MONEY AND MARKETS

Southland Times, Issue 23677, 28 November 1938, Page 3

MONEY AND MARKETS

LITTLE BUSINESS DONE ON INVERCARGILL EXCHANGE

The market was quiet on the Invercargill Stock Exchange on Saturday. Bank of New Zealands were the only line in their section to be asked for. Australian industrials continued to ease and New Zealand issues were neglected. The mining market was easier.

Quotations were as follows:— GOVERNMENT DEBENTURES

THE METAL MARKET (Received Ilovember 27, 6.30 p.m.) LONDON, November 26.

DOLLAR LOWEST FOR FIVE YEARS (Received November 27, 6.30 p.m.) NEW YORK, November 26. The dollar exchange opened at 4.63 a to the £—the lowest quotation for more than five years, except during the European crisis, on September 18, when for a brief period it was 4.60. The financial editor of The New York Times says it was because of the pressure of capital in flight from London, and as has been the case for many days there was only a single important buyer—official control. THE RIALTO William Todd and Company Ltd. report the following sales for week ended November 25. Pigs.—Keen demand, 117 entered. Small weaners, £1 1/- to £1 6/6; wellgrown, £1 7/- to £1 12/-; stores £1 12/to £2 15/-; sows, £3 10/- to £6 5/-. Calves 4/- to 4/6. Poultry.—Hens, 2/2 to 2/6; heavy breeds, 2/9 to 3/6; ducks, 1/9 to 2/7; geese, 2/7 to 3/3; small W.L. pullets, 2/6 to 4/6; hens and chicks, 4/- to 10/-. Bacon Pigs.—We are cash buyers of bacon weights 120 to 1501 b at 7d per lb delivered to factory. Produce. —Table potatoes: Over supply, poor demand; freshly picked King Edwards, £4 10/-. New potatoes Outram grown, 2£d to 3d per lb; onions (Canadian), 21/-; wheat, 20/- to 26/-; oats, 10/- to 10/6; crushed oats, 9/-; chaff, £5 to £5 5/-; straw, £3 10/-; pollard, 9/-; bran, 7/-; oatdust, 5/-; meat meal, 11/-; boneflour, 14/-, rock salt, 8/6; Molasses, 13/6; Moose meal, 21/-; Moose nuts, 20/6; oyster shell grit, 6/cwt.; lucerne meal, 13/6 sack; sturdy chicken mash, 17/-; chick feed, 17/— 100. Miscellaneous. —Barbed wire 32/-, No. 8 galvanized 28/-, fowl netting 14/6, rabbit netting 26/-, sheep netting 26/-, tanks £2 10/-, pumice portable boilers

£8 5/-, concrete washtubs £2 15/-, concrete pig troughs 20/-, timber 14/- to 17/- 100 ft, stakes £2, droppers 16/-, totara posts £lOlOO, totara strainers 10/to 15/-, beech fencing posts £7 10/- 100. horse covers 27/6, cow covers 9/6, draught collars 45/-, hames 10/6, winkers 21/-, honey 601 b tins 6d per lb, Ceylon tea s’s 13/6, 40’s 2/3 per lb. Vegetables—Over supply; cabbage 1/6 to 2/~, cauliflowers 3/6, lettuce 1/6 dozen, rhubarb 2d per lb, gooseberries 2d per lb. Grass Seeds.—White clover 9d to 1/2, cowgrass 1/2, dogstail 9d, timothy 9d, cocksfoot 1/3 lb, lotus major 1/9 to 2/-, perennial ryegrass 5/- to 5/6, Italian 4/6 bushel, mixtures 3d per lb, turnips 1/9, swedes 2/3, chou moullier 2/-, rape 6d to 9d per lb. FOREIGN EXCHANGES (Received November 27, 6.30 p.m.) LONDON, November 26.

RAW MATERIALS (Received November 27, 6.30 p.m.) LONDON, November 26. Quotations for raw materials with last week's prices also shown, are as follows:— Cotton.—Spot, 5.22 d per lb (5.08 d December delivery, 4.86 d (4.81 d Rubber.—Para, 7%d per lb (7%d); plantation, smoked, 8d (8d). Jute.—November-December delivery, £lB 15/- a ton (£lB 17/6). Copra.—December-January delivery, South Sea. £9 7/6 a ton (£9 5/-); smoked, £9 7/6 (£9 2/6); plantation Rabaul, £lO 5/(£lO 2/6). Linseed 0i1.—£25 5/- a ton (£25). Turpentine.—£l 12/- per cwt. (£1 13/-). MINING ARGO DREDGE (United Press Association) GREYMOUTH, November 26. The Argo Dredge return was 88ozs for 120 hours’ work on 14,000 yards. THE PRICE OF GOLD (Received November 27, 6.30 p.m.) LONDON, November 26. The price of gold is £7 10/- an ounce —an official high record. WYNDHAM - STOCK SALE The following reports on the Wyndham stock sale, held last Thursday, have been received from stock agents:— Henderson and Company, Ltd.— A fair entry of all classes of Mock came forward for the sale. The fat sheep pens were fairly well-filled with medium to good butchers’ wethers, with a sprinkling of fair quality fat ewes, both shorn and in the wool. Good quality wethers and ewes made practically last sale’s rates. Unfinished sorts were harder to sell at prices slightly below the last Wyndham sale. Practically the whole of the store sheep yarding was made up of aged ewes and lambs. The demand was not so keen for this class and prices all over showed a decline on last sale. There was a big yarding of fat cows and heifers, with a few pens of good bullocks in the fat pens. There was a fair demand all round for fat cattle and prices all over were on a par with late sales. Store cattle also met with a ready sale and prices showed a decided rise on late sales. There was a small yarding of dairy cattle. For good cows and heifers at profit the demand was good and prices were equal to late sales rates. A big number of bulls of all classes was yarded. There was a good demand for anything of quality and the offering was quitted at satisfactory prices: We sold: Sheep.—s 6 ewes and lambs at 14/8, 6 fat ewes at 13/-, 13 fat ewes passed. Cattle.—Fat cows at £l2, £ll 10/-, £ll 5/-, £ll, £lO 2/6, £lO, £9 10/-, £9 5/- (2), £9 (2), £8 10/-. £8 15/-, £B, £7 10/-, £7 5/-, £7, £6 10/-, £5 17/6, £6, £7; dairy cows at £ll, £9 15/-, 1 dairy heifer at £8 2/6, 2 fat heifers at £5 5/-, 39 yearling heifers at £3 9/-; 2 steers at £6 5/-, 1 at £5 17/6; bulls at £6 15/-, £5, £4 5/-, £3 10/-, £3 17/6, £2 15/-. Dalgety and Company, Ltd.— A fair yarding of sheep was forward, comprising mostly ewes and lambs, with a few pens of fat sheep. Prices were much on a par with late rates and a complete clearance was effected. We sold 6 ewes at 19/-, 75 wethers at 25/-, 20 wethers at 24/- 9 ewes at 11/6. Store sheep: 35 wether hoggets 20/-, 96 ewes and lambs 12/9, 75 ewes and lambs 10/2, 66 ewes and lambs at 11/-, 138 ewes and lambs at 12/9, 75 wether hoggets at 19/4, 108 ewes and lambs at 11/2 78 ewes and lambs at 10/5.

A big yarding of cattle was forward and prices were well maintained. We sold: 1 fat.cow at £6 15/-, 1 cat cow at £9 5/-, 1 fat cow at £l2, 1 fat cow

at £6 5/-, 1 fat cow at £ll 2/6, 1 heifer at £3 2/6, 4 steers at £6 4/-, 1 fat cow at £6 12/6, 1 heifer at £6 17/6, 1 store steer at £3 10/-, 1 heifer at £3, 1 heifei at £5. Pigs.—We sold: 1 weaner at 30/-, 3 weaners at 26/-. National Mortgage and Agency Company, Ltd.—The yarding of fat sheep was small with no change in values to report. A fairly big entry of ewes and lambs of medium quality was offered, with prices probably a little lower than for the previous sale. All sections of cattle were represented, including a fair number of bulls and all lots met a good inquiry. Dairy cattle prices and beef showed some advance on those for the last sale. We sold: Sheep.—ls fat shorn wethers at 21/-, 37 fat shorn wethers at 21/3, 10 fat shorn wethers at 22/3 and 14 fat ewes at 15/-, 110 ewes and lambs at 13/9. Cattle.—Fat bullocks at £ll 12/6, £l2 5/-, £l2 2/6 (2), £l5 (2), £l2 17/6 and £l2; fat heifers at £lO, £lO 5/-, £9 15/- £l2 17/6 down to £7; dairy heifers at £7 10/-, £7, £6 10/-, £6 2/6, £4 10/- (4), and £4 5/- (5); bulls at £8 8/-, £8 17/6, £9, £7 7/6, £B, £6 10/-, £5 10/- to £3 17/-.

Buyers Sellers £ s d £ s d Stock 3J p.c., 1939-43 - 98 0 0 Stock, 4 p.c., 1943-46 99 0 - Bonds, 4 p.c., 1943-46 99 0 C - Stock 4 p.c., 1952-55 — 99 0 0 Bonds 4 p.c., 1952-55 — 99 0 0 BANKS Australasia — 10 0 0 Commercial —-—■ 0 16 6 National of New Zealand — 2 10 0 New Zealand 2 0 9 —— Union of Australia — 8 12 0 BREWERIES Dominion Brewery — 2 0 0 Dunedin Brewery Co. — 1 6 0 COAL Westport Coal — 1 2 9 Westport Stockton (pref.) 0 6 6 — INSURANCE National — 0 16 0 Standard 2 10 0 — LOAN AND AGENCY National Mortgage 2 0 0 — Trustees’ Executors (Dimedin) 4 0 0 Wright, Stephenson (pref.) 1 0 0 MEAT COMPANIES N.Z. Refrigerating (20/- paid) —— 0 18 0 (10/- paid) 0 7 11 0 8 3 Southland Frozen Meat — 1 10 3 South Otago Freezing Co. — — 5 0 0 SHIPPING P. and O. Stock — 1 11 0 WOOLLEN MILLS Bruce 0 5 6 — MISCELLANEOUS Broken Hill Pty. 2 16 3 2 17 0 British Tobacco (Aust) — 2 8 6 G. J. Coles — 3 19 9 I.C.I. (pref.) 1 2 9 1 3 0 Milbum Lime and Cement — 1 15 3 N.Z. Drug — 3 8 0 N.Z. Guarantee Corporation — - 0 4 2 New Zealand Paper Mills 1 1 6 Otago Daily Times 2 0 0 2 3 0 Wilson’s (N.Z.) Cement — 0 17 0 Woolworths Ltd. 1 1 3 Woolworths Properties Ltd 1 5 0 1 5 9 MINTNC Broken Hill South 1 11 0 North Broken Hili — 2 10 0 Big River 0 0 11 — Goldfields Dredging — 0 0 3i Mount Lyell — 1 9 6 Mount Morgans 0 8 10 0 9 2 Mount Morgans (pref.) " 1 1 0 Nokomai —— 0 1 6 AUCKLAND £ B d Stock 1939-43 3’4 p.c. 98 2 6 do. 1939-43 3’,4 p.c. 97 17 6 National Bank of N.Z. 2 8 0 Bank of New South Wales 30 5 0 Dominion Breweries 1 12 6 Consolidated Brick 7 9 Taranaki Oil 11 9 WELLINGTON £ 8 d N.Z. Farmers’ Co-op. (A) (pref.) (Fri.) 1 14 9 Tooheys Ltd. (Fri.) 1 10 9 Broken Hill (2) (Fri.) 2 16 6 Colonial Sugar (Fri.) 48 2 6 I.C.I. (pref.) (2) 1 2 11 CHRISTCHURCI I £ R d Bank of N.Z. (cum div.) (2) 2 0 9 Broken Hill Propty. (2) 2 16 3 Wool worths (Syd., ord.) 1 0 11 Mount Morgan 9 3>,4 Sales Reported Westport-Stockton Coal (ord.) 3 6 Dominion Fertilizer 1 3 3 N.Z. Farmers' Co-op. (A pref.) (Fri.) 1 16 0 DUNEDIN Sales Reported £ 5 d 4 p.c. Stock 1952-55 99 0 0

Par. Nov. 24 Nov. 26 Paris, fr. to £1 170 178 47-64 1 178 47-64 New York, dol. to £1 4.866 4.64%d 4.63% Montreal, dol. to £1 4.866 4.67% Brussels, 4.66 belgas to £1 35 27.47 27.38 Geneva, fr. to £1 25.2216 20.46 20.39% Amsterdam. kr. to £1 12.107 8.53% 8.51% Milan, lire to £1 92.43 88% Berlin, celch88 1-16 marken to £1 20.43 11.62 11.56 Copenhagen, 22.60 kr. to £1 18.159 22.60 Stockholm, kr. to £1 18.159 19.41 19.41 Oslo, kr. to £1 18.159 19.90 19.90 Prague, kr. to £1 154.25 135% 135% Helsingfors, 226% marks to £1 193.23 226% Madrid, pesetas to £1 25.2216 — Lisbon, escu- — dos to £1 110 110% Athens, dracb 110% to £1 375 547% 547% Bucharest, lei to £1 818.60 665 665

Metals were quoted as follows:— 26 d Nov. 24 Nov. £ s d £ s CopperyStandard, spot 45 5 714 45 2 6 Forward 45 9 414 45 5 714 Electrolytic 51 5 0 51 5 0 to 52 0 0 51 15 0 Wire bars 52 0 0 51 15 0 Lead— Spot 16 7 6 16 6 1014 Forward 16 8 1*4 16 8 1*4 Spelter— Spot 14 6 1014 14 3 9 Forward 14 9 414 14 5 714 TinSpot 14 6 1014 14 3 9 Forward 216 13 9 217 2 6 Silver— Fine, per oz 20 1 -16d 20’,'sd Standard, per oz 21%d 21 11 -16d