MONEY AND MARKETS

Southland Times, Issue 23377, 8 December 1937, Page 3

MONEY AND MARKETS

SHARE MARKET

INVERCARGILL STOCK EXCHANGE FIRM TONE CONTINUES The firm tone that prevailed on the Invercargill Stock Exchange on Monday continued yesterday. Australian mining companies’ shares, influenced by higher prices for metals, showed a further advance, and industrials were also better, particularly Woolworths, Coles and Broken Hills.

SYDNEY STOCK EXCHANGE SILVER SHARES WEAKER (Received December 7, 9.45 p.m.) SYDNEY, December 7. Barriers were irregular on the Stock Exchange today. Mount Lyells were weaker, probably because of the fall in the price of silver as a result of fears that the silver agreement may not be extended. Industrials were firmer.

MELBOURNE SALES The market continues quiet. Barriers are easier, there is a good rise in Australian Glass and gold is dull.

Loloma 17 4 Taranaki Oil .. 7 2 LONDON STOCK EXCHANGE OIL AND RUBBER SECTIONS CHEERFUL LONDON, December 6. The Stock Exchange generally is steady and week-end orders have firmed. The oil and rubber sections are cheerful. £ s d Quotations: — Clutha River Company— Buyers 0 19 Sellers 0 2 0 Molyneux River Company— Buyers 0 1 2| Sellers 0 1 4i GORE STOCK SALE There was a small attendance of buyers at the fortnightly Gore stock sal£ yesterday. There was a small yarding, and values were on a par with recent district rates. Sales were:— Dalgety and Co., Ltd.: Thirteen wethers at 26/-; 28 do. at 28/6. Passed in: 5 fat bullocks. Southland Farmers’ Co-operative Association, Ltd.: 45 ewes and lambs at 17/7; 13 fat ewes at 23/-. Wright, Stephenson and Co., Ltd.: 1 fat ewe at 19/-; 2 fat wethers at 25/6; 10 fat ewes at 21/-; 2 fat cows at £6 17/6; 2 fat heifers at £8 2/6; 2 do. at £7 5/-; 1 fat cow £8; 1 do. at £7 17/6; 1 do. at £8; 8 yearling heifers at £2 7/-. Passed in: 16 ewes and lambs at 16/6; 3 fat ewes at 18/3; 5 fat steers at £9 17/6; 5 fat heifers at £7 15/-; 2 do. at £5 10/-; 2 store cows at £3 17/6. THE BUTTER MARKET NO NEW ZEALAND OFFERING IN LONDON (Received December 1, 6.30 p.m.) LONDON, November 30. . The butter market is quiet. Quotations: Danish, 144/- to 145/-; Australian (choicest salted), 114/-; Australian (unsalted), 116/-. No New Zealand butter is offering. DAIRY INDUSTRY IN NEW SOUTH WALES SYDNEY, December 1. A circular is being issued by the Norco and other butter companies to dairy farmers on the North Coast emphasizing the necessity for an increase in the yield an acre, quoting facts and figures concerning the efficiency of the dairy industry in Denmark imd New Zealand and insisting that their standards must be cultivated if local producers wish to safeguard their own future. The circular advises better feeding and fodder supplies, the better breeding and recording of cows and better butterfat production. LONDON MARKETS The Department of Agriculture has received the following cablegram, dated November 27, from the High Commissioner for New Zealand, London: Tallow.—Spot market quiet; prices unchanged. Hemp—Manila: Market is dull and depressed; poor demand. Closing sellers for January-March shipments £24 10/-. Sisal.—Market dull and easier. No. 1 November-December shipments sold £23 10/-. JanuaryMarch shipments £22 15/-. New Zealand: Market slow in absence of demand. Fair for November-December shipments quoted nominally £23 10/-; buyers’ ideas £22 10/-. E g g S —Market firmer, prices higher. English, national pack, 22/6 to 26/6; English, ordinary pack, 23/6 to 24/-; Danish, 14-171 b, 13/6 to 17/-; Australian, 11/6 to 14/-. METAL MARKET (Received December 7, 6.30 p.m.) LONDON, December 6. Metals are quoted as follows: — Dec. 4 Dec. 6.

THE PRICE OF GOLD LONDON, December 6. The price of gold is £6 19/11 an ounce. THE WHEAT”MARKET CARGOES EASIER AND PARCELS FIRMER (Received December 7, 6.30 p.m.) LONDON, December 6. Wheat cargoes are easier and parcels are firmer. Futures.—London: January, 44/3; March, 43/9. Liverpool: December, 7/9?; March, 7/8J; May, 7/B|. Chicago: December, 96£ cents a bushel; May, 94J; July, 87f. MINING - RETURNS REVIU DREDGE (United Press Association) HOKITIKA, December 7. The Rimu dredge return was 211.450 z for 130 J hours. A total of 56,106 yards was excavated. COMPANY NEWS MOSSY CREEK DECLARES DIVIDEND (United Press Association) WELLINGTON, December 7. The Mossy Creek Gold Mining Company has declared an eleventh dividend of one penny a share, payable on December 17. BIGGER NET PROFIT NESTLE AND ANGLO-SWISS The Nestle and Anglo-Swiss Condensed Milk Company (Australasia), Ltd., reports a net profit of £176,672 for the year ended June 24, compared with £107,884 the previous year. A surplus of £9853 on exchange suspense is added to the credit at profit and loss. The 8 per cent, preference dividend requires £BO,OOO, and the ordinary dividend is increased from 3 per cent, to 10 per cent., and requires £lOO,OOO. Against £3242 brought forward, £9767 is carried forward. The profit was struck after transferring £52,400 to depreciation reserve, £lO,OOO to contingencies reserve, and £63,000 to provision for taxation. The previous year’s transfers were £52,400 to depreciation reserve, and £40,000 to taxation reserve, and £40,000 was . written aS aaodwill.

The following sales were reported:— £ s d Mount Morgans 0 12 5 Mount Morgans 0 12 6 G. J. Coles 4 2 6 Felt and Textiles 1 15 10 Broken Hill Pty. 3 3 6 Quotations were as follows: — GOVERNMENT DEBENTURES Buyers Sellers £ s d £ s d Stock, 3J p.c., 1938-43 — 101 10 0 Stock, 3ij p.c., 1938-52 101 0 0 — Stock, 31 p.c., ini in 0 Stock, 3| p.c., 1939-52 101 0 0 — Stock, 4 p.c., 1949 102 15 0 — — Bonds, 4 p.c., 1949 102 15 0 — — BANKS Australasia - 11 10 0 Commercial — 0 17 1 New South Wales 31 17 6 — — New Zealand 2 4 0 — — BREWERIES N.Z. Breweries 2 6 6 — — Tooth’s Brewery 2 11 6 — — COAL Kaitangata 1 5 3 — — Westport Coal — 1 4 3 INSURANCE National — 0 17 6 New Zealand — 3 4 9 Standard — 3 0 0 LOAN AND AGENCY Dalgety and Co. - 10 0 0 Goldsbrough, Mort and Co. 1 11 9 1 12 3 National Mortgage 2 8 0 Wright, Stephenson (pref.) 1 0 6 — meat COMPANIES N.Z. Refrigerating (10/- paid) 0 8 Southland Frozen Meat - 1 8 3 South Otago Freezing Co. 5 12 6 6 0 0 SHIPPING Huddart-Parker (pref.) 1 7 3 — Union Steam Ship Co. (pref.) 1 6 9 — — WOOLLEN MILLS Kaiapoi (pref.) - 0 17 3 Wellington Woollens (ord.) - 6 0 0 MISCELLANEOUS Broken Hill Pty. 3 2 9 — Broken Hill Pty. (5/- paid) 1 14 0 — G. J. Coles 4 2 6 — D.I.C. (pref.) 1 3 6 Dominion Fertilizer - 1 4 6 Dominion Investments 1 19 0 — Dominion Rubber Co. . - 1 9 0 Dunlop Rubber (Aust.) — 1 2 6 Hume Pipe (Aust.) — 1 0 3 Milburn Lime and Cement — 2 1 6 N.Z. Drug — 3 14 9 N.Z. Guarantee Corporation — 0 4 11 N.Z. Paper Mills 1 5 9 — — —“ Otago Daily Times 2 6 6 — Wilson’s (N.Z.) Cement — 0 18 3 Woolworths (N.Z.) — 5 0 0 Shillings, Ltd. — - 0 19 0 Woolworths Ltd. 1 6 6 — — MINING Broken Hill South 1 17 3 1 19 0 Big River 0 1 0 0 1 9 Electrolytic Zinc — (ord.) - 2 7 0 — (pref.) 2 9 6 — - — Gillespie’s Beach — 0 1 4 Goldfields Dredging 0 0 1 — — Kildare — 0 1 0 Mount Lyell 1 13 0 — — Mount Morgans 0 12 5 — — Nokomai — 0 2 6 Okarito 0 2 9 — —- Waitahu - 0 1 6 North Broken Hill 2 12 0 — — Rawang Tin — 0 10 11 NORTHERN EXCHANGES SALES ON ’CHANGE AUCKLAND £ 8 d Bonds 1952-55 4 p.c. 104 15 0 Stock 1943-46 4 p.c. 102 15 0 Auckland Harbour Board 1939 4*4 p.c. 101 10 0 City of Auckland 1944-51 4*,4 p.c. 104 0 0 Bank of N.Z. 2 4 8 Traders’ Finance (cont.) 4 10 Auckland Gas (2) 1 0 6 Broken Hill Propty. (new) 1 15 11 Consolidated Brick 7 3 Electrolytic Zinc (ord.) 2 7 9 G. J. Coles 4 3 6 M. K. Millinery 12 10 N.Z. Newspapers (odd lot) 1 17 9 Radio (1936) 1 0 0 W. R. Carpenter 2 6 6 Wool worths (Syd.) 1 6 6 Waihi Investments 9 10 Mount Lyell 1 13 6 do. 1 13 0 North Broken Hill 2 15 0 do. 2 14 0 Unofficial Selfridges (Aust.) 1 8 0 Whakatane Paper Mills 7 6 WELLINGTON £ s d 4 p.c. Stock 1946 (2) (Mon.) 103 0 0 N.Z. Breweries (Mon.) 2 7 9 McKenzies (Mon.) 3 13 6 Mossy Creek (Mon.) 1 2 4 p.c. Stock 1946 103 0 0 Wellington Harbour Board 5’/ 2 p.c. 1940 101 10 0 N.Z. Breweries 2 8 0 do. (2) 2 7 10 do. (2) 2 8 0 Broken Hill (2) 3 2 6 G. J. Coles 4 3 0 Amalgamated Wireless (paid) 3 1 9 Taranaki Oil 7 5 do. 7 0 Woolworths Ltd. 1 6 6 Unofficial W. E. Woods Ltd. 12 6 CHRISTCHURCH £ 8 d Commercial Bank of Australia (2) 17 0 E.S. and A. Bank 5 b 0 Bank of N.Z. (D mort. shares) 1 9 6 N Z. Refrigerating (10/- paid (2) 9 0 .Australian Glass (3) 4 8 3 Broken Hill Propty. (4) 3 2 8 do. 3 2 7 Colonial Sugar 46 5 0 Electrolytic Zinc (ord.) 2 7 8 do. 2 7 4 G. J. Coles (2) 4 3 4 do. (4) do. ' 4 4 3 2 6 5

N.Z. Farmers' Co-op. (£2 10/paid) 92 0 0 Taranaki Oilfields (5) do. Woolworths (Syd., ord.) (2 ) 7 5 7 2 16 7 Grey River (7/6 paid) 9 3 Broken Hill South do. (2) 1 18 1 1 17 3 Mount Lyell (3) 1 13 3 Mount Morgan (2) do. 12 1 12 1% Sales Reported N.Z. Government 4 p.c. Inscribed 1946-49 (2) 1U3 U U United Building 1 1 u Felt and Textiles 1 16 1 N.Z. Breweries 2 7 9 Australian Glass (3) 4 8 6 Broken Hill Propty. do. (3) 3 2 10 3 2 11 do. (new) 1 15 10 Cox Brothers 16 3 Woolworths (Syd., ord.) 16 7 Broken Hill South (cum. div.) do. Mount Lyell Rawang Tin do. 1 18 1 1 18 0 1 13 3 10 11 11 0 Blenheim Borough 5% p.c. 1949 104 0 0 DUNEDIN £ s d Taranaki Oil 7 4 Mount Lyell (2) 1 13 0 Sales Reported 4 n.c. Stock 1943-46 103 0 0 Wellington Woollen (pref.) 5 10 0 Broken Hill South 1 18 0 do. 1 18 1 Electrolytic Zinc (ord.) 2 7 9 Mount Lyell 1 13 3 Mount Morgan (after call) 12 5% Commercial Bank 16 11 N.Z. Breweries 2 7 6 —— NEW ZEALAND CURRENCY BASIS 1 ' The Bank of New South Wales Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling London— £N.Z. to fistglOO T.T. 124 124/10/O.D. 123/10/- 124/8/9 Australia— £A to £100 N.Z. T.T. 101 100/10/O.D. 101 . 100/10/Fiji— £F to £100 N.Z. T.T) 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 4.0367 4.0020 O.D. 4.0467 4.0060 Montreal— Dollars to £1 N.Z. T.T. 4.0344 4.0019 O.D. 4.0464 4.0059 Austria— Schillings to £1 N.Z. T.T. — 20.90 O.D. — 20.91 Belgium— Belgas to £1 N.Z. T.T. 23.804 23.494 O.D. 23.879 23.505 Czechoslovakia— Crowns to £1 N.Z. T.T. —— 112.86 O.D. —- 112.91 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 France— Francs to £1 N.Z. T.T. — 117.12 O.D. — 117.16 Germany— Reichmarks to £1 N.Z. T.T. — 9.888 O.D. — 9.893 Holland— Florins to £1 N.Z. T.T. 7.320 7.170 O.D. 7.360 7.174 Italy— Lire to £1 N.Z. T.T. — 76.04 O.D. — 76.09 Java— Florins to £1 N.Z. T.T. 7.291 7.141 O.D. 7.331 7.145 Norway— Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Sweden— Kroner to £1 N.Z. T.T. 15.793 15.498 O.D. 15.853 15.504 Switzerland— Francs to £1 N.Z. T.T. 17.535 17.265 O.D. 17.640 17.270 Noumea— Francs to £1 N.Z. T.T. —— 115.87 O.D. 115.91 Papeete— 115.92 Francs to £1 N.Z. T.T. —— O.D. 115.96 Hong Kong— N.Z. pence to 1 dollar T.T. 18 29-64 18 53-64 O.D. 18 27-64 18 53-64 India and Ceylon— N.Z. pence to 1 rupee T.T. 22% 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen T.T. ■ '■ 17 33-64 O.D. — 17 33-64 Shanghai— N.Z. pence to 1 18 9-64 dollar T.T. —— O.D. — 18 9-64 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32 35 13-64 O.D. 34% 35 13-64 Chefoo— Pence to 1 dollar T.T. —— 18% O.D. —— 18 7-64 Manila— Pence to 1 peso T.T. 29 9-16 30 1-16 O.D. 29 33-64 30 1-16

Sales were: £ s d Bank of New South Wales 33 0 0 Commercial Banking of Sydney 20 13 0 Queensland National Bank 5 4 6 Associated Newspapers (N.Z. delivery) 1 3 6 do. (pref.) 1 4 6 Colonial Sugar 47 0 0 Burns Philp 2 15 0 British Tobacco 2 10 0 Tooth’s Brewery 2 14 0 G. J. Coles 4 4 6 Dunlop Perdriau Rubber 1 2 7 1 /2 General Industries 19 0 Kandos 1 4 3 Hume Pipe 19 10>/ 2 Westinghouse Felt and Textiles (new, paid) 1 1 2 14 6 9 do. (old.) 1 16 9 Newbold Brick 1 13 0 J. McGrath 1 18 0 W. R. Carpenter 2 6 6 Gordon and Gotch 2 13 3 Standard Cement 17 3 J. Fielding 4 11 0 Producers and General 10 6 Perpetual Trustee . 4 17 6 United Provisions 6 6 Winchcombe Carson 1 11 , 6 Wilcox Mofflin 10 9 Fairymead Sugar 1 15 6 Electrolytic Zinc 2 8 0 Mount Lyell 1 13 3 Broken Hill Propty. 3 3 0 North Broken Hill 2 13 9 South Broken Hill 1 17 9 Nev/ Broken Hill Consolidated 13 10 Zinc Corporation 5 5 0 Taranaki Oil 7 0

Sales were: £ s d Commercial Bank of Australia 17 3 National Bank (£5 paid) 7 1 0 do. (£10 paid) 14 1 0 Adelaide Steam 1 11 3 British Tobacco 2 9 9 G. J. Coles 4 4 6 Drug Houses 1 5 6 Australian Glass 4 10 0 Dunlop Perdriau Rubber 1 2 9 Goldsbrough Mort 1 12 7 J /2 ioy 2 Woolworths (New South Wales) 1 6 Australian Paper (pref.) 1 5 3 Electrolytic Zinc 2 7 9 do. (pref.) 2 11 0 Mount Morgan 12 5 Mount Lyell 1 13 0 Broken Hill Propty. 3 3 0 North Broken Hill * 2 13 6 South Broken Hill 1 17 I’/fe Zinc Corporation 5 5 0 Tonkah Harbour 1 0 0 Enweror 12 7

£ s d £ s d Copper— Standard, Spot 40 10 < *2 41 9 4y 2 Forward 40 15 7*/241 14 4y 2 Electrolytic 45 0 0 46 0 0 to 46 0 0 47 0 0 Wire bars 46 0 0 47 0 0 LeadSpot 16 8 1V2 16 18 IV2 Forward 16 9 4V 2 17 0 7/2 Spelter— Spot 15 18 1/2 16 5 «/2 Forward 16 3 IV2 16 10 TinSpot 194 13 9 200 12 6 Forward 193 13 9 199 16 3 Silver— Fine, per oz , Standard, per oz 19 9-16d 21IW 18 7-16d 19%d