MONEY AND MARKETS

Southland Times, Issue 23379, 10 December 1937, Page 3

MONEY AND MARKETS

SHARE MARKET INVERCARGILL STOCK EXCHANGE METAL SHARES EASIER There was a slightly easier market for metal companies’ shares at yesterday’s call over on the Invercargill Stock Exchange. Bank shares were quiet and industrials generally steady. A sale was reported of 4 per cent. Government stock, at £lO2 17/6. Quotations were as follows:— GOVERNMENT DEBENTURES

NORTHERN EXCHANGES SALES ON ’CHANGE

Mount Lyell 1 12 11 THE RESERVE BANK ASSETS AND LIABILITIES (United Press Association) WELLINGTON, December 9. Following is a statement of the assets and liabilities of the Reserve Bank of New Zealand at the close of business on Monday:—

ASSETS 7. Reserve—(a) Gold 2,801,791 0 0 (b) Sterling exchange 16,184,927 11 8 (c) Gold exchange v 8. Subsidiary coin 162,956 14 4 9. Discounts—(a) Commercial and agricultural bills — (b) Treasury and local body bills 10. Advances—(a) To the Estate or State undertakings: (1) Dairy industry account 4,687.983 2 11 (2) For other purposes 700,000 0 0 (b) To other public authorities (c) Other 100,000 0 0 11. investments 2,658,325 0 0 12. Bank Buildings 13. Other assets 57,186 9 7 Total £27,353,169 18 6

Proportion of reserve (No. 7, less No. 5) to notes and other demand liabilities, 73.89 per cent. SYDNEY STOCK EXCHANGE MARKETS QUIET BUT FIRM (Received December 9, 9.35 p.m.) SYDNEY, December 9. Industrial shares fully maintained the brighter tone of yesterday. Banks made good gains and base metal shares were quiet but firmer. Sales were:

FOREIGN EXCHANGES NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling London—

THE WOOL MARKET HARDENING TENDENCY AT SYDNEY (Received December 9, 9.35 p.m.) SYDNEY, December 9. At the wool sales 9327 bales were offered and 8830 were sold; also 1460 privately. There was keen and sustained competition from the Continent and Yorkshire and occasional support from Japan. The hardening tendency was well maintained. Greasy Merino made up to 25td.

LONDON MARKET REPORT

NEW ZEALAND DAIRY BOARD By arrangement with the Primary Products Marketing Department the following information is supplied:— Butter.—New Zealand salted 114/- to 115/-; last week 114/- to 115/-; last year 104/-. New Zealand unsalted 118/- to 120/-; last week 118/- to 120/-; last year 116/- to 118/-. Deliveries New Zealand 2569 tons; last year 1858 tons. In store New Zealand 1252 tons; last year 3608 tons. Australian salted 111/- to 112/-; last week 112/-. Australian unsalted 116/-; last week 116/- to 118/-. Deliveries Australian 1787 tons; last year 1483 tons; in store Australian 1655 tons; last year 2108 tons. Argentine unsalted 108/- to 110/-; last week 106/- to 108/-. Danish 132/f.0.b., 152/- spot; last week 123/-, 143/to 144/-. Dutch unsalted 113/-. Lithuanian salted and unsalted 112/- to 114/-; last week 116/-. Market quiet. New Zealand retail price 1/2 to 1/3. Danish retail price 1/4.

Cheese.—New Zealand white 68/- to 68/6; last week 68/6 to 69/-; last year 62/- to 63/-; New Zealand coloured 67/- to 67/6; last week 67/6 to 68/-; last year 62/- to 63/-. Deliveries New Zealand 13,229 crates; last year 13,844 crates. In store New Zealand 31,830 crates; last year 39,167 crates. Australian white 65/- to 67/-; last week 66/- to 67/-; Australian coloured 64/- to 66/6; last week 65/- to 66/-. Canadian white 72/-, 73/- to 74/-; last week 72/- to 73/-; Canadian coloured 72/- to 74/-; last week 72/- to 74/-; deliveries Canadian 13,038 boxes; last year 8101 boxes. In store Canadian 158,663 boxes; last year 132,775 boxes. Market quiet. New Zealand retail price unchanged at 9d. English finest farmers’ 94/- to 96/-; last week 94/- to 96/-; English factory cheese 51/6 to 61/6; last week 53/6 to 55/6. Market steady.

SYDNEY PRODUCE MARKETS (Received December 9, 9.35 p.m.) SYDNEY, December 9. Produce is quoted as follows:— Wheat.—New silo, 4/6J a bushel, old 4/6; bagged, new 4/7J. Flour.—£11 a ton. Bran and pollard.—£7 a ton. Potatoes.—Tasmanian, £5 a ton. Onions.—£6 a ton. Maize.—Yellow, 5/3 a bushel. THE PRICE OF GOLD (Received December 8, 6.30 p.m.) LONDON, December 7. The price of gold is £6 19/9 an ounce.

METAL MARKET (Received December 9, 6.30 p.m.) LONDON. December 8. Metals are quoted as follows:— Dec. 7 Dec. 8.

Buyers £ ■ d Sellers £ s d Stock, 3J p.c., 1938-43 101 15 0 Stock, 3| p.c., 1938-52 101 0 0 Stock, 3j p.c., 1939-43 101 15 0 Stock, 34 p.c., 1939-52 101 0 0 Stock, 4 p.c., 1946 103 0 0 Bonds, 4 p.c., 1946 103 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 16 11 0 17 3 Commercial (pref.) 4 p.c. (cum.) 9 12 0 National of New Zealand 2 18 0 New South Wales 32 0 0 New Zealand 2 4 6 Union of Australia 9 0 0 — BREWERIES N.Z. Breweries 2 7 6 — Tooth’s Brewery 2 11 6 —— COAL Kaitangata 15 3 -— — Westport Coal 1 5 0 INSURANCE National 0 17 6 Standard 3 0 6 LOAN AND AGENCY Goldsbrough, Mort and Co. 1 12 6 National Morioaoa 2 7 6

MEAT COMPANIES N.Z. Refrigerating (10/- paid) 0 8 10 0 9 2 Southland Frozen Meat 1 8 6 South Otago Freezing Co. 5 12 6 6 0 0 SHIPPING Huddart-Parker (pref.) 1 7 6 Union Steam Ship Co. (pref.) 1 6 9 — WOOLLEN WILLS Bruce 0 10 0 Kaiapoi (pref.) — 0 17 3 MISCELLANEOUS • Australian Glass 4 8 9 — Australian Iron and Steel 1 7 0 — Broken Hill Pty. 3 2 0/ Broken Hill Pty. (cont.) 1 14 6 G. J. Coles — 4 4 6 D.I.C (pref.) 1 3 6 — Dominion Fertilizer — 1 4 6 Dominion Investments 1 19 0 Dominion Rubber Co. — 11 0 0 Dunlop Rubber (Aust.) — 1 2 6 Hume Pipe (Aust.) — 1 0 1 Milburn Lime and Cement — 2 1 0 N.Z. Drug — 3 15 0 N.Z. Guarantee Cor poration — 0 4 10 N.Z. Paper Mills 1 5 9 Otago Daily Times 2 6 6 Shillings, Ltd. 0 19 0 Wilson’s (N.Z.) Cement (ex div.) — 0 18 0 Woolworths (N.Z.) — 1 3 0 Woolworths, Ltd. 1 7 0 — MINING Broken Hill South 1 16 9 1 18 0 Big River — 0 1 4 Electrolytic Zinc— (ord.) 2 6 9 (pref.) 2 9 0 — Gillespie’s Beach — 0 1 4 Goldfields Dredging 0 0 1 —- Kildare 0 1 0 Mount Lyell 1 12 6 Mount Morgans 0 12 0 North Broken Hill (ex div.) 2 10 0 — Nokomai — 0 2 6 Okarito 0 2 6 Waitahu —— 0 1 0 Rawang Tin — 0 11 0 SALE REPORTED N.Z. Government 4 p.c. Stock, 194649. £102 17/6.

AUCKLAND £ s d E.S. and A. Bank 5 6 0 Bank of N.Z. 2 4 10 do. 2 5 0 Union Bank 9 10 0 National Insurance 17 4 do. 17 3 N.Z. Insurance 3 3 6 Westport Stockton 2 814 Broken Hill Propty. 3 2 9 do. 3 3 0 Consolidated Brick 7 5 Farmers’ Trading 1 0 0 G. J. Coles (2) 4 4 0 do. 4 5 0 McKenzies (rights) (odd lot) 2 2 0 do. 2 2 6 M. K. Millinery 12 6 Taranaki Oil 7 5 Woolworths (Syd.) 1 6 7 do. 1 6 8 Woolworths (N.Z.) (5/- paid) 1 1 0 Mount Morgan 12 2 Unofficial Self ridges (Aust.) 1 8 3 Whakatane Paper Mills (ord.) 7 6 WELLINGTON £ 6 d 3’,2 p.c. Bonds 1953-57 (Wed.) 98 5 0 Bank of Australasia (Melbourne reg.. Wed.) 10 14 0 N.Z. Breweries (Wed.) 2 7 9 Taranaki Oil (Wed.) 7 1 do. 7 2 Broken Hill Propty. (Wed.) 3 3 1*4 do. 3 3 41/2 Electrolytic Zinc (ord.) (Wed.) 2 7 0 do. 2 7 0 3*4 p.c. Stock 1938-52 101 7 6 Commercial Bank of Sydney 21 5 0 Commercial Bank (pref.) 9 14 0 Bank of N.Z. 2 5 0 do. 2 5 0 Union Bank 9 10 0 do. 9 9 0 Broken Hill Propty. 3 3 3 Wellington Investment 9 3 Electrolytic Zinc (pref.) (2) 2 10 0 do. (ord.) 2 7 1*4 do. 2 7 1*2 G. J. Coles (2) 4 5 0 Hume Pipe 19 6 McKenzies 3 13 6 Taranaki Oil 7 3 do. (2) 7 4 Woolworths Ltd. (3) 1 6 9 Mount Lyell 1 13 41/2 Mount Morgan 12 2 CHRISTCHURCH £ s d British Tobacco 2 9 9 Broken Hill Propty. (new) 1 15 9 do. 1 15 11 McKenzie's Department Stores 3 13 9 N.Z. Farmers’ Co-op. (4*/ 2 p.c. stock 1940) 91 15 0 Taranaki Oilfields 7 2 do. 7 3 do. (2) 7 4 do. 7 5 Grey River (7/6 paid) 9 3 Broken Hill South 02) 1 17 6 do. (2) 1 17 7 do. 1 17 8 Mount Lyell 1 13 0 Mount Morgan 12 1 Sales Reported Broken Hill Propty. (new) 1 15 8 do. (2) 1 16 0 Woolworths (N.Z.) Ltd. (ex bonus cum. div.) 19 0

do. 1 0 0 N.Z. Insurance 3 3 6 DUNEDIN £ s d Taranaki Oil 7 4 do. 7 5 Sales Reported Taranaki Oil 7 6 Broken Hill South 1 17 9 Sale After Call

LIABILITIES d 0 1. General reserve fund £ 1,500,000 s 0 2. Bank notes 13,964,343 0 0 3. Demand liabilities— (a) State 4,797,765 9 10 (b) Banks 6,237,305 0 7 (c) Other 696,427 8 6 4. Time deposits 5. Liabilities in currencies other than N.Z. currency 6. Other liabilities 157,328 19 7 Total £27,353,169 18 6

£ s d Bank of New South Wales 34 0 0 Commercial Banking of Sydney 21 7 0 E.S. and A. Bank (N.Z. delivery) 5 10 0 National Bank t-eio paid! 14 3 0

Queensland National Bank 5 4 6 Associated Newspapers 1 3 4 >,'2 Adelaide Steam 1 11 6 Huddart Parker 2 2 9 Burns Philp 2 14 6 British Tobacco 2 10 3 Tooth’s Brewery 2 14 0 Australian Glass 4 12 6 Dunlop Perdriau Rubber 1 2 10>/ 2 Anthony Hordern 19 6 General Industries 19 6 Morts Dock 10 3 Hume Pipe 1 0 0 do. (N.Z. delivery) 1 0 0 Warburton Franki 1 1 0 Felt and Textiles 1 17 0 Sargents 1 9 9 Gordon and Gotch 2 14 0 Mauri Brothers 3 8 0 Winchcombe Carson 1 11 6 Greater J. D. Williams 5 10 Standard Cemeht 17 0 Mangrovite 17 0 Woolworths 1 7 0 do. (first pref.) 2 2 0 Wunderlich Hosiery 1 0 7>/z Electrolytic Zinc 2 8 0 Mount Morgan 12 3 Mount Lyell 1 13 3 Broken Hill Propty. 3 5 0 North Broken Hill 2 13 3 South Broken Hill 1 18 0 Kuala Kampar 1 0 0 Rawang Tin 10 9 Placer Development 3 12 6 Taranaki Oil 7 3 MELBOURNE SALES Leading industrials continue to show a quiet improvement and barriers are steady. but trading is still light. Sales were: £ s d Commercial Bank of Australia 17 2 National Bank (£10 paid) 14 2 0 British Tobacco 2 10 3 Carlton Brewery 3 3 6 G. J. Coles 4 6 0 Australian Iron and Steel (pref.) 1 7 6 Australian Glass 4 12 0 Dunlop Perdriau Rubber 1 2 11 Goldsbrough Mort 1 12 9 Silverton Trams 1 15 6 Electrolytic Zinc (pref.) 2 10 6 Mount Morgan 12 2 Mount Lyell 1 13 0 Broken Hill Propty. 3 5 0 do. (5/- paid) 1 16 3 North Broken Hill 2 13 3 South Broken Hill 1 18 0 Emperor 12 4

£N.Z. to fistglOO T.T. 124 O.D. 123/10/ 124/10/- - 124/8/9 Australia— £A to £100 N.Z. T.T. 101 100/10/Fiji— O.D. 101 100/10/£F to £100 N.Z. T.T. 90/7/6 89 New Kork— O.D. 90/7/6 89 Dollars to £1 N.Z T.T. 4.0412 4.006G Montreal— O.D. 4.0512 4.0106 Dollars to £1 N.Z T.T. 4.0389 4.0064 O.D. 4.0509 4.0104 AustriaSchillings to £1 N.Z. T.T. — 20.90 O.D. — 20.91

Belgium— Belgas to £1 N.Z. T.T. 23.824 23.514 O.D. 23.899 23.525 Czechoslovakia— Crowns to £1 N.Z. T.T. 113.21 O.D. — 113.26 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. — 9.892 O.D. — 9.897 Holland— < Florins to £1 N.Z. T.T. 7.319 7.169 O.D. 7.359 . 7.173 Italy— Lire to £1 N.Z. T.T. — 76.17 O.D. — 76.22 JavaFlorins to £1 N.Z. T.T. 7.287 7.137 O.D. 7.327 7.141 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. 15.792 15.497 O.D. 15.852 15.503 Switzerland— Francs to £1 N.Z. T.T. 17.538 17.268 O.D. 17.643 17.273 Noumea— Francs to £1 N.Z. T.T. 115.87 O.D. — 115.91 Papeete— Francs to £1 N.Z. T.T. — 115.92 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 dollar T.T. — 18 9-64 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

£ S d £ s d CopperStandard, Spot 40 9 4>/ 2 40 5 7?4 Forward 40 13 iy 2 40 9 4>,t> Electrolytic 44 10 0 44 10 0 to 46 10 0 46 10 0 Wire bars 46 10 0 46 10 0 LeadSpot 16 4 4 l / 2 16 3 1% Forward 16 5 7>/ 2 16 4 4’/ 2 Spelter— Spot 15 14 4’/ 2 15 11 3 Forward 15 19 4’/ 2 15 15 7‘,i Tin — Spot 197 2 6 195 0 0 Forward 195 17 6 193 17 6 Silver — Fine, per oz 18’/ 2 18%d Standard, per oz 19 15-16d 20>/id