade generally is well able to meet the present difficulties with a minimum of dislocation and anxiety. Manufacturers are well placed with orders, especially the worsted section. At the wool sales today 8584 bales were offered, including 4136 from New Zealand, and 5954 were sold. There was a good selection and slightly improved competition resulted for better kinds at generally maintained rates. The Home trade was the chief buyer. New Zealand slipe halfbred lambs, “Kaiapoi,” brought a top price of 22d and an average of 19 7-Bd. WINTON STOCK SALE At the Winton stock sale yesterday approximately 2000 sheep, comprising mostly ewe hoggets, and about 40 head of cattld were yarded. The top price for ewe hoggets was 45/-, with other good pens making 40/to 43/7. A pen of extra good ewe hoggets was passed in at 46/-, while smaller sorts brought 34/-. Good fullmouth ewes realized 36/-, and f. and f.m. ewes, in poor condition, 21/-. Old and poor-conditioned ewes with lambs at foot made 11/9 and 10/3, all counted. Fat wethers sold at 42/6 to 45/-, and maiden fat ewes at 40/-, with other pens of fat ewes bringing 33/- to 35/-. In—the cattle section, fat bullocks realized £l2, while extra good young fat cows made £ll and another £lO. Ordinary fat cows brought £5 to £8 10/-. Dairy cows were in poor demand from £2 10/- to £4, with better sorts up to £5 10/-. COLOMBO TEA SALE J. Rattray and Son. Ltd., Invercargill, have received the following cabled report of the tea auction held in Colombo on Tuesday, September 14: “Average quality offered with moderate supplies. Prices for common and medium teas unchanged, with fine kinds showing occasional slight declines.” SYDNEY PRODUCE MARKETS (Received September 16, 8.10 p.m.) SYDNEY, September 16. Produce is quoted as follows: Wheat. —5/1 a bushel; new season's, 4/9J. Potatoes.—Tasmanian, £5 a ton; others, £3 10/- to £4. Flour.—£l2 5/- a ton. Brand and Pollard. —£7 a ton. Onions. —Brown £l4 a ton. Maize.—Yellow, 5/- a bushel; white 5/6. NET PROFIT OF £934 Shillings, Ltd., has advised the Stock Exchange Association that its audited balance-sheet for the period ended June 30 discloses a net profit of £934 10/-, after providing for depreciation £7890 14/5, and land and income tax, £377 6/1. The company was incorporated on March 28, 1936. The first six months was devoted to organizing and preparation work, together with the purchasing of stock and training the staff, and at the same time suitable retail premises were being secured throughout New Zealand. The company’s eight stores opened progressively during the period ended June 30.

RABBITSKIN SALE AT DUNEDIN NOTICEABLE DECLINE IN QUANTITIES (United Press Association) » DUNEDIN, September 16. With the season drawing to a close there was a noticeable decline in the quantities offered at today’s rabbitskin sale, the bulk of the catalogues comprising late winter and spring grades. Bidding was brisk throughout the day and, considering the general falling off in quality of all grades, combined with the effect on the markets of recent international disturbances and the locking up of finance in the American market, the prices obtained were very satisfactory. Winter grades of bucks showed the sharpest drop, the decline being from 12d to 15d. All winter does were from par to 3d lower. Other grades were slightly erratic but were mostly disposed of within a few pence of last sale’s values. Following is an official range of prices: Summer broken 27|d to autumn broken 34d to 37d; second winter broken 37d to 43d; first winter broken 47d to 53d; runners 18d to 22d; summer bucks and does 23d to 28Jd; small 141 d to 16Jd; racks 30d to 36}d; autumn 41d to 44Jd; incoming winter 56d to 66d; early winter bucks 79d to 94d; early winter does 50d to 70d; first spotted .winter bucks 95d to lOOd; first spotted winter does 65|d to 67d; second winter bucks 105 d to 116 d; second winter does 79d to 85ld; first winter bucks 124 d to 126 d; first winter does 95d to 96d prime bucks 127 d to 129 d; prime does 98d; outgoing bucks 75d to 77d; outgoing does 57jd to 60d; spring bucks 51d to 63d; spring does 36d to 40d; milky first 37d to 40d; milky second 28d to 33|d; fawn 20d to 36d; winterfawn 60d to 74d; summer black 16d to 24Jd; autumn black 36d to 44d; first winter black 64d to 71d; second winter black 50d to 59d; hareskins 41d to 47d; horsehair 23d to d; furrier does 76d to 80d. SKIPPERS LTD. INCREASED PRODUCTION A total of 422 ounces of gold, valued at £3058, was recovered during the period ended March 31, states the third annual report of Skippers Ltd. The gold was produced by the old methods when production was entirely dependent on the state of the river and the water supply. “By the end of the financial year, the hydro-electric scheme was on the point of being completed,” the report states, “but the final tests had to be postponed in view of the severe winter conditions that prevailed in the district. These tests have eventually been carried out and have proved to be eminently satisfactory. The plant has recently been subjected to an uninterrupted run of 11 days under full load, and no trouble of any description was encountered. The total cost of the installation exceeded the original estimates. This was due to the increase in labour cdsts and materials, ana also because of the time lost owing to the delay in procuring the necessary funds. “The gold revenue account shows a considerable reduction in working costs as compared with the previous period. As some of these costs are of a nonrecurring nature, it is hoped that the average working costs an ounce of gold will be still further reduced in the future. An appreciable reduction is also shown in the overhead. The increased production and reduced costs resulted in a net profit of £425 against a loss of over £lOOO in the previous period. With the hydro-electriq plant now in efficient operation, there should be no reason why the company’s gold production- should not be increased considerably during the current year, and the directors look With confidence into the future. Mr W. F. Tait, who retires from the board by rotation, offers, himself for re-election. DAIRY FACTORY MEETINGS GORGE ROAD The annual meeting of the Gorge Road Co-operative Dairy Co. Ltd. was held recently. The chairman of directors, Mr A. Millard, said he considered the report which would be submitted to them would compare very favourably with that of any cheese manufacturing company in Southland. The season’s output of cheese, 129 tons, showed an increase of 15 tons over the previous season’s output. This Was the first year that depreciation had been allowed for while the increased price of coal had to be met. It was pleasing to note that after allowing for a 3 per cent, dividend the company was able to pay to its suppliers, in consideration of all payments for the season, 1/2| a lb for butterfat. Mr Millard considered that it reflected much credit on their manager, Mr R. S. Gulliver, and also his staff, their efficiency being the greatest contributory factor in the good pay-out. The annual report and balance-sheet were adopted. The retiring directors, Messrs A. Millard and D. Stewart, were returned unopposed. Mr J. T. Carswell was reappointed auditor. The meeting agreed to contribute 6a a ton on the factory’s output towards the compensating price campaign. It was agreed that the factory open for the season on September 20 and that the first pay-out a lb butterfat be 1/1. MERRIVALE ’Following is the annual report of the Merrivale Dairy Factory:— “Tire shipping output, as all suppliers are aware, was disposed of under the Government guaranteed prices and consigned through the Primary Products Marketing Department, the proceeds being credited to the company as the cheese was shipped. A fair proportion , was unshipped at July 31. Since then to the date of the report payment has been received for a further three shipments to the value of £646 10/4.■ A portion was sold to National Distributors at 6Jd delivered at Invercargill, and a portion to local suppliers. The payment to suppliers for the season was 1/- a lb butterfat for first grade and ll£d for second grade, and since closing the books a further payment of one penny a lb has been paid as a bonus, leaving a small credit balance at the discretion of the directors. For the previous year the estimated season average pay-out a pound for butterfat was not quoted in the report for that year. The actual season average payout which was finally made was 10.15 d a pound butterfat. In the current- year the valuation basis adopted for dairy produce unsold at balance date is a pound. The estimated season average pay-out a pound of butterfat (all grades) which should result from the disposal of unsold dairy produce at the values adopted is 1/0.2. In both the previous and the current years the payment for whole milk supplied for cheese making is made on the basis of the butterfat contained therein. Messrs D. T. King, J. Chamberlain and E. G. Cowie resign and are eligible for reelection as directors.”

Buyers £ s d Sellers £ s d Stock, 3J p.c., 1938-52 103 15 0 - Stock, 3| p.c., 1939-43 102 0 0 Stock, 3| p.c., 1939-52 103 10 C — Stock, 4 p.c., 1946 102 15 0 ■ Bonds, 4 per cent., 1946 102 15 0 ■ Stock, 4 p.c., 1949 104 10 0 Bonds, 4 p.c., 1949 104 10 0 — Stock 4 p.c., 1955 104 10 0 Bonds, 4 p.c., 1955 104 10 0 — Bonds, 3J p.c., 1953-57 98 0 0 Banks Australasia 12 0 0 Commercial 0 17 6 National of New Zealand 2 17 3 3 0 0 New South Wales 32 10 0 New Zealand 2 4 9 2 5 3 New Zealand Long “D” issue 1 10 0 Union of Australia 9 15 0 Breweries N.Z. Breweries 2 10 0 Coal Kaitangata 1 o u Westport Coal 14 9 Insurance National 0 18 4 New Zealand 3 5 0 South British 5 0 0 Loan and Agency Goldsbrough, Mort and Co. 1 13 3 1 14 6 N.Z. Loan and Mercantile 37 0 0 Trustees’ Executors (Dunedin) 3 15 0 — Wright, Stephenson (pref.) 10 3 1 0 9 Meat Companies N.Z. Refrigerating (20/- paid) 10 2 - (10/- paid) 0 9 10 0 10 0 South Otago Freezing Co. 10 0 0 12 0 0 Shipping Huddart-Parker 2 6 0 Union Steam Ship Co. (pref.) 16 6 P. and O. Stock 1 14 0 — Woollen Mills Bruce (pref.) 116 — Kaiapoi (ord.) 0 14 9 Mosgiel 10 6 0 — Miscellaneous Australian Glass 4 15 3 British Tobacco (Aust.) 2 10 0 D.I.C. (ord.) 0 16 6 D.I.C. (pref.) 14 0 Dominion Fertilizer 14 3 1 5 0 Dominion Rubber Co. 1 12 0 Donaghy’s Rope and Twine 1 0 0 Dunlop Rubber (Aust.) 12 0 1 2 5 Hume Pipe (Aust.) 1 0 6 N.Z. Drug 3 15 0 N.Z. Farmers’ Fertilizers 1 1 0 N.Z. Guarantee Corporation ; — 0 5 1 N.Z. Paper Mills 16 9 Otago Daily Times 2 5 6 Permanent Building Society 5 17 0 Wilson’s (N.Z.) Cement 1 2 0 Woolworths (N.Z.) 5 6 0 — Mining Big River 0 10 0 1 6 Gillespie’s Beach Oil ■■ . . ■ Goldfields Dredging 0 0 4 Kildare 0 1 3 Mount Lyell 2 2 4 2 2 8 Mount Morgans 0 11 1 Nokomai 0 2 6 Okarito 0 2 9 — Waipapa 0 0 3 Unlisted Woolworths (Sydney) 6 14 0 Selfridges 1 11 0 — Sale Reported Mount Morgan 0 11 0

AUCKLAND £ B d Stock 1953-57 3>,4 p.c. 99 0 0 do. 1952-55 4 p.c. 105 5 0 do. 1943-46 4 p.c. 103 2 6 Commercial Bank of Australia 17 4 do. (pref.) 9 5 0 Bank of N.Z. 2 4 9 National Insurance 18 2 Farmers’ Auctioneering (£5 paid) 4 17 0 North Auckland Farmers (B pref.) 10 6 Dominion Breweries 2 11 0 Australian Glass 4 11 0 Broken Hill Propty. (2) 3 17 0 do. 3 17 3 do. 3 16 0 Colonial Sugar (2) 47 0 0 Farmers’ Trading (B pref.) 1 2 9 McKenzies 4 16 6 do. 4 16 0 Taranaki Oil 6 7 do. 6 9 do. 6 8 do. 6 7 Wilson’s Cement 1 0 9 Wooiworths (N.Z., pref.) 1 18 3 Martha 15 3 Mount Lyell 2 2 6 Mount Morgan 11 0 Unofficial Woolworths (Syd.) 6 7 0 WELLINGTON £ s d i p.c. Bonds (Wed.) 1946 103 5 0 do. 1955 (Wed.) 105 2 6 Kauri Timber (Wed.) 1 2 0 Broken Hill Propty. (Wed.) 3 17 0 G. J. Coles (Wed.) 4 16 0 Taranaki Oil (Wed.) 6 7>/ 2 McKenzie’s Department Stores (Wed.) 4 6 6 4 p.c. Stock 1955 105 0 0 do. 1946 103 5 0 Bank of N.Z. (2) 2 5 0 Australian Glass (2) 4 12 0 Broken Hill Propty. 3 17 6 do. (2) 3 17 3 do. 3 17 0 Colonial Sugar 47 2 6 G. J. Coles 4 16 0 Shillings Ltd. 19 6 Taranaki Oil (2) 6 8 Woolworths (N.Z.) (pref.) 1 18 6 Mount Lyell 2 o 8 Mount Morgan 11 1 Unofficial Woolworths Ltd. 6 9 6

CHRISTCHURCH £ s d Bank of N.Z. (2) 2 4 9 Goldsbrough Mort do. Dominion Breweries do. Broken Hill Propty. do. Electrolytic Zinc (prer.) 1 1 2 3 3 13 13 0 0 16 15 16 2 8 7 9 9 0 g Taranaki Oilfields (3) Woolworths (South Africa) (2) 16 1 Mount Lyell (3) do. 2 2 0 Sales Reported Bank of New South Wales (2) 31 17 6 N.Z. Refrigerating (£1 paid) 1 1 Dominion Breweries Broken Hill Propty. N.Z. Farmers’ Co-op. (1st pref., cum. div.) * 3 12 6 Unlisted Selfridges (N.Z., 12/- paid) 10 0 Woolworths (Syd., ord.) G DUNEDIN £ s d Mount Morgan 11 0 Broken Hill Propty. do. Taranaki Oil (4) 3 3 16 16 6 6 9 Sales Reported 3% p.c. Stock 1938-52 Bruce (pref.) G. J. Coles 104 1 4 5 2 15 0 0 3 Hume Pipe (2) 1 0 Mount Morgan (2)

£ s d 1. General reserve fund 1,500,000 0 0 2. Bank notes 12,944,009 10 0 3. Demand liabilities — (a) State 5,605,887 13 0 (b) Banks 8,107.966 3 0 (c) Other Time deposits 762,834 8 10 5. Liabilities in currencies other than N.Z. currency 4. Other liabilities 94,785 16 3 Total £29,015,483 11 1 ASSETS 7. Reserve— (a) Gold 2,801,791 0 0 (b) Sterling exchange (c) Gold exchange 18,834.037 3 6 8. Subsidiary coin 95,766 1 8 9. Discounts— (a) Commercial and agricultural bills (b) Treasury and local body bills 10. Advances — • (a) To the State or State undertakings: (1) Dairy industry account 3,799,133 8 2 (2) For other purposes 500,000 0 0 (b) To other public (c) Other 11. Investments 2,906,450 0 0 12. Bank buildings 13. Other assets 76,305 17 10 Total £29,015,483 11 1