Finance and Commerce

Timaru Herald, Volume CXLIII, Issue 20851, 6 October 1937, Page 14

Finance and Commerce

CHRISTCHURCH STOCK EXCHANGE YESTERDAY’S QUOTATIONS Special to “ 77re Timaru Herald.” CHRISTCHURCH, October 5. The following quotations were ruling when the Stock Exchange closed for the day:—

STOCKS AND SHARES

NEW ZEALAND STOCK EXCHANGES CHRISTCHURCH

MINING NEWS By Telegraph-Brest Association HOKITIKA. October 5. The Rimu Dredge return was 228.70 Z. of gold for 133 hours' work. WALDAS SHOES, LTD. United Press Association—By Electra I Telegraph—Copyright I (Received October 5. 9.45 p.m.) SYDNEY. October 5. Waldas Shoes. Limited, has appointed two shareholders’ representatives to confer with the board on the affairs of the company owing to keen competition in the trade, rising costs and inability to eliminate price cutting. However, the chairman of the board, Mr W. Williams, assured the shareholders that the company was quite sound in spite of the exceptional circumstances prevailing in the shoe industry.

AUSTRALIAN STOCK EXCHANGES

United Press Association —By Electric Telegraph - Copyright < Received October 5. 9.45 p.m.) SYDNEY, October 5. There was a marked increase in the volume of Stock Exchange business today after the holiday. Industrial share values were steady and in most cases firmer. Banks were more active but metal stocks were weaker in spite of rises in oversea metal prices. Sales:—

THE WOOL MARKET

PAYABLE PRICES EXPECTED The wool market shows indications of stability, states the latest report of Winchcombe, Carson, Ltd. The basic selling strength of the raw material has asserted its influence and prevented any marked dow’nward variation in rates, in spite of the absence of Japanese competition. That circumstance* is not surprising considering that the manufacturing industry in most countries has never been closer to the wool on the sheep's backs for its supplies than at present. A continuance of that position is desirable from growers’ standpoint. How can it be maintained? Healthy trading circumstances for goods are a prime essential. With employment more plentiful, turnover in mill products has every prospect of being satisfactory provided international troubles do not disturb confidence in markets generally, and tops, yarns and textiles can be produced at prices at which the public will readily purchase.

There are more or less mental factors in the position which should not be overlooked if an inclination develops expecting a marked upward movement in prices for the sheep’s staple. At this time last year the first flush of the probable effects of rearmament expenditure was in traders’ minds. Larger business turnover was anticipated, particularly in Great Britain, owing to the approaching Coronation festivities. The United States was experiencing the commercial enthusiasm arising in the change from depression business experiences to better times. Those influences helped to send wool prices from the more moderate levels of 1935-36. when the Australian clip averaged 14.22 d per lb. to the higher figure of 16.74 d per lb recorded in 1936-37.

The human factors quoted are not as influencial to-day as they were 12 months ago. The question which has chiefly occupied traders’ minds is whether prices for all products would be maintained or recede. That outlook may change, but its presence is certainly a check on any decided rush on the part of merchants or retailers to stock up their establishments with goods, as they did last year, when higher prices were anticipated.

We feel confident that Australia will secure payable returns for her clip. The need for wool at the mills owing to the absence of stocks is likely to prove a strong and continued force in that regard.

At existing basts, wool is not dear enough for staple fibre to cut severely into its use owing to cost. That is an advantage. For two years wool has consistently sold at rates cn payable levels for producers and has found ready consumption. The average cost of wool during that 24 months’ period has not been extreme. We see no reason at present why the current clip should not find users on that level.

Buyers. Sellers. £ s. d. £ s. d. N Z. Govt. Stock3i per cent. Inscr. 15/3/39-43 . . . 101 5 0 — 3i per cent. Inscr. 15 9 39-43 . . 101 7 6 — 4 per cent. Inscr. 1943-46 .... 103 0 0 103 5 0 Rural Bonds, 1947 101 0 0 — Banks— Adelaide — 6 10 0 Comm, of Aust. . 0 17 2 0 17 3 E„ S. and A. . . . — 5 15 0 National of N.Z. . 2 18 6 3 0 0 New South Wales — 33 9 0 New Zealand . . . 4 1 2 4 4 Union 9 10 0 9 11 0 Insurance— National 0 17 8 — South British (c. div.) 4 15 3 4 17 6 Standard 2 18 0 3 4 9 Loan and Agency Dalgety — 10 2 0 Goldsbrough, Mort 1 13 11 1 14 3 N. Z. Guarantee Corporation . . 0 4 6 0 5 0 United Building . 1 0 0 1 1 0 Shipping— Huddart Parker . 2 0 0 — P. and O 1 17 6 — Frozen Meat— Canterbury .... 10 11 0 — Gear — 0 19 0 N.Z. Refrigerating (£1 paid) . . . — 1 1 0 GO/- paid) . . 0 9 11 0 10 0 Woollens— Kaiapoi (17 - pd.) 0 13 0 0 1J 2 (7/- paid) . . . — 0 5 0 (pref.) — 0 18 0 Manawatu .... 1 13 0 — Mosgiel 10 5 0 — Felt and Textile 2 2 0 — Coal— Westport Stockton 0 2 2 0 2 6 Gas— Christchurch . . . — 1 8 6 Breweries— Dominion . . • • 2 0 0 — New Zealand . . . 2 9 7 2 9 8 Miscellaneous— Anthony Hordern 0 18 6 0 18 9 Australian Glass . — 4 12 0 Beath and Co. . . 1 0 0 1 1 0 British Tobacco 2 8 3 i 8 9 Booth, McDonald (pref.) — 0 2 6 Broken Hill Pty. . 3 17 3 3 17 6 Colonial Sugar . . 46 15 0 47 5 0 Cox Bros — 1 0 6 Dunlop Rubber . . 1 2 2 1 2 4 Electrolytic Zinc (ord.) 2 13 9 2 14 3 (pref.) 2 15 4 2 15 9 G. J. Coles .... 4 14 6 4 IS 3 Hume Pipe (Aust.) 1 0 0 1 0 3 Kauri Timber . . 1 2 3 1 2 7 Macduffs Ltd. (pf) 1 5 0 1 6 3 Leyland — 0 16 9 McKenzies .... 4 5 6 4 7 3 N.Z. Drug Co. . . 3 13 0 — N.Z.F. Co-op.— (£2/10/- paid) . — 0 16 0 (1st pref.) . . . 3 6 0 3 12 6 (“A” pref.) . . — 2 2 6 <*'B” pref.) . . — 2 0 0 4i p.r. Stock, 1939) — 91 0 0 41 p.r. Stock, 1940) — 91 0 0 4J p.r. Stock, 9/2/40) .... 90 0 0 — N.Z. Newspapers . — 1 19 0 Q. Morris (1936) . 0 17 0 — Radio — 1 3 0 Shillings, Ltd. . . 0 18 6 0 18 9 Taranaki Oil . . . 0 7 3 0 7 4 Wai das Shoes . . 0 9 3 — Whit, and Tombs 3 5 6 3 10 0 Wool worths (N.Z.) (ord.) 5 2 6 5 7 0 Meggetts .... 1 13 0 1 15 0 Overseas ListingsWoolworths (Sth Africa) .... 0 15 2 0 15 4 Mining— Argo 0 1 10 0 2 0 (COllt.) 0 1 4 — Big River .... — 0 1 5 Bundi 0 7 6 — Golden Sands . . 0 1 7 Grey River . . . 0 8 3 0 8 l!s Maori Gully . . . 0 0 2 — Moonlight .... 0 0 4 0 0 6 Mossy Creek . . . 0 0 8 — Nemona 0 1 6 — Skippers 0 0 2 0 0 2 A Worksop 0 0 9 0 1 4 Aust. Mining— Broken Hill South 2 3 0 2 3 3 Mount Lyell . . . 2 1 0 1 2 Mount Morgan . . 0 10 9 0 10 10 North Broken Hill 3 6 4 3 6 9 Rawang Tin .... 0 11 0 0 11 9 W’gton Alluvials . — 0 6 3 Unlisted Stock All transactions n stocks quoted in this section are subject to a different rate of brokerage from listed stocks and are not quoted on the Official list. Buyers. Sellers. s. d. £ s. d. Alloy Steel (Austj — 1 2 0 Assoc. Motorists Petrol (pref.) . — ! 10 0 Mount Cook . . . — ( 6 9 Selfridges (N.Z.) (contJ . . . . — ( 12 9 Whites Electric . . ( 0 2i ( 0 51 Woolworths, Ltd. . 6 2 6 6 2 9

Morning Cal! Sales on ’Change— £ s. d 100 Goldsbrough Mort. 1 14 0 100 N.Z. Breweries (2) o 9 9 50 Australian Glass .. .. 4 11 10 250 Broken Hill Proptv (5i 3 17 3 100 Hume Pipe (Aust.) 1 0 0 200 Grey River 0 8 6 0 8 5 100 Mount Morgan 0 10 9 Sales Reported— £140 N.Z. Farmers’ Co-op. 4J p.c. Stock. 9 2 40 .. 90 0 0 £250 N.Z. Farmers’ Co-op. 41 p.c. Stock. 1945 .. .. 89 15 0 Afternoon Call ’Sales on ’Change— £ 3. d. 100 N.Z. Refrigerating <10 - paid) 0 10 0 50 N.Z. Breweries 9 8 100 Taranaki Oilfields .... 0 i 4 100 Woolworths (S. Africa > 0 15 3 300 Grey River <6 3 paid' <3> 0 8 4 100 North Broken Hill (2) 3 6 9 Sales Reported— 100 Kaiapoi Woollens (17;paid) 0 13 1 Unlisted Stocks — 50 Woolworths (Syd. ord.» 6 3 0 6 9 9 AUCKLAND Sales on ’Change— £ S. d. Bonds, 15/4/46-49, 4 p.c. (2) 104 0 Stock, 15/11/38-52, 3» p.c. . 104 5 0 104 7 6 Stock. 15'9 39-43, 3» p.c. . 101 10 0 Mt. Albert Borough 1/7 47 4i p.C 104 15 0 Ditto, 1/7/49. 41 p.c 105 □ 0 Nat. Bank of N.Z 2 19 0 South British 4 15 0 Dom. Invest, and Banking 0 17 10 Goldsbrough Mort. <2» .... 1 14 3 Traders’ Finance (con.) .. 0 4 6 Auckland Gas (paid) .. .. 1 1 3 0 0 Kauri Timber (2) 1 2 3 Kaiapoi (paid' 0 13 2 Australian Glass (2) .. .. 4 11 11 Broken Hill Pty 3 17 9 Farmers’ Trading (3> .. .. 1 0 0 Ditto (A pref.i 1 3 3 G. J. Coles 4 15 6 Morris Hedstrom 1 9 0 N.Z. Newspapers 1 u 3 N.Z. Refrigerating (con) '2> 0 10 0 Northern Roller 1 1 0 Taranaki Oil 0 7 4 0 7 3 Waihi Investments 0 11 0 Broken Hill South 4 0 •' 3 6 North Broken Hill '2) .... 3 8 0 Woolwortlis Holdings <S.A.) 0 15 3 Unofficial List — 6 3 0 6 2 6 2 11 0 WELLINGTON Sales on ’Change: £ s. d. Bank of N.Z 9 4 3 4 15 3 4 15 6 Stock, 1955, 4 p.c 105 0 0 N.Z Breweries (2) 2 9 Colonial Sugar 47 5 0 Electrolytic Zinc (ord.) .. 2 14 6 Dunlop 1 2 Morris Hedstrom 1 9 2 0 18 9 Mossy Creek 0 0 11 Unofficial List— Woolworths (Syd.) 6 3 0 DUNEDIN Sales on ’Change — £ S. d. Broken Hill Propty 3 17 6 Kauri Timber 1 2 9 II 7 4 2 1 3 Mount Morgan 0 10 9 Sales Reported— £ s. d. Stock, 1938-52, 3» p.c 104 5 0 N.Z. Refrigerating (paid) . 1 0 9 N.Z. Drug 3 13 6

£ s. d. Bank of New South Wales 33 10 0 Comm. Bank of Sydney .. 20 6 0 Comm, of Australia 0 17 6 National (£5 paid) 7 2 0 National (£10 paid) .. .. 14 2 6 Colonial Sugar 47 10 0 Associated News 1 3 0 Adelaide Steam 1 11 7i Bums Philp 9 18 3 Australian Gas (A old) .. 7 6 6 Gas <B) 7 7 0 British Tobacco 2 9 0 Tooths 9 16 0 Tooheys 1 12 9 Drug Houses 1 6 4J Aust. Iron and Steel <pf.) 1 8 0 Dunlop Perdriau 1 2 6 Farmers 1 15 6 David Jones 2 1 6 Horderns 0 19 14 General Industries (pf.) .. 1 4 6 Permanent Trustee 4 14 0 Felt and Textiles 9 3 6 Sargents 1 9 6 Newbold Brick 1 16 0 J. McGrath 1 19 0 W. R. Carpenter 2 7 0 Commonwealth Wool .. .. 1 1 0 Goldsbrough Mon 1 14 6 Wilcox Mofflin 0 12 0 Fairymead Sugar 1 13 0 United Provisions 0 8 0 Electrolytic Zinc 2 14 6 Mount Morgan 0 10 10 Mount Lyell 2 1 0 Broken Hill Propty 3 18 6 North Broken Hill 3 16 6 South Broken Hill 2 3 0 Kuala Kampar 1 0 6 Emperor 0 12 3 Melbourne Exchange The market was fairly quiet early in the day with an easier tone toward the close, especially the base metal group with Emperors also under pr ossure. Sales: — £ s. d Comm. Bank of Australia .. 0 17 5 National Bank <£5 paid) .. 7 2 6 Coles 4 15 9 Drug Houses 1 6 3 Australian Glass 4 12 0 Dunlop Perdriau 1 2 6 (pref.) 1 18 9 Goldsbrough Mort 1 14 6 Yarra Falls 2 0 3 Felt and Textiles 2 3 3 General Motors 1 5 0 Electrolytic Zinc (prefJ .. 2 16 0 Mount Morgan 0 W 10 Mount Lyell 2 0 9 Broken Hill Propty 3 18 9 North Broken Hill 3 16 0 South Broken Hill 2 2 9 Emperor 0 11 11 Loloma 1 0 0