MONEY AND MARKETS

Southland Times, Issue 23768, 16 March 1939, Page 3

MONEY AND MARKETS

METAL MARKET REMAINS FIRM ON INVERCARGILL EXCHANGE There was a slightly better market for Bank of New Zealand shares, buyers advancing to £1 18/6; Commercials were steady at 16/3. The only inquiry that came for insurances was for Nationals at 15/8. Coal companies’ shares were steady. More interest was taken in shipping companies’ stocks. Some Australian industrials continued to harden. The metal market remains firm. A sale of Bank of New Zealands at £1 18/9 was reported.

Quotations were called as follows: — GOVERNMENT DEBENTURES Buyers Sellers £sd £ s d Stock, 31 p.c., 1939-52 99 17 6 Stock, 4 p.c., „ 1943-46 98-10 0 98 15 0 Bonds, 4 p.c., __ „ 1943-46 98-10 0 98 15 0 Stock, 4 p.c., 1952 99 12 6 Stock, 4 p.c., „ „ . 1952-55 99 10 0 Bonds, 4 p.c., „ 1952-55 99 10 0 BANKS Commercial 016 3 016 7 Commercial, pref. 4 p.c. (cum.) 9 5 0 ■ New Zealand 118 6 119 3 New Zealand, long “D” issue 15 9 Union of Australia 8 0 0 BREWERIES Dunedin Brewery Co. 1 5 0 N.Z. Breweries 1 18 0 ; COAL Kaitangata 16 0 Westport Coal 10 6 Westport Stockton (ord.) 0 4 0 INSURANCE National 0 15 8 — LOAN AND AGENCY Goldsbrough, Mort and Co. 1 10 0 National Mortgage 2 0 6 Trustees’ Executors (Dunedin) 4 0 0 — Wright, Stephenson (pref.) 0 19 6 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 0 16 9 (10/- paid) 0 6 9 0 7 0 South Otago Freezing Co. — 4 12 0 SHIPPING Huddart-Parker 214 0 215 6 Union Steam Ship Co. (pref.) 14 0 P. and O. Stock 16 0 WOOLLEN MILLS Bruce (pref.) 1 0 0 Mosgiel — - 910 0 Wellington Woollens (pref.) 4 18 6 MISCELLANEOUS Broken Hill Pty. 2 19 0 British Tobacco (Aust.) 2 10 9 G. J. Coles 3 19 3 D.I.C. (pref.) 12 6 Dominion Fertilizer 13 0 Donaghy’s Rope and Twine 2 3 0 ‘Hume Pipe (Aust.) 019 6 1.C.1. (pref.) 13 6 14 0 Mac Duffs, Ltd. 0 3 6 Milburn Lime and Cement 113 9 N.Z. Drug 3 5 0 3 7 0 N.Z. Guarantee Corporation 0 4 6 Otago Daily Times 2 10 Permanent Building Society 5 15 0 Woolworths, Ltd. 13 0 Woolworths (N.Z.) 016 3 Woolworths Properties, Ltd. 15 9 MINING North Broken Hill 2 7 0 Electrolytic Zinc (ord.) 2 7 6 (pref.) 2 10 9 Gillespie’s Beach ■ - 0 011 Goldfields Dredging — 0 0 2J Mount Lyell 17 0 17 9 Mount Morgans 0 11 3 — Mount Morgan (pref.) ——— 12 0 Nokomai 0 19 Austral (N.Z.) 13 6 AUCKLAND

BRITISH BOARD OF TRADE RETURNS FIGURES FOR FEBRUARY LONDON, March 14. The Board of Trade returns for February were as follows:— £ Imports 65,515,000 Exports 38,052,000 Re-exports 4,772,000 The principal decreases, compared with February of last year, were:— IMPORTS £ Grain and flour 1,784,000 Meat 511,000 Dairy produce 1,221,000 Iron ore and scrap 1,137,000 Raw cotton 1,493,000 Hides and skins 529,000 Paper-making materials 676,000 Rubber 712,000 Iron and steel manufactures 1,148,000 EXPORTS £ Cotton yarns and manufactures 509,000 Iron and steel manufactures 709,000 The principal increases were:— IMPORTS £ Other food 711,000 EXPORTS £ Vehicles 2,029,000 CATTLE VALUES DROP AT WESTFIELD BEEF AT CHEAPEST SINCE JULY 1937 (Special to The Times) AUCKLAND, March 15. Reflecting the effect of several factors, cattle values at the Westfield fat stock sales today maintained the downward trend of recent weeks and beef was quoted cheaper than at any other time since July 1937. Values ranged from 18/- to 33/- per 1001 b, representing a substantial decline on the quotations to 38/- a month ago. Probably the factor having the greatest bearing on the decrease is the long spell of dry weather which has been experienced in the Auckland district in the past two months. Feed is at a premium all over the province and farmers and graziers are being compelled to conserve what pastures they have by selling larger numbers of cattle than might have been the case in normal circumstances. Large consignments of cattle from near and far have been delivered to Westfield in recent weeks. This has had the effect of forcing prices down. However, today there was a comparatively short supply of cattle and the quality of the stock on offer was generally excellent. In spite of this there was no demand and stock agents were thankful that a heavy yarding Mid not face the auction. They freely admitted that the position would have been more acute if this had been the case. Retail values will be affected by the decreases in the wholesale market. Under the prices which will take effect from tomorrow beef will be sold Id per lb cheaper and mutton Jd per lb cheaper. THE WOOL MARKET SECOND SERIES OF LONDON SALES LONDON, March 14. The second series of London wool sales opened with 'an offering of 7237 bales, of which 4937 were from New Zealand, and 6587 were sold. A good selection, chiefly crossbreds, met with a keen demand and a good clearance, chiefly for the home trade, was made. Compared with the close of the last series Merinos were at par, crossbreds were generally in sellers’ favour and slipes were par to 5 per cent, higher. Quotations: New Zealand greasy crossbreds, “Ruru,” average 9d, top price lOd; “C.E.8.,” 83d; slipe halfbred lambs, “Gear,” 13d. The National Mortgage and Agency Company of New Zealand, Limited, reports having received the following cable message from London:—“The auctions opened here today with a large attendance of Home and Continental buyers; good general competition; all sections of the trade are buying, particularly Bradford. Compared with closing rates of last sales we quote market generally par to 5 per cent, higher; slipe wools generally good demand; prices where changed are in sellers’ favour. As at present arranged the sales will close on March 30.” The New Zealand Loan and Mercantile Agency Company Limited has received the following cablegram from its London office dated March 14:—“Second series opened today; keen general competition; Yorkshire chief buyers; Crossbred greasy wool in sellers’ favour; slipe Crossbred lambs about par to Jd higher; Merino wool market very firm.”

£ s d Stock 1943-48 4p.c. 98 10 0 do. 1952-55 4 p.c. 99 0 0 do. 1939-43 3>/ 2 p.c. (cum int.) 99 12 6 Auckland Harbour Board 1954 4\\ p.c. 101 5 0 National Bank of N.Z. 2 6 6 Bank of N.Z. (2) 1 18 9 N.Z. Insurance 2 12 3 South British (2) 2 3 3 Pukemiro 17 0 Auckland Gas (con.) 11 0 Tattersfield 1 9 0 Australian Consolidated Industries (ex bonus) 1 12 0 Colonial Sugar 48 17 6 Dunlop Perdriau (Tues.) 1 1 11 Lewis Eady (pref.) (Tues.) 14 0 Reid Rubber 1 4 9 Broken Hill South (ex div.) 1 8 6 Emperor 9 0 Rawang Tin (Tues.) 7 5 WELLINGTON £ s d Dunlop Perdriau Rubber (Tues.) 1 1 11 Wilson’s Cement (Tues.) 15 6 Woolworths Ltd. (ord.) (2) (Tues.) 1 3 1 Woolworths Ltd. (ord.) (Tues.) 1 3 0 Bank of N.Z. 1 18 9 Wellington Gas 1 10 0 Tooth and Co. (2) 2 16 3 Bums Philp and Co. 2 14 9 Myers Emporium (pref.) 1 17 0 Wilson’s Cement 15 6 Woolworths Ltd. (ord.) (3) 1 3 1 CHRISTCHURCH £ s d Broken Hill Propty. 2 19 6 Woolworths (Syd., ord., cum div.) 1 3 0 Grey River 18 3 Sales Reported N.Z. Government 4 p.c. Inscribed 1949-52 99 10 0 N.Z. Government 4 p.c. Inscribed 1946 (2) 98 12 6 Westport-Stockton Coal (ord.) (odd parcel) 3 9 British Tobacco (cum div.) (3) 2 10 6 G. J. Coles (odd parcel) 3 19 9 N.Z. Government 314 p.c. Inscribed 1940-43 (ex interest) 97 15 0 DUNEDIN Sales Reported £ s d I.C.I. (pref.) (Tues.) 1 3 9 4 p.c. Bonds 1952-55 99 5 0 4 p.c. Stock 1949-52 99 12 6 Nokomai Gold 1 9 Bank of N.Z. 1 18 9 U.S.S. Co. 1 4 6 N.Z. Refrigerating (cont.) 6 9 After Call Westport Coal 1 0 9 SYDNEY (Received March 15, 8.55 p.m.; SYDNEY, March 15. Industrials continued stronger on the Stock Exchange today but base metals were quiet. Sales: £ s d Bank of New South Wales 29 5 0 Commercial Bank of Sydney 20 8 0 Union Bank 7 19 0 Mercantile and Mutual 1 9 3 Associated Newspapers , 19 6

Huddart Parker 2 14 0 Burns Philp 2 11 6 Australian Gas (A) 7 2 0 British Tobacco 2 9 0 Tooth’s Brewery 2 14 0 Carlton Brewery 3 6 3 Woolworths 1 2 l*,i Drug Houses of Australia 1 2 6 Kandos 1 8 0 Morts Dock 14 5 Hume Pipe 19 9 W. Atkins 1 2 3 W. Adams 15 3 Sargents 1 9 6 Goldsbrough Mort 1 8 6 Wilcox Mofflin 5 11 Henry Jones 2 9 3 Colonial Sugar 4G 12 6 Electrolytic Zinc (pref.) 2 10 0 Mount Morgan 10 7>/z Mount Lyell 1 6 7’,i Broken Hill Propty. 2 17 9 do. (contr. ) 2 6 0 North Broken Hill 2 6 .3 Broken Hill South 1 7 7 Ms Rawang Tin 7 2 Arahura Gold 1 8 3 Emperor 8 6 Kanieri 1 15 0 MELBOURNE Sales: £ s d Emperor 8 5 North Broken Hill 2 6 6 Myers 1 10 0 ; G. J. Coles 3 16 3 Drug Houses of Australia 1 2 7 Felt and Textiles (pref.) 1 4 7 Adelaide Steam 1 11 9