MONEY AND MARKETS
SHARE MARKET
INVERCARGILL STOCK EXCHANGE INQUIRY FOR TARANAKI OILS The market on the Invercargill Stock ■Exchange on Saturday morning was quiet. Australian mining issues were la shade easier, but Woolworths’ shares ■showed a firmer tone. There was inquiry for Taranaki Oils at increased [prices. A sale of Bank of New Zealand “D” shares was reported at £1 10/2. Following is the list of quotations:— GOVERNMENT DEBENTURES
NORTHERN EXCHANGES SALES ON ’CHANGE AUCKLAND
LONDON MARKETS MORE CHEERFUL
SLUMP PSYCHOLOGY SHAKEN OFF OVERSEAS WOOL SEASONS MAY BE EXTENDED (Received December 5, 6.30 p.m.) LONDON, December 4. The City, at least for the time being, has shaken off slump psychology, and although some still believe a recession of trade is possible in 1938 few imagine that it will be serious. It is hard to find definite reasons for the sudden change of sentiment. Wall Street has been undecided and there are few tangible signs of improvement in the American position; on the contrary, the City is more optimistic over the international situation after the Anglo-French talks, though this to some extent has been offset by the gravity of the news from the Far East. Buying so far has come from the large investment houses rather than from the public. Three new investment trust companies, with a total capitalization of £4,250,000, have been launched during the week, emphasizing the view that prices have gone low enough. There has been a restriction during the week for commodities. The reduction in the rubber quotas has stiffened the market but has not revived speculative interest. The November tin statistics will not. greatly help the International Tin Committee when it reviews on December 10. The world consumption at present appears to rate 160,000 tons a year as justifying a quota of 65 per cent., which is very unlikely. The violent fluctuations in wool have led to renewed consideration of the possibility of extending the duration of the overseas selling seasons. Butter is steady with a good general inquiry, as buyers had let themselves run bare of stocks and were forced into the market. The present firmness may continue, as the North is very short of Empire butter, which is at present m demand because of the high price for Danish. Cheese also is firmer because practically no New Zealand is offering. The demand, however, is rather poor. Eggs are featureless. THE RIALTO Messrs William Todd and Co., Ltd., report as follows for the week ended Saturday:— . Pigs.—-Small weaners, 16/- to 19/-; medium, 20/- to 22/6; large, 24/61 to 27/6; small inferior sorts 8/- to 14/D; stores, 27/- to £2; small porker, £2 5/-; sow and litter, £7 10/-; sows (in pig), £2 to £2 10/-. Poultry.—White Leghorn hens, 1/2 to 2/-; heavy breeds, 2/6 to 3/2; White Leghorn pullets, 4/10 to 6/1; ducks, 2/8; hens and chicks, 5/6 to 11/-; ducks and ducklings, 11/- to 11/6. 4. Bacon Pigs—Bacon weights, 1201 b to 1501 b, 6id a lb, delivered to factory. Produce. —Old potatoes are finished. New potatoes, 3jd to 4d a lb; Canadian onions, 27/6 1001 b bag; chaff, £4 10/— to £5; straw, £3 10/-; oats, 8/6 to 12/-; wheat, 16/- to 22/6; barley, 20/-; ryecorn, 10/-; crushed oats, 11/6; pollard, 9/-;-bran, 7/-; oatdust, 5/-; rock salt, 8/-; molasses, 13/6; moose meal, 18/-; moose nuts, 17/6; meat meal, 11/-; boneflour, 14/-; oyster shell grit, 6/- cwt. Miscellaneous.—Barb-wire, 34/6;. No. 8 galvanized 28/6; No. 9 galvanized, 29/6; fowl netting, 14/6; rabbit netting, 26/-; sheep netting, 26/-; six-foot netting, 29/6; tanks, £2 10/-; sashes, 12/6; wheelbarrows, 27/6; pumice boilers £6 to £7 10/-; cement pig troughs, 20/-; baths, £3 12/6; timber, 14/- to 17/- a 100 ft; droppers, 14/-; stakes, 35/-; horse covers, 27/6; cow covers, 9/6; horse collars, £2 10/-; military saddles, £3 10/-; bridles, 10/-; Windsor salt lick, 10/—; Ceylon tea, s’s, 13/6; 40’s, 2/3 a lb. Vegetables.—Cabbage, 2/- to 4/—; lettuce, 1/6 to 2/-; cauliflower, 7/- a dozen; turnips, 1/9 to 2/6 a dozen; rhubarb 2d to 4d; gooseberries, 2d a lb. Grass Seeds.—White clover 9d to 1/3; Timothy 9d; dogstail lOd; cocksfoot 8d to 1/4; cowgrass lOd to 1/3; perennial ryegrass 3/6 to 5/- a bushel; F.D. ryegrass, 7/6 a sack; mixture of clover, ryegrass and cocksfoot 3d lb.
SYDNEY STOCK EXCHANGE SATURDAY MORNING’S SALES (Received December 4, 6.30 p.m.) SYDNEY, December 4. Sales on the Stock Exchange this morning
FROZEN MEAT MARKET LONDON QUOTATIONS Mr R. L. Bennett. Wellington, has received the following report on the frozen meat market in London from Henry S. Fitter and
Lambs.—The market is short of supplies; prices are nominal. Wethers.—Smaller supplies have caused prices to harden. Ewes.—First grade lightweights are in better demand. Chilled Beef.—The market is steady, and no material change expected yet. Pork.—The market is quiet and unchanged. Trade generally is slow. THE PRICEOF GOLD LONDON, December 4. The price of gold is £6 19/114 an ounce.
THE WOOL MARKET AUSTRALIAN ALLOCATIONS TO BE REDUCED SYDNEY, December 4. The Australian Woolgrowers’ Council has recommended a reduction of the wool allocations by 2 0 per cent. After considering the matter the Council of Wool-Selling Brokers decided to spread the after-Christmas offerings over a greater period than usual. This means that the wool sales in some states will be extended to the end of June. COMPANY DEFAULTS ON STOCK EXCHANGE (Received December 5, 6.30 p.m.) LONDON, December 3. Charles Cohen and Company are unable to complete the bargains on the Stock Exchange and. have been declared defaulters. TENDERS FOR TREASURY BILLS (British Official Wireless) (Received December 4, 6.30 p.m.) RUGBY, December 3. The total amount applied for tenders for £50,000,000 in Treasury bills was £84,430,000. The average rate per cent, for the bills at three months is 18/2.16, against 15/0.22 a week ago. NEW ZEALAND LOAN AND MERCANTILE GENERAL RESERVE AUGMENTED (Received December 5, 6.30 p.m.) LONDON, December 4. The New Zealand Loan and Mercantile Company shows a net profit of £136,012. The preference dividend requires £50,000 and the ordinary dividend, at 2| per cent., accounts for £31,250. The sum of £15,000 has been transferred to the general reserve and £39,762 is carried forward. In accordance with a scheme for two and a-half years the first preference of £93,750 and £70,000 payable on the second preference will be paid from the carry-forward and reserves as at June 30, 1936. It is proposed to use £250,000 from the writing down of ordinary shares for the purpose of creating a capital reserve, and also to augment the general reserve by the transfer of £310,398 from the premises reserve and £19,381 from the contingent reserve, thus bringing up the general reserve to £635,000. METAL MARKET (Received December 4, 6.30 p.m.) LONDON, December 3. Metals are quoted as follows:— Dec. 2 Dec. 4.
RAW MATERIALS (Received December 5, 6.30 p.m.) LONDON, December 4. Friday’s closing prices for raw materials with those of last week also quoted, are as follows: — Cotton.—Spot, 4.65 d a lb (4.64 d January delivery, 4.52 d (4.51 d Rubber.—Para, 7>/ 2 d alb (T'/'sd); plantation smoked, Z'/ad (7'/sd). Jute.—December-January delivery, £l9 17/6 a ton (£2O 1/3).
Copra.—December-January delivery, South Sea, £l2 12/6 a ton (£l2 7/6); smoked, £l2 10/- (£l2 7/6); plantation £l3 2/6 (£l3 2/6). Turpentine.—£l 11/3 a cwt. (£1 11/-). Linseed Oil.—£2o 10/- a ton (£2B 10/-).
Buyers S £ filers s d £ s d Stock, 31 p.c., 1938-43 101 10 0 - Stock, 3J p.c., 1939-43 — 101 10 0 Stock, 4 p.c. 1946 102 17 6 —— Bonds, 4 p.c., 1946 102 17 6 — Stock, 4 p.c., 1949 102 17 6 — Bonds, 4 p.c., 1949 102 17 6 — Stock, 4 p.c., 1955 105 0 0 — Bonds, 4 p.c., 1955 105 0 0 — BANKS Commercial 0 16 8 0 17 2 Nation? i of New Zealand — 2 18 0 New South Wales 31 17 6 New Zealand 2 4 0 ■ - ' New Zealand Long “D” issue 1 10 0 — BREW EKlES Dunedin Brewery Co. 1 11 0 N.Z. Breweries Z o COAL Kaitangata 1 5 0 — Westport Coal — 1 4 3 INSURANCE National 0 17 7 New Zealand — 3 5 0 Standard — 3 0 0 LOAN AND AGENCY Dalgety and Co. — 9 17 6 Goldsbrough, Mort and Co. 111 9 ■ — National Mortgage — 2 8 0 Trustees’ Executors (Dunedin) 3 16 0 —— Wright, Stephenson (pref.) 1 0 6 1 1 3 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 0 19 6 (10/- paid) 0 8 11 0 9 1 Southland Frozen Meat 1 8 0 — South Otago Freez ing Co. 5 12 6 6 0 0 SHIPPING Huddart-Parker (pref.) 1 7 3 — Union Steam Ship Co. (pref.) 1 6 9 — WOOLLEN MILLS Bruce - 0 10 0 Kaiapoi (pref.) — 0 17 3 Oamaru — 0 18 0 MISCELLANEOUS Australian Glass 4 5 0 — Broken Hill Pty. 3 1 9 3 3 0 Broken Hill Pty. (5/- paid) 1 13 6 — British Tobacco (Aust.) 2 9 0 — G. J. Coles 4 2 0 — Dominion Fertilizer — ■ - — 1 4 6 Dominion Investments 1 19 0 Dominion Rubber Co. ■ 1 10 0 Dunlop Rubber (Aust.) —— 1 2 6 Hume Pipe (Aus.) .1 1 0 0 N.Z. Drug — 3 14 9 N.Z. Guarantee Co rporation — 0 4 11 N.Z. Paper Mills 2 5 9 —— Otago Daily Times 2 6 6 Permanent Building Society 5 14 6 ■ Shillings, Ltd. ■ 0 19 0 Woolworths Ltd. 1 6 6 — MINING Broken Hill South 1 17 6 — Big River 0 1 3 0 1 5 Electrolytic Zinc— (ord.) 2 6 9 (pref.) 2 8 9 — Gillespie’s Beach — 0 1 4 Goldfields Dredging 0 0 2 Kildare —— — 0 1 0 Mount Lyell 1 13 0 —— Mount Morgans 0 12 0 — Nokomai — 0 2 3 Okarito — 0 3 6 North Broken Hill 2 12 0 —
£ s d Commercial Bank of Australia (2) 16 9 Bank of New South Wales 32 10 0 Bank of N.Z. 2 4 6 do. 2 4 7 do. (D mort.) 1 10 0 Australian Iron and Steel (pref.) 1 6 10’/ 2 G. J. Coles 4 2 6 N.Z. Newspapers 1 17 9 Taranaki Oil 7 5 Woolworths (Syd.) 1 6 10 do. 1 6 8 WELLINGTON £ S d Bank of N.Z. (Fri.) 2 4 7 Broken Hill Propty. (Fri.) 3 2 41J Australian Glass (Fri.) 4 6 6 Electrolytic Zinc (ord.) (2) 2 7 4 McKenzies 3 13 6 do. 3 13 6 CHRISTCHURCH £ s d Bank of New South Wales (4) 32 5 0 N.Z. Refrigerating (10/- paid) (2 9 0 Westport Stockton Coal (pref.) 5 5 British Tobacco (cum. div.) 2 9 8 Broken Hill Propty. 3 2 6 do. 3 2 8 do. (2) 3 2 9 do. (new) (4) 1 15 6 Electrolytic Zinc (ord.) 2 7 6 do. 2 7 5 do. (4) 2 7 4 G. J. Coles (4) 4 2 3 do. (2) 4 2 4 do. 4 2 3 McKenzies (rights) 2 2 0 Taranaki Oilfields 7 9 Woolworths (Syd., ord.) (6) 1 6 6 do. 1 6 5 Mount Lyell 1 13 2 do. (3) 1 13 3 Mount Morgan 12 3 do. 12 4 Kawang Tin 10 9 Sales Reported Government 4 p.c. Stock 1946-49 103 0 0 N.Z. Farmers’ Co-op. 4>/ 2 p.c. 1945 (Fri.) 91 15 0 do. 91 15 0 Electrolytic Zinc (ord.) 2 7 6 Woolworths (N.Z., ord.) 4 18 9 DUNEDIN £ s d G. J. Coles 4 2 3 Woolworths (Syd.) (after call) 1 6 9 Goldsbrough Mort 1 12 0
were: £ s d Bonds— 3>/ 2 p.c. J 943 100 15 0 3%p.c. 1949 100 10 0 3% p.c. 1951 100 3 9 3% p.c. 1948 101 10 0 4 p.c. 1938 103 1 3 4 p.c. 1941 102 2 6 4 p.c. 1953 104 12 6 4 p.c. 1944 103 8 9 4 p.c. 1959 104 2 6 Bank of New South Wales 32 17 6 Anthony Hordern 18 7'/a Australian Glass 4 7 6 Broken Hill Propty. 3 3 9 G. J. Coles 4 3 0 I !■
Sons, Ltd., London: — d d New Zealand Lambs— Down, 2’s — — Secondary Down — — 2’s 7% 8 8’s 71'a 8 4’s 714 714 Secondary 714 71'2 New Zealand MuttonSmall 4% 53,4 Large 3% 4% Ewes: Small 3% 414 Large 2 3 ,4 3% New Zealand Ox Beef (Frozen)— Hinds 33'a 414 Fores 3 314 Dominion Chilled Beef— Hinds 5’,4 5% Fores 3% 4 South American Chilled Beef— Hinds 514 61'2 Fores 4 414 New Zealand Pork 71a 7% Australian Lambs 6% 8 Argentine Lambs 6 3 ,4 714
£ s d £ s d Copper— Standard, Spot 39 18 114 40 10 7& Forward 40 3 9 40 15 7 1 /& Electrolytic 44 0 0 45 0 0 to 45 10 0 46 0 0 Wire bars 45 10 0 46 0 0 Lead— Spot 16 3 114 16 8 1% Forward 16 4 414 16 9 Spelter — Spot 15 15 714 15 18 1 Forward 16 0 714 16 3 1 TinSpot 192 15 0 194 13 9 Forward 191 11 3 193 13 9 Silver— Fine, per oz 19%d 19 9-16d Standard, per oz 21 3-16d 21 lid
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Bibliographic details
Southland Times, Issue 23375, 6 December 1937, Page 3
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2,176MONEY AND MARKETS Southland Times, Issue 23375, 6 December 1937, Page 3
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