MONEY AND MARKETS

Southland Times, Issue 23781, 31 March 1939, Page 3

MONEY AND MARKETS

NO DEMAND FOR COAL SHARES ON INVERCARGILL EXCHANGE

A very quiet tone existed on the Invercargill Stock Exchange yesterday. Only two banking lines were asked for, New°Zealands having buyers at £1 18/3 and National of New Zealands at £2 6/-. Brewery shares were quiet and there was no demand for coal companies’ shares. Australian industrials showed little change. There was a brighter market for metal companies’ scrip. Quotations were called as follows:—

SYDNEY (Received March 30, 8.45 p.m.) SYDNEY, March 30. The Stock Exchange revealed a brighter >one today, prices tending firmer. Sales:

RECORD ENTRY OF SHEEP 14,000 YARDED AT WYNDHAM STOCK SALE A record entry of 14,000 sheep was yarded at the Wyndham stock sale yesterday. Outside buyers were well represented and secured the bulk ot the yarding. The sheep pens proved inadequate to accommodate the sheep sent forward, numbers having to be placed in the cattle pens. The entry comprised mostly the annual drafts of two-tooths and sound-mouthed ewes from Flamborough, Glenham and Mokoreta. These were keenly sought after. The market opened quietly, but it advanced considerably towards the end of the sale. Sound-mouthed ewes made from 18/to 24/- and two-tooths from 27/- to 30/6. Forward-conditioned store lambs were keenly competed for, one big line realizing 17/-. The average prices realized were from 14/- to 17/-. Best classes of dairymen’s ewes brought from 9/6 to 12/-. The offering of fat lambs was fairly big, but the quality was not up to the standard of recent sales. Nevertheless, there was keen competition and the lambs sold well, realizing prices above schedule rates. The few wethers forward sold on a par with recent values. There was brisk inquiry for Romney ewe lambs, these realizing as high as £l. There was a small offering of cattle and the prices realized were £1 a head in excess of late rates. CLEARING SALE AT KAUANA A clearing sale was held at Kauana yesterday on account of the estate of the late William Macalister. Wright, Stephenson and Co. Ltd. in conjunction with J. G. Ward and Co., Ltd., conducted the sale, which attracted a fair attendance of farmers. The sheep offered were in excellent condition and sold at prices well up to late rates. The sales included: —Seventy-eight 4- tooth ewes at 25/-, 86 6 and 8-tooth ewes at 21/-, 366 s.m. ewes at 15/4, 108 wether lambs at 15/2, 300 s.m. tussock ewes at 20/10, 320 f. and f.m. ewes at 9/6, 118 2-tooth wethers at 17/-, 7 Southdown rams at 4gn, 3 at 3Jgns, 6 at 4|gns, 1 at 2£gns, 3 at 2|gns, 1 dairy cow at £6 5/-, 1 at £5 10/-. A number of farm implements was sold, including the following:—l dray at £l2, grass harrows at £B, 1 topdresser at £l6, 1 haysweep at £B, 1 at £lO 5/-, 1 haystacker at £9, 1 mower at £lB, 1 Caterpillar tractor at £170,1 drill at £25. Many sundry implements and furniture were sold at satisfactory prices. MINING GREY RIVER DREDGING (United Press Association) WELLINGTON, March 30. The Stock Exchange Association has been advised that the return at the clean-up yesterday of the Grey River Dredging Company was 2380 z for 131 hours and 86,450 yards. THE WOOL MARKET KEEN DEMAND FOR N.Z. CROSSBREDS (Received March 30, 6.30 p.m.) LONDON, March 29. At the wool sales 6865 bales were offered, including 4750 from New Zealand, and 5981 were sold. A selection of good New Zealand crossbreds and moderate Australian Merinos met keen demand and an excellent clearance was made at steady rates. Quotations: New Zealand greasy crossbred, “Otoka,” 9|d and 9Jd; “Montalto,” IOJd, scoured Merino bellies, “Kennington M,” 14J.d. UNCERTAINTY DOMINATES LONDON MARKETS LONDON, March 29. The stock markets are still dominated by political uncertainties. Business is negligible with the exception of shipping which has improved as the result of the subsidy announcement.

THE METAL MARKET (Received March 30, 6.30 p.m.) LONDON, March 29. Metal quotations are as follows;— Mar. 28 Mar 29 A ton. A ton.

RESERVE BANK RETURN

RISE IN STERLING EXCHANGE NOTE ISSUE SHOWS BIG INCREASE (Special to The Times) WELLINGTON, March 30. A rise of £112,011 in the sterling exchange held by the Reserve Bank is shown in the return for the week ended March 27. There is a decrease of £1,031,642 in State deposits and an increase of £52,207 in those of the trading banks. Other demand liabilities are £574,217 higher. Last week the note issue showed an increase of £26,235, but this week it has risen by £508,545. Advances to the Primary Products Marketing Department are slightly higher, but advances to the State for other purposes are down by £250,000. The statement, with variations compared with the previous week, is as follows:— LIABILITIES Variation

Sterling exchange held by the Reserve Bank for the past 12 months as at the first week of the month showed the following variations:—

1938 £(N.Z.) March 7 15,617.116 April 4 16,169,496 May 2 17,627,443 June 6 17,801,586 July 4 15,941,567 August 1 15,322,308 September 5 12,638,656 October 3 10,594.978 November 7 6,633,031 December 5 4,200,856 1939* January 2 4,017,232 February 6 4,074,954 March 6 4,705,897 March 13 4,591,686. March 20 4,547,863 March 27 4,659,874

The proportion of reserve (less reserve liabilities in currencies other than New Zealand currency) as at the beginning of each month for the last year has been as follows:—

1938 Per cent. March 7 66.019 April 4 75.542 May 2 79.569 June 6 77.906 July 4 76.181 August 1 69.249 September 5 65.847 October 3 57.259 November 7 39.733 December 5 29.834 1939 January 2 26.13 February 6 25.047 March 6 25.017 March 13 25.026 March 20 25.129 March 27 25.419 SYDNEY PRODUCE MARKETS (Received March 30, 8.45 p.m.) SYDNEY, March 30. The wheat market today showed an improvement, with a stronger inquiry at higher levels. Silo grain is quoted at 2/4J a bushel and bagged at 2/7. Other quotations are:— Flour.-£l2 10/- a ton. Bran and Polladr. —£5 a ton. Potatoes. —Tasmanian, £24 a ton; others, £2O. Supplies are short, but New South Wales potatoes are due at any moment Onions.—New Zealand brown, £25 a ton; Victorian white, £22. Maize.—Prime yellow, 4/- a bushel. COLOMBO TEA AUCTION J. Rattray and Son, Ltd., Invercargill, report having received the following cabled report of the tea auction held in Columbo on Tuesday: — “Full supplies of good quality teas offered; strong demand continues for common and medium grades, with prices unchanged; fine teas irregular with decline of Jd per lb; quantity, 2,250,0001 b; next sale, 2,000,000.

GOVERNMENT DEBENTURES Buyer Seller £ s. d £ s a Stock. 3j p.c., 1939-43 98 0 0 Stock. 4 p.c., 1943-46 99 0 0 Bonds. 4 o.c., 1943-46 99 c 0 Stock, 4 p.c., 1952 99 12 6 Stock, 4 p.c., 1952-55 99 b 0 Bonds, 4 p.c., 1952-55 99 5 0 BANKS National of New Zealand 2 6 0 New Zealand 1 18 3 1 19 0 BREWERIES Dunedin Brewery Co 1 4 6 do. (cont.) 1 0 0 N.Z. Breweries 1 18 3 COAL 'Vestport Coal 1 1 0 Westport Stockton (ord.) ——— 0 4 0 INSURANCE National 0 1. 10 LOAN AND AGENCY Goldsbrough, Mort and Co. 1 10 0 National Mortgage 2 0 0 Wright, Stephenson (ord.) 1 2 6 do. (pref.) 0 19 9 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 0 15 0 (10/- paid) — 0 6 9 Southland Frozen Meat 1 7 9 — SHIPPING Union Steam Ship Co. (pref.) 1 4 6 — WOOLLEN MILLS Bruce 0 10 0 0 11 6 Kaiapoi (ord.) 0 12 6 Mosgiel 9 7 6 Oamaru 0 16 3 MISCELLANEOUS Broken Hill Pty. 2 18 0 G. J. Coles 3 19 6 Dominion Fertilizer 1 3 0 Dominion Rubber Co. 1 0 0 Donaghy’s Rope and Twine 2 3 0 Hume Pipe (Aus.) 1 0 0 — I.C.I. (pref.) 1 3 6 McKenzie’s Dept. Stores, Ltd. 2 0 0 Milburn Lime and Cement 1 13 0 N.Z. Drug 3 7 0 Morts Dock 0 14 9 Woolworths Ltd. 1 2 9 — Woolworths (N.Z.) 0 17 0 — MINING Broken Hill South 1 6 6 — North Broken Hill 2 4 6 Electrolytic Zinc (ord.) 2 6 0 — Gillespie s Beach — 0 0 11 Mount Lyell 1 7 3 Mount Morgans 0 10 9 0 11 0 Mount Morgan (pref.) 1 1 6 — Nokomai 0 2 0 Austral (N.Z.) 1 2 9 — AUCKLAND

£ s d Stock 1940-43 4 p.c. 97 15 0 Commercial Bank of Australia 16 0 Bank of N.Z. (2) 1 18 4 N.Z. Insurance (Wed.) 2 12 0 Abraham and Williams (Wed.) 10 0 Farmers’ Auctioneering (A pref.) (Wed.) 1 0 0 Taupiri Coal (odd lot) (Wed.) 15 3 Auckland Gas 16 6 Australian Consolidated Industries 1 10 9 Colonial Sugar 48 10 0 Farmers’ Trading 17 9 Imperial Chemicals (pref.) (2) 1 4 0 M.K. Manufacturers 5 0 Sanford (ord.) 3 10 Woolworths (N.Z.) (2) 17 3 Woolworths (Syd.) 1 3 0 Emperor (Wed.) 8 9 Mount Morgan (ord.) 10 8 Overseas List Woolworth’s Holdings (S.A.) 14 10 Unofficial List Silknit 4 6 WELLINGTON £ s d Commercial Bank of Australia (Wed.) 16 0 National Bank of Australasia (£10 paid) (Wed.) 13 8 0 Abraham and Williams (Wed.) 10 0 Broken Hill Propty. (Wed.) 2 18 8 do. 2 18 9 Consolidated Brick (Wed.) 8 8 Electrolytic Zinc (pref.) (Wed.) 2 10 0 4 p.c. Stock 1946 (2) 98 10 0 Gisborne Sheep Farmers 1941 100 15 0 Wellington City 4',4 p.c. 1943 100 5 0 Commercial Bank of Australia 16 0 Bank of N.Z. (2) 1 18 6 do. (long term) (4) 1 6 6 N.Z. Refrigerating (10/- paid) 6 6 Westport Coal 1 0 9 Burns Philp 2 14 9 Broken Hill Propty. 2 18 9 CHRISTCHURCH £ s d N.Z. Government 4 p.c. Inscribed 1946 98 10 0 do. 1955 99 0 0 Felt and Textiles 1 13 0 Broken Hill Propty. (2) 2 18 6 Woolworths (Syd., ord., cum div.) 1 3 0 Grey River 18 3 Sumner Borough 4>,4p.c. 1953 (Wed.) 101 0 0 New Brighton Borough 4)4 p.c. 1952 (Wed.) 101 0 0 North Canterbury Electric Power Board 4)4 p.c. 1959 (Wed.) 101 0 0 N.Z. Government 4 p.c. Inscribed 1955 99 5 0 Bank of N.Z. 1 18 6 N.Z. Breweries 1 18 0 Grey River 18 3 N.Z. Government 3 p.c. Inscribed 1941 96 10 0 DUNEDIN Sales Reported £ s d E.S. and A. Bank (Wed.) 3 9 Dominion Breweries (Wed.) 1 9 9 Mount Morgan (Wed.) 10 11 4 p.c. Stock 1949-52 99 0 0 British Tobacco (pref.) 1 12 3 I.C.I. (pref.) 1 3 9 Woolworths (S.A.) 14 10

Bank of New South Wales £ 28 s 15 d 0 Commercial Banking of Sydney 19 18 0 Commercial Bank of Australia 15 0 National Bank (£5 paid) 6 4 0 Queensland National Bank 4 14 0 Bank of Australasia 9 4 0 Colonial Sugar 46 2 6 .United Insurance 10 0 0

Howard Smith 18 0 British Tobacco 2 7 0 Woolworths (N.Z. delivery) 1 2 0 Bradfol d Cotton 1 17 0 Australian Consolidated Industries 1 9 0 R. Fcwler 10 6 Ant 1 '- 14 9 do. (N.Z. delivery) 14 8 Taubinan 2 15 0 Newbold Brick 1 7 6 Westinghouse 17 0 W. Adams 14 9 Cash Orders 15 4 Gordon and Gotch 2 15 3 Felt and Textiles 2 10 6 Standard Cement 1 0 0 W. H. Soul 4 6 0 Goldsbrough Mort 1 7 0 Mount Morgan 9 11 Mount Lyell 1 5 0 Broken Hill Propty. 2 15 0 North Broken Hill 2 2 6 South Broken Hill 1 5 6 Larut 5 0 Kanieri Gold 1 14 3 MELBOURNE Sales: £ 5 d Commercial Bank of Australia 14 11 National Bank (£5 paid) 6 2 0 Australian Paper (pref.) 1 5 l 1 G. J. Coles 3 13 6 Millaquln Sugar 1 18 6 Myers (pref.) 1 14 0 Mount Morgan 10 0 Loloma 18 7 Mount Lyell 1 5 1 Electrolytic Zinc 2 4 0

£ s d £ s d Conner— Standard, spot 43 1 3 43 1 10',4 Forward 43 9 4 ',4 43 7 6 Electrolytic 48 10 0 48 10 0 to 49 10 0 49 10 0 Wire bars 49 10 0 49 10 0 end Spot 14 14 4*,4 14 II io ',4 Forward 14 16 10',4 14 15 7',4 spelterSpot 13 15 0 13 13 1'4 Forward 13 18 l',4 13 18 1'4 I’m Spot 216 2 6 216 0 0 Forward 214 17 6 214 11 3 Sil v ei Fine, per oz 19 15-16d 19%d Standard, per oz 21 Vad II 7-16d

£ £ General reserve 1,500.000 same Bank notes 15,334,046 + 508,545 Demand liabilities--1,031,642 state 3,816,530 - Banks 9,041,186 + 52,207 Other 1,030,061 + 574,217 Other currencies 33,540 + 1,053 Other liabilities 318,356 + 12,467 - ■ • TOTAL 31,073,719 + 116,867 ASSETS Varla tion £ £ ReserveGold 2,801,791 same Sterling exchange 4,659,874 + 112,011 Subsidiary coin 228,168 + 24,305 Advances- + 42,415 Marketing Dept. 7,431,055 Other 12,000,000 —250,000 Investments 3,660,931 + 9,903 Other assets 291,890 + 178,223 —' - TOTAL 31,073,719 + 116,867 Proportion ot reserve to notes and other demand liabilities, 25.419 per cent. (25.129 per cent. last week). Sterling exchange is expressed ;n New Zealand currency. week’s The principal items in this return are compared with those at the corresponding date last year in the following table:— (000’s omitted) Varia1939 1938 tion £ £ £ Notes 15,334 13,554 + 1,780 Deposits— 3,817 7,115 —3,298 State Banks 9,041 5,588 +3,453 Exchange 4,660 16,930 —12,270 Advances— +2,322 Marketing 7,431 5,109 Other 12,000 — + 12,000 Investments 3,661 2,972 + 689