MONEY AND MARKETS

Southland Times, Issue 23818, 16 May 1939, Page 3

MONEY AND MARKETS

UNCHANGED MARKET FOR LOANS ON INVERCARGILL EXCHANGE

There was evidence of a hesitant tone in the market for Commonwealth industrial companies’ shares on the Invercargi Stock Exchange yesterday morning. Among New Zealand issues, Wilson’s Cements stood out and New Zealand Drugs also showed a firmer front. Banking shares were steady with limited inquiry. Government loans were unchanged. Australian mining stocks were quiet.

Quotations were called as follows: —

SYDNEY (Received May 15, 8.50 p.m.) SYDNEY, May 15. Trading on the Stock Exchange today was along cautious lines. Buyers, however, had to pay full or higher rates to bring sellers to terms, and the undertone of the market was very firm.

BRITISH BOARD OF TRADE RETURNS FIGURES FOR APRIL LONDON, May 14.. The Board of Trade returns for April were: £ Imports 70,084,000 Exports 35,148,000 Re-exports 4,579,000 The principal increases, compared with April last year were: IMPORTS Fresh fruit and vegetables 498,000 Other foods 736,000 Other textile materials 505,000 The decreases were: IMPORTS Grain and flour 1,484,000 Dairy, produce 1,053,000 Iron ore and scrap 499,000 Cotton and raw waste 485,000 Non-ferrous metals and manufactures 632,000 Oils and fat 559,000 EXPORTS Iron and steel manufactures 753,000 Machinery 709,000 BRITAIN’S “UNSOUND BOOM” EVIDENCE OF INFLATION LONDON, May 14. “An inflationary boom is already here,” says The Investors’ Chronicle. “It is a boom which arouses little enthusiasm, as everyone knows it is unsound, being based on borrowed money spent on unproductive projects.” The markets, though very firm, certainly have not responded exuberantly to the abundance of good domestic news, including declining unemployment. The opinion, however, is growing that the Rome-Berlin Ax% Powers will shrink from war unless they are assured of a walk-over.

Though interest in the wool trade is concentrated on crossbreds there are signs of reviving interest in Merinos and signs of reviving overseas interest. Butter suffered a sharp set-back. Lack of confidence was not alleviated by increased Australian arrivals. Moreover, the stock position is heavy at present and the weakness consequently is expected to continue.

COMPANY NEWS TOOTH’S BREWERY WELLINGTON, May 15. Tooth’s Brewery (Sydney) advised the Stock Exchange Association that an interim dividend has been declared at the rate of 12 per cent, per annum. MINING MOLYNEUX DREDGE DUNEDIN, May 15. For the two weeks ended May 12 the Molyneux dredge worked 204 hours and recovered 118 oz of gold. MATAKI , AUCKLAND, May 15. The Mataki return for the week ended May 15 was 16oz for 126 hours’ work and 7700 yards. CLUTHA RIVER DUNEDIN, May 15. ' Clutha River Gold Dredging Limited reports a wash-up of 2320 z for 106 hours for the week ended May 12. OKARITO DUNEDIN, May 15. The Okarito dredge obtained a return of 41oz 3dwt for 127 hours’ dredging. FOREIGN EXCHANGES . RUGBY, May 11. Par. May 9 May 11 Paris, fr. to £1 197.60 176 47-64 176 47-64

GOVERNMENT DEBENTURES Buyer Seller £ s d £ sd Stock, 4 p.c., 1943-46 98 15 0 Bonds, 4 p.c., 1943-46 98 15 0 Stock, 4 p.c., 1946-49 98 10 0 Bonds, 4 p.c,, 1946-49 98 10 0 ——— — Stock, 4 p.c., 1952 98 15 0 Stock. 4 p.c., 1952-55 98 15 0 Bonds, 4 p.c., 1952-55 98 15 0 Stock 3J p.c., 1953-57 92 0 0 BANKS Commercial 0 16 10 New South Wales 30 10 0 ■ New Zealand. 1 19 3 New Zealand long “D” issue 16 6 COAL Kaitangata 17 6 Westport Coal 10 0 1 0 6 Westport Stockton (ord.) 0 4 0 INSURANCE National 0 15 6 — LOAN AND AGENCV Goldsbrough. Mort and Co. 1 10 0 National Mortgage 2 0 0 Wright, Stephenson (pref.) 0 19 6 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 0 15 0 Southland Frozen 1 8 0 SHIPPING Union Steam Ship . Co. (pref.) 15 0 P. and O. Stock 15 0 —— WOOLLEN MILLS Bruce 0 10 9 Kaiapoi (ord.) 0 12 0 Wellington Woollens (pref.) 5 0 0 " MISCELLANEOUS Australian Consolidated Industries 1 16 0 — - — Broken Hill Pty 3 6 6 British Tobacco (Aust.) 2 11 0 G. J. Coles 4 5 6 Dominion Fertilizer 13 6 1 4 6 Dominion Rubber Co. 1 0 0 Donaghy’s Rope and Twine 2 7 0 I.C.I. (prei.) 1 5 3 Milbum Lime and Cement 1 13 3 N.Z. Drug 3 5 0 N.Z. Paper Mills 12 9 Otago Daily Times 2 0 b Wilson’s (N.Z.) Cement 0 17 10 Woolworths, Ltd. 13 7 Woolworths Properties, Ltd. 16 0 " — MINING Broken Hill South 1 9 6 North Broken Hill 2 7 0 Electrolytic Zinc (ord.) 2 9 0 2 10 0 Gillespie’s Beach 0 0 8 Goldfields Dredging — 0 0 2 Mount Lyell 1 9 0 Mount Morgans 0 10 7 Nokomai 0 2 0 Taranaki Oil Fields 0 7 0 AUCKLAND £ E d Stock 1939-43 3>/ 2 P-C. 98 10 0 Auckland Transport Board 1944-52 4 ‘,4 p.c. 99 10 0 Commercial Bank of Australia (pref.) 9 10 0 E.S. and A. Bank 5 4 0 Bank of N.Z. 2 0 0 do. 2 0 0 National Insurance 16 0 do. 16 0 do. 16 1 South British 2 4 3 Goldsbrough Mort 1 9 0 Electrolytic Zinc (pref.) 2 16 6 Consolidated Brick 9 11 do. (2) 10 0 Farmers’ Trading 1 0 3 M.K. Manufacturers 5 6 Taranaki Oil 6 6 do. 6 3 Wilson's Cement 18 0 Woolworths (N.Z.) 19 0 Unofficial List Waikato Saleyards 10 0 WELLINGTON £ E d G. J. Coles (Sat.) 4 6 0 Woolworths Ltd. (Sat.) 1 3 10 Bank of Australasia 9 15 6 Union Bank 8 1 0 Consolidated Brick 10 0 Taranaki Oil (2) 6 6 CHRISTCHURCH £ B d N.Z. Government 4 p.c. Inscribed 1949 98 10 0 N.Z. Refrigerating (£1 paid) 15 6 Taranaki Oilfields 6 6 Sales Reported N.Z. Government 4 p.c. Inscribed 1949 98 10 0 Commercial Bank of Australia (pref.) 9 10 0 N.Z. Farmers’ Co-op. (4>, 2 P-c. stock 1955) 80 15 0 DUNEDIN Sales Reported £ B d 4 p.c. Stock 1946-49 98 15 0 Bank of N.Z. 1 19 9 McKenzies Department Stores (Sat.) 2 10 0 Woolworths (Syd.) (Sat.) 1 3 II Electrolytic Zinc (ord.) (Sat.) 2 9 6

■sales: £ s d Bank of New South Wales 29 0 0 Commercial Banking of Sydney 18 19 0 Bank of Australasia 8 18 0 Colonial Sugar 46 12 6 Huddart-Parker (N.Z. delivery) 2 11 0 Sydney Ferries 4 11 Associated Newspapers (pref.) 1 1 9 Dunlop Perdriau Rubber 1 0 0 Tooth’s Brewery 2 13 9 British Tobacco 2 7 9 Australian Consolidated Industries 1 14 7*,4 General Industries 19 0 Woolworths 1 2 0 Henry Jones 2 9 9 Adams 15 7>/ 2 (V. H. Soul 4 7 9 Peters 2 9 6 W. R- Carpenter 2 1 6 Felt and Textiles 1 9 I 1 ,2 Standard Cement 1 2 0 Sargents 1 9 0 Australian Guarantee Corporation 1 2 3 Electrolytic Zinc 2 6 3

Broken Hill Propty. 3 1 0 do. (contr.) 2 14 3 North Broken Hill 2 4 3 South Broken Hill 1 6 0 Emperor 8 7 Zinc Corporation 4 9 6 Oil Search 4 4 Austral-Zealand Gold 1 2 0 MELBOURNE Sales: £ 5 d Goldsbrough Mort 1 7 0 Carlton Brewery 3 4 6 G. J. Coles 3 19 6 Herald and Times 3 2 6 Broken Hill Propty. 3 1 0

New York, dol. to £1 4.866 4.68 5-32 4.68 7-32 Montreal, dol. to £1 4.866 4.70% 4.70 1-16 Brussels, belgas to £1 35 27.50 27.52 Geneva, fr. to £1 25.2215 20.84 20.83% Amsterdam, fl. to £1 12.107 8.73>/2 8.73% Milan, lire to £1 92.00 89 89 Berlin, relchinarken to £1 20.43 11.66% 11.66% Copenhagen, kr. to £1 18.159 22.40 22.40 Stockholm, kr. to £1 18.159 19.42 19.42 Oslo, kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 Prague, kr. to £1 164.25 Helsingfors, marks to £1 193.23 226% 226% Madrid, pesetas to £1 25.2215 Lisbon, escudos to £1 110 110% 110% Athens, drach to £1 375 547% 547% Bucharest, lei to £1 818.60 660 660 Belgrade, dinars 376.3 209 209 Lio de Janeiro, pence to milreis 5.899 2 13-16 2 13-16 Buenos Aires, pence to dol. 11.45 20.25% 20.25% Montevideo. pence to peso 51 18% 18% Bombay, pence to -upee 18 17 15-16 17 15-16 Shanghai, pence to yen • Hong Kong, pence to yen • 14% 14% Yokohama, pence to yen 24.58 14 14 Batavia, guilders 12.107 8.81 8.81 Warsaw, par •Determined by price of silver.