COMMERCIAL

Southland Times, Issue 24596, 19 November 1941, Page 2

COMMERCIAL

'BANKING SHARES QUIET Invercargill Stock Exchange There was a firmer demand for insurance companies’ shares on the Invercargill Stock Exchange yesterday. Banking shares were quiet. There was no change in the market for leading industrials. Quotations were as follows: — Government Debentures. —4 p.c. Stock, 1943-46, b £lOl/10/-: 4 p.C. Stock, 1946-49, b £103; 4 p.c. Stock, 1952, b £104; 4 p.c. Stock, 1952-55, b £107; 4 p.c. Stock, 1954-58, b £lO7/5/- 3>/ 2 p.c. Stock, 1953-57, b £lOl 10/-; 3>,4 p.c. Stock, 1956-59, b £100; War Loan, 1953, b £88; 2>/ 2 p.c. War Loan, 1946, b £97/10/-; 3 p.c., 1951-54, b £97/10/-. Banks.—E.S. and A. Bank, s £4/4/- National of New Zealand, b £l/19/3; New South Wales, b £2B. Breweries.—New Zealand Breweries, b £1 16/-. Coal.—Westport Coal, b £l/4/-; Westport Stockton (pref.), s 7/3. Insurance.—National, b 19/9; New Zealand, b £3/11/-; South British, b £3/3/-; Standard, b £3/3/3. Shipping.— Huddart-Parker, b £2/4/6; Union Steam Ship Company (pref.), b £1 6/-; P. and O. Stock, b £l/13/-. Woollen Mills.—Bond’s Hosiery, b £l/9/9; Bruce, b £l/4/3; Kaiapoi (pref.), b 18/-; Mosgiel, b £lO/10/-. Loan and Agency.—Dalgety and Company, b £6/5/-; National Mortgage B, b £1 2/-; Perpetual Trustees, b £2/10/-; Trustees’ Executors (Dunedin), b £4/5/-; Wright, Stephenson (ord.), b 18/3. Meat Companies.—New Zealand Refrigerating (10/- paid), s 9/6; Southland Frozen Meat, b £l/13/6. Miscellaneous.—Australian Iron and Steel, b £l/8/6; British Tobacco (Aust.), s £2 6/-; Colonial Sugar Company, s £52/10/-; D.I.C. (pref.), b £l/4/-; Dominion Fertilizer, b £l/3/-; Hume Pipe (Aust.), b 14/6; 1.C.1. (pref.), b £l/4/6; McDuffs Limited, s 9/6; McKenzie’s Department Stores, Limited, b £2/4/9; Milburn Lime and Cement, b £l/18/-; New Zealand Drug, b £4; New Zealand Guarantee Corporation, b 2/9; New Zealand Paper Mills, b £1 14/-; Otago Daily Times, b £l/19/-; Woolworths Limited, s 16/3; Woolworths (New Zealand), s 15/3. Mining.—Big River, s 9d; Gillespie’s Beach, s 2'Ad; Mount Lyell, s £l/9/-; Nokomai, s 1/-; Waihi Investments, b 4/-.

DUNEDIN Sale Reported.—War Loan 1953 £BB. CHRISTCHURCH Sales on ’Change.—New Zealand Government 4 p.c. Stock, 1949, £lO3/5/-; New Zealand Government 4 p.c. Stock, 1955, £lO7 5/-; Union Steam Ship (pref.) £l/7/3; Slab Hut (5/- paid) 5/6. Unlisted.—Associated Gold Dredges (15/paid) 13/-. Sales Reported —Commercial Bank of Australia (late Monday) 14/7‘A; Union Steam Ship (pref.) £l/7/3; Westport Coal £l/4/9 (2); Beath and Company (pref.) £1 3/-; Kauri Timber £l/5/- (cum div); Woolworths (Sydney, ord.) 16/3; War Loan, 2’/p.c., 1946, £97/10/-. WELLINGTON Sales.—Late Monday. Commercial Bank (ord.) 14/8; Tuesday, War Loan, 1953, £BB 1/3; National Insurance £1; Taupo Totara (pref.) 12/6. AUCKLAND Sales—Stock, 1953-57, 3’,i p.c., £lo3' 1943-46, 4 p.c., £lOl/17/6; 1949-52, 4 p.c.’, £105; Bank of New South Wales £2B (late sale); Bank of New Zealand £l/19/9 (3), £l/19/8; National Insurance £1; New Zealand Insurance £3/12/6; Taupiri (pref.) £1 4/9; Auckland Gas 7/6; Auckland Gas (con.) 2/11 (2); 1.C.1. (pref.) £l/5/-; Reid Rubher £l/8/6; New Zealand Newspapers £l. 13/6; Wilson’s Cement 18/-; Martha 9/2Mount Morgan 9/3. Unofficial List—Silknit 8/6. SYDNEY

(Rec. 9.30 p.m.) SYDNEY, November 18. Trading continued sluggish on the Stock Exchange today. Leading industrials were steady.

,o^ le r'~ Cominercia! Bank of Australia, 13/6; Bank of Adelaide, £5/3/-; Colonial £ t s/i y G: Coles ’ £2 /17/3; Dunlops, £l/3/9; Kandos, £l/12/9; Adams, 15/4; Standard Cement, £l/0/4; Henry Jones, £2 8/-; Milhquin Sugar, £l/18/9; Mount Morg\n; ,t /4; Arahura > £l/5/-: Emperor, 9/6. Melbourne.—Metropolitan Gas, £l2/19/--Drug Houses, £l/8/-; Electrolytic Zinc £Vl f 7/’-’ n’T' Broken Hiil Proprietary, £l/17/3, North Broken Hill, £l/19/3Looma, £l/3/-. ' '

LORNEVILLE FAT STOCK MARKET Ewes Advance During Sale Prices for the better quality fat cattle remained unchanged at the Lorneville sale yesterday, but inferior sorts were slightly easier. Prime quality mediumweight bullocks made up to £l6 and good quality cows to £ll/10/-. The bulk of the fat sheep yarding comprised ewes, which for the most part were not o- the best quality. Values were similar to those of last week in the early part of the sale, but later there was an improvement of up to 4/- a head. Good quality woolly wethers realized up to 34/3, shorn to 26/6, woolly ewes to 24/3 shorn to 20/6.

There are only three more sales at Lorneville to the end of the year. Next week there will be a single sale. On December 2 there will be a double sale because of the summer show at Invercargill on December 9 and 10, and on December 16 another double sale because of the Christmas holidays. The yardings at yesterday’s and last week’s sales were as follows:—

FAT CATTLE.— There was a smaller percentage of good quality bullocks, the bulk of the yarding comprising medium and inferior cattle of all classes. Values for the better sorts remained unchanged as compared with last week’s quotations, but inferior sorts were slightly easier. Prime quality mediumweight bullocks made from £l5/5/- to £l6, handyweights £l3/10/- to £l4 10/-, lightweights £lO/10/- to £ll £lO/-, good quality cows £lO/15/- to £ll/10/-, medium £9 to £9/15/-, inferior £4 to £5, good quality handyweight heifers £9/10/- to £lO/10/-, lightweights £7/10/- to £B/5/-. STORE CATTLE.— There was a larger yarding of store cattle, prices remaining much on a par with those ruling last wc k. The entry was made up of small lots, there being no straight lines offered. Best three-year-old steers made up to £ll/12/6, others making from £8 to £9/10/-, two-year-olds £6 to £7/10/-, best yearling steers to £5, others £3/10/- to £4/10/-, mixed sex yearlings £3 to £4, smaller to £2/10/-. Best empty cows made up to £6/10/-, average sorts £4/10/- to £5/10/-, aged and thin sorts down to £2.

In the dairy section there was a larger entry, best guaranteed sorts making up to £lO, others £7/10/- to £9, average £5 to £6, culls down to £2. There was a poor demand for bulls. One good yearling realized £B/15/-, average yearlings £2/10/- to £4, two and three-year-olds from £2 to £4/10/-, aged 10/- to £l.

FAT SHEEP.— The yarding of fat sheep comprised ewes mainly, and the majority were only of medium quality. In the early part of the sale ewes sold at rates similar to those of last week, but over the latter half there was a dis-

tinct firming and in many cases a definite improvement of 3/6 to 4/- a head. Wethers remained unchanged. Good quality woolly wethers made up to 34/3, medium 31/- to 32/-, light and unfinished 25/6 to 27/-; prime shorn wethers to 26/6, good quality mediumweights 23/6 to 25/-, light and unfinished 21/- to 22/-, prime young woolly ewe" tc 24/3, good quality 21/6 to 22/6, medium 19/6 to 20/6, aged and uni Ashed 15/- to 17/-, prime young shorn ewes to 20/6, good quality 17/to 18/6, medium 14/6 to 15/6, lighter 13/- to 14/-, inferior 11/- to 12/-.

FAT LAMBS.— There was a full yarding of good quality fat lambs and it was rather in excess of requirements with the result that there was a general easing of about 2/- a head. Extra prime heavy lambs brought up to 31/6, prime quality 27/6 to 29/-, good quality 24/6 to 26/-, medium 22/6 to 23/6, light and •finished 20/- to 21/-.

STORE SHEEP.— Ewes and lambs made up the bulk of the small entry in this section and any fresh ewes with forward lambs met with a ready sale, best sorts making up to 16/-, others 13/6 to 15/-, all counted. Shorn wethers made from 17/- to 19/-, and smaller sorts down to 15/-. GORE STOCK SALE There was a good entry forward at the fortnightly Gore stock sale yesterday. Fat cattle sold well, prices being on a par with those ruling at recent sales. The top price was secured for a fat bullock, which made £l3/17/6, the range for bullocks being from £7/12/6. Fat cows sold from £4 to £B/12/6 and fat heifers brought from £6/17/6 to £9. Yearling heifers sold at £4, store cows made £2/17/6 and dairy cows brought up to £5/5/-. Competition was also sound in the sheep section. Fat wethers brought from 25/- to 29/3 and fat ewes made from 9/- to 14/-. Ewes and lambs realized 13/9.

MOSGIEL WOOLLEN COMPANY RECORD YEAR EXPERIENCED (Special) DUNEDIN, November 18. A highly satisfactory year was reviewed by the chairman, Mr J. S. Hislop, at the annual meeting of the Mosgiel Woollen Company this afternoon. During the year, Mr Hislop said, the work at the mill had gone or. without interruption, the bulk of the orders being, of course, Government contracts. Sales again showed an increase with a resultant increase in the net profit. The company had again spent a considerable sum on new plant and machinery and this would have been larger if everything ordered had come to hand. Unfortunately several shipments had been lost through enemy action and they had not yet been able to replace all of them. During the coming year repeat orders for these were expected to come to hand, and in addition several further orders for more plant, which would give increased efficiency at the mill. During the year a substantial amount was invested in New Zealand Government 1941 war loan and the company’s 34 per cent, free of income tax stock had been converted to 4 per cent, and 3| per cent, stock on which tax was now payable. The chairman added that the net profit of £19,947 showed an improvement on that of last year to the extent of £5316. Although last year’s provision for income tax was a record at £45,000, it was necessary this year to exceed that amount and provide £49,000. Depreciation at £BlO4 was in accordance with the scale of rates allowed by the Income Tax Department. Mr A. H. Fisher, who seconded the motion, said the company had had a record year, which might to some people justify the company in paying a bonus, but when it was realized that the nation was at war and every shilling should be conserved to meet eventualities, the conservative attitude of the directors was to be commended by the shareholders. It was only necessary to look at the balance-sheet and see the large sum set aside to meet taxation to realize the difficulties confronting the board at the present time. RED JACK’S DREDGE (P.A.) WELLINGTON, November 18. Associated Gold Dredges (New Zealand) have received advice that for the preliminary opening out period ended Saturday, Red Jack’s dredge recovered 40 ounces.

Nov. 18. Nov. 11, Fat cattle 163 122 Store cattle 158 98 Dairy cows 42 13 Fat sheep 771 824 Fat lambs 135 66 Store sheep 474 597 Vealerr 4 2 Bulls 11 5