MONEY AND MARKETS

Southland Times, Issue 23557, 11 July 1938, Page 3

MONEY AND MARKETS

DEMAND FOR BANK SHARES ON INVERCARGILL EXCHANGE

Banking shares received more attention on the Invercargill Stock Exchange on Saturday morning. Commercials moved up after the dividend announcement. E.S. and A. Banks were firmer and Nationals, cum dividend, had buyers at £2 14/-. There was a better tone among industrial companies’ shares, Woolworths and Coles having firm inquiry. Metal companies’ shares had a stronger market, values remaining very firm.

The following sales were reported:— Mount Morgans, 10/4; 4 per cent. Government stock, 1955, £lO2 10/-; Southland Frozen Meat, £1 10/-; McKenzies Stores (two parcels), £3 4/-; Broken Hill Proprietary, £3. Quotations were called as follows:— GOVERNMENT DEBENTURES

FOREIGN EXCHANGES (British Official Wireless) (Received July 10, 6.30 p.m.) LONDON, July 9. The following mean closing rates for foreign exchanges were quoted today compared witli par:—

NEW ZEALAND MEAT IN LONDON

LIST OF RETAIL PRICES The New Zealand Meat Producers’ Board has been advised by its London office that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during June 1938. These prices represent a fair average of the prices quoted by the better class shops in London for the best quality of New Zealand lamb and mutton. NEW ZEALAND LAMB Per lb. d. Legs 12 Shoulders 11 Loins U Necks 6 Breasts 3 Forequarters 81 Hindquarters 11 NEW ZEALAND MUTTON (WETHERS) Legs 9 J Shoulders 81 Loins 84 Necks 3 Breasts 2 MORE CONFIDENCE ON LONDON MARKETS REFLECTION OF WALL STREET LONDON, July 8. Though there has been an improvement in business London to some extent is still a reflection of Wall Street; but there are indisputable signs that confidence is returning. The City’s chief anxiety is that the progression of values should be orderly and in view of this the outbursts in New York are mistrusted. The London markets are tending to advance sedately on a perfectly sound technical position, the fact that gilt-edged equities have risen together for nearly three weeks producing a more confident feeling among investors. The Anglo-German debt settlement has been also a favourable influence. The bond market is firm, including New Zealand bonds, which have benefited from the categorical Government statement that any default is out of the question. Business in industrials quietened down at the close of the week, and the outlook for textiles remains gloomy, especially in view of the heavy increases in unemployment. Base metals and rubbers are strongest among the commodity-based shares. Oils are active, THE METAL MARKET (Received July 9, 6.30 p.m.) LONDON, July 8. Metals are quoted as follows: —

RAW MATERIALS (Received July 10, 6.30 p.m.) •LONDON, July 9. Friday's closing prices for raw materials, with those of last week also quoted, are as follows:— Cotton.—Spot, 5.16 d per lb (4.96 d August delivery 4.97 d (4.83 d Rubber.—Para, 7d per lb (6%d); plantation smoked, 7 5-16 d (7’id). Jute.—July-August delivery, £l7 18/9 a ton (£18). Copra.—July-August delivery, South Sea, £lO 2/6 a ton (£9 17/6); smoked, £lO 2/6 (£9 17/6); plantation Rabaul, £ll 2/6 (£lO 17/6). Linseed 0i1.—£26 5/- a ton (£26 5/-). Turpentine.—£l 12/- per cwt. (£1 12/-)-THE PRICEOF GOLD (Received July 10, 6.30 p.m.) LONDON, July 9. The price of gold is £7 1/li an ounce.

MINING

GILLESPIE’S BEACH (United Press Association) DUNEDIN, July 9. Gillespie’s Beach reports a wash-up of 630 z for 125 hours’ work on 13,650 yards of material. ARGO DREDGE (United Press Association) GREYMOUTH, July 9. The Argo dredge return was 104 ounces from 13,000 yards for 128 hours’ work. MATAKI JUNCTION (United Press Association) MURCHISON, July 9. The Mataki Junction return for the week ended July 7 was 40oz of smelted gold for 131 hours and the 20,000 yards dredged. THE FRUIT MARKET APPLES IN GOOD DEMAND IN LONDON (Received July 10, 6.30 p.m.) LONDON, July 9. Apples are in smaller supplies and in good demand. Quotations. —New Zealand (ex the Coptic): Sturmers, 8/- to 11/-; Granny Smiths, 10/9 to 12/6. Tasmanian: Sturmers, 8/3 to 11/6; Granny Smiths, 9/to 11/6. THE WHEAT MARKET CARGOES FIRM AND PARCELS IRREGULAR (Received July 8, 6.30 p.m.) LONDON, July 7. Wheat cargoes are firm and parcels are irregular. Futures.—London: August, 33/3; November, 28/4. Liverpool: July, 6/3g; October, 5/9; December, 5/7.?. Chicago: July, 71| cents a bushel; September, 720; December, 74?. the Rialto William Todd and Co., Ltd., report as follows for the week ending Saturday, July 9:— Pigs.—There was a small entry and a good demand. Weaners, large, 13/3 to 17/6; medium, 9/6 to 12/-; rough sorts, 5/6 to 8/-; small stores, 15/- to 22/6; stores, 33/- to 40/-. Poultry.—There was a keen demand. White Leghorn hens, 1/10 to 3/1; heavy breeds, 3/4 to 3/9; roosters, 3/3 to 5/6; pullets, 5/3 to 8/6; others, 2/3 to 3/9; ducks, 2/6 to 3/4; geese, 4/1 to 6/9; turkeys, 6/6. Produce.—Table Potatoes: King Edwards, better inquiry, £4 15/-; Arran Chiefs, £4; onions (scarce), 20/- cwt; chaff, £5 10/- to £5 15/-; cow chaff, 3/- to 3/6 sacks in; oats, 12/- to 13/6; barley, 14/-; sorrell, 4/6; wheat, 17/6 to 23/-; pollard, 9/-; bran, 7/-; oatdust, 5/-; Farra food, 16/6; rock salt, 8/-; molasses, 13/6 a case; meat meal, 11/-; boneflour, 14/-; Moose meal, 21/-; Moose nuts, 20/-; oyster shell grit, 6/cwt.

Miscellaneous.—Barbed wire, 32/6; No. 8 galvanized, 28/6; fowl netting, 14/6; rabbit netting, 26/-; sheep netting, 26/-; 6ft netting, 28/6; tanks, £2 10/-; pumice wash boilers, £6 15/-; pumice washtubs, 47/6; timber, 14/- to 17/-; stakes, 35/- to 40/- 100; droppers, 16/- 100; horse covers, 27/6; cow covers, 9/6; carrots, 7/- cwt; Hulle’s strychnine, 3/6; burnt lime, 4/6; carbonate lime, 2/6; super, 6/6; blood and bone, 8/6; honey, 101 b tins 7/6; Ceylon tea, 51b 13/6; 401 b, 2/3 per lb. Vegetables.—Cabbage, 2/- to 5/5; cauliflower, 3/- to 8/- dozen; carrots, parsnips, beetroot, marrows, pumpkins, Id to lid per lb.

Buyers Sellers £ s d £ s d Stock, 31 p.c., 1938-43 -... —— — 100 10 '0 Stock, 3| p.c., 1939-43 100 10 0 Stock, 4 p.c., 1946 102 0 0 — Bonds, 4 p.c., 1946 102 0 0 — Stock, 4 p.c., 1949 102 0 0 — Bonds, 4 p.c., 1949 102 0 0 — Stock, 4 p.c., 1955 102 0 0 —.— Bonds, 4 p.c., 1955 102 0 0 — BANKS Commercial 0 16 1 E. S. and A. Bank 4 19 0 — National of Austral asia (cum. div.) 2 14 0 — New South Wales — 32 0 0 New Zealand 2 3 0 2 3 6 New Zealand long “D” issue 1 9 0 Union of Australia 8 5 0 — BREWERIES Dunedin Brewery Co. 1 5 0 — N.Z. Breweries 2 2 6 — Dominion Breweries — 1 17 0 COAL Westport Coal 1 4 3 1 4 9 Westport Stockton (pref.) —- 0 7 0 INSURANCE National 0 17 8 South British 2 5 9 — LOAN AND AGENCY National Mortgage 2 2 0 — Wright. Stephenson (pref.) —- 1 0 9 MEAT COMPANIES N.Z. Refrigerating 18 (20/- paid) — —— 0 9 (10/- paid) 0 8 1 0 8 5 Southland Frozen Meat 1 9 9 — South Otago Freezing Co. — 5 10 0 SHIPPING Huddart-Parker (pref.) 1 8 0 — Union Steam Ship Co. (pief.) — 1 6 6 P. and 0. Stock 1 6 0 — WOOLLEN MILLS Bruce 0 6 0 MISCELLANEOUS Broken Hill Pty. — 3 0 6 British Tobacco (Aust.) 2 6 9 — Colonial Sugar Co. ——- 47 0 i) G. J. Coles 4 3 3 — D.I.C. (ord.) 0 14 3 — Dominion Fertilizer 1 4 6 — Dunlop Rubber (Aust.) 1 1 9 — Milburn Lime and Cement —— 1 17 0 McKenzies, Ltd. 3 3 0 — N.Z. Drug 3 8 6 — N.Z Guarantee Coi poration — 0 4 I N.Z. Paper Mills 1 1 6 — Woolworths (N.Z.) 1 0 6 1 0 11 Woolworths, Ltd. 1 2 0 — MINING Broken Hill South 1 13 9 — Big River 0 1 0 — Electrolytic Zinc (ord.) — 2 4 0 (pref.) — — 2 8 0 Gillespie’s Beach — 0 0 11 Goldfields Dredging 0 0 2 — Mount Lyell 1 9 3 — Mount Morgans 0 10 2 —

Waitahu 0 0 8 North Broken Hill 2 10 0 Taranaki Oil 0 13 7 Moturoa Oil 0 5 0 AUCKLAND £ s d Commercial Bank of Australia 16 8 E.S. and A. Bank 5 3 0 Bank of New South Wales (Sydney register) 31 10 0 New Zealand Insurance 2 15 9 North Auckland Farmers’ Co-op. (B. pref.) 10 3 Huddart-Parker (ord.) (2) 2 6 0 Dominion Breweries 1 16 0 Tooth’s Breweries 2 14 6 Australian Alloys Steel 10 0 Australian Paper and Pulp (pref.) 1 14 9 Broken Hill Proprietary 19 6 Dunlop Perdriau (pref.) 2 0 0 Electrolytic Zinc (pref.) 2 6 6 Farmers’ Trading 1 0 5 Martha 11 9 do. 11 10 Mount Morgan 10 7 do. 10 8 WELLINGTON Late Friday Sales £ s d 4 p.c. Stock, 1955 102 5 0 Commercial Bank of Sydney 20 7 6 Woolworths (N.Z., ord.) 1 1 2 Saturday Sales 3',2 p.c. Stock, 1939-43 100 7 6 McKenzie's (2) 3 3 6 Felt and Textiles (2) 1 12 10 Woolworths (N.Z., ord.) 1 0 10 Unofficial List Woolworths Properties (10/- paid) 14 0 CHRISTCHURCH £ s d Commercial Bank of Australia (cum div.) 16 4 do (3) 16 5 Electrolytic Zmc (ord.) 2 3 0 do. 2 2 9 G. J. Coles 4 3 3 do. 4 3 2 do. 4 3 1 do. 4 2 11 Taranaki Oilfields (2) 14 0 Broken Hill South 1 13 1 do. 1 13 3 do. 1 12 11 Mount Morgan (cum div.) 10 9 do. (4) 10 8‘/ 2 do. 10 8 do. (4) 10 7'/ 2 Sales Reported National Bank of Australasia (£5 paid) 6 13 0 New Zealand Insurance (late Friday) 2 15 8 Standard Insurance 2 16 0 New Zealand Breweries 2 3 0 Westport Coal 1 4 6 DUNEDIN £ s d Sales Reported Late on Friday Mount Morgan 10 8 Broken Hill (contr.) 1 15 9 Mount Morgan 10 9 Unlisted A. and T. Burt (pref., £1 paid) 13 0 After Call Mount Lyell 1 9 0

Par 1'oday Paris, fr. to £ 124.21 178 29-32 New Yo-k dol. to £ 4.886 4.91 1-16 Montreal, dol. to £ 4.886 4.97'2 Milan, lira to £ 20.43 937 0 Copenhagen, kr. to £ 18.159 22.40 Oslo. fr. to £ 19.159 19.20 Berlin, rmk. to £ 20.4.2 12.28’4 Prague, kr. to £ 34.585 142% Helsingfors, tn. to £ 103.23 226% Madrid, pesetas to £ 25.15 — Lisbon, escudos to £ 110 110 3-16 Athens, dr to £ 875 547 % Bucharest, lei to £ 318.6 672'/ 2 Belgrade, dinars 275.3 217 Rio de Janeiro, p. to mllreis 8.895 2 13-16 Buenos Aires, p. to dol. 45.577 19.00'2 Montevideo, p. to dol. 57 20 Bombay, p. to rupee 10 17 27-32

July e July 8 £ s d £ s d Copper— 101/2 Standard, spot 39 15 0 38 6 Forward 40 0 7>/z 38 13 1/2 Electrolytic 44 5 0 43 0 0 to 45 5 0 43 15 0 Wire bars 45 5 0 43 15 0 Lead10 ¥2 Spot 15 9 412 14 16 Forward 15 11 10>/ 2 15 0 7/2 Spelter— 7’/2 Spot 14 8 l',2 13 15 Forward 14 13 Hi 14 0 0 TinSpot 194 0 0 189 2 6 Forward 195 2 6 190 7 6 SilverFine, per oz. 19 3-16d 19’, id Standard, per oz. 20 ll-16d 203 id