FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22504, 12 September 1938, Page 11

FINANCE AND COMMERCE

METALS MARKET

COPPER SLIGHTLY EASIER

perturbing industrial CONDITIONS

lamb prices higher, butter

LOWER

HONDON BUSINESS CONDITIONS new low record REACHED POLITICAL NERVOUSNESS MARKED

(mrco pesss issociATio*— copyright.) LONDON, September 9. Markets have continued to put up a gtubbom resistance against the accumulating ominous news and nerveracking uncertainty. Business has dwindled to a new low record, but selling pressure is negligible. The political nervousness is mainly reflected in the bullion market, where a steady demand for gold continues. Foreign and Dominion bonds follow the gilt-edged trend, Australians particularly suffering from persistently small sales. Movements in industrials have been generally without Significance. Gold and commodity shares are subdued. The persistence of the pressure on sterling, which has touched a new low level of 3.818 dollars to the £l, is illustrated by the widening premium for forward dollars, but there is little outright buying of forward dollars.

“UNEASY WEEK-END” COMPOSURE BREAKING DOWN a (Received September 11, 6.30 p.m.) LONDON, September 10. Like the rest of a worried world, -■tty/ business circles spent the most week-end since 1914. The scattered selling, which developed on Friday, showed that the composure which la* sustained prices reasonably well throughout the week was beginning to break down. Latest reports from America are favourable, but the industrial trend in Britain is much more difficult to assess.

Unemployment returns are encouraging, The' textile slump seems to have touched bottom, and a more hopeful attitude is noticeable in cotton and rayon centres, but the metal industries and miscellaneous trades ; catering for the home market appear to have deteriorated further. The decline in steel activity is beginning to have serious results in the northern depressed areas. The evidence of industrial statistics appears to point to the fact that the decline in export trades has halted for the summer. While the home industries leadership in steel has lost ground, the fall in British prices has not yet gone far enough to meet the reduced circumstances.

The - primary producing countries are forming Britain’s best markets. Metals are steady, even firm. Rubber rose sharply, though since has fallen back with the deterioration of events. Lead is the firmest of the metals. The butter market is depressed and there is not a sign of speculative interest. There is little in the statistical position to support optimism, as total stocks are still 8500 tons above those of August last year, while Australian shipments counter-balance the decline in New Zealand. Continental production i? also good. There is definitely no shortage of butter in sight, especially as shipments of Canadian are likely to increase. The undertone of the market is weak. Holders are anxious to sell. , The international situation is also affecting the wool trade, where business is very quiet.

BUTTER PRICES j EASIER

MID-WEEK RISE LOST NEW ZEALAND AT 123/The upward trend of blitter prices In London, during the last few weeks has been checked. Choicest salted New Zealand is selling at 123s per cwt. While this is the same level as that ruling at the clpse of last week, the rise to 125s per cwt, which took place in the middle of the week has been lost. The market is described as slow. • The price of Australian butter shows similar movement, according to a Press Association message sent from London on Thursday. The latest Quotation of I2os per cwt is Is lower than tfisKmid-week figure. Danish has dropped by about 2s 6d during the last week. In unsalted butters, New Zealand is selling at 124s per cwt, and Australian 121s per cwt. . , .Cheese values have been maintained over the last week, and both white and coloured New Zealand remain at 73s per cewt. The market is steady. Australian cheese is a shade higher at from 70s to 70s 6d per cwt.

LONDON PRODUCE MARKET

LONDON, September 10. , Friday’s closing prices were as follows: , , jetton— Spot. 4.71 d per lb; October, Jute—September £l9 5s a ton, Slubber —Para, 7|d per lb; plantation smoked, 7 13-16 d, . „ _ Copra—September-October, South ' Sea, £9 5s a ton; smoked, £9 ss; plantation, Rabaul £lO ss. Ljnseed Oil—£24 a ton. - 'Turpentine— 31s 6d per cwt. -A The rabbit market is.weak. Firsts ex -store, are quoted at 20s.

.. week-end commercial cable from London states that city busings circles spent the most uneasy week-end since 1914. Unemployment' returns are encouraging, and the textile slump appears to have touched bottom, but the metal industries and miscellaneous trades appear to have deteriorated further. The decline in steel activity is commencing to have serious results in the northern depressed areas.

The butter market is depressed, and the statistical position does not support optimism. There is definitely no shortage of butter in sight.

Lamb and wether mutton have again increased in price at Smithfield, Canterbury firsts being quoted at 8d per lb.

Gold has reached the highest price on the bullion market since March, 1935, being quoted at £7 4s 4id a fine ounce.

MINING ARGO RETURN The return for the week ended September 10 was 620z for 130 hours from 14,000 yards. NEMONA The Nemona return for the week ended September 9 was 21oz for 1061 hours from 9300 yards. WORKSOP EXTENDED For the week ended September 8 the Worksop Extended return was Slozbfrom 11,000 yards in 133 hours. NEW RIVER The return won by the New River Company’s dredge during the ended September 8 was 420z from 800 D yards treated in 118 hours dredgm„ time. FOREIGN EXCHANGES

SMALL TURNOVER

Do you want to sell your home? Read and use “The Press” Classified Advertisements' The.quickest route between Buyer and Seller, 12 woi cu ls, 3 insertions 2s 6d. 0

STOCK EXCHANGES

SATURDAY’S BUSINESS

The outstanding feature on a dull market on Saturday morning was the sharp rise in North Broken Hill. Bidding for most stocks was spiritless, and the recorded dealings were restricted Apart from vestibule business the following transactions were recorded: —■

SMITHEIELD MARKET

Industrials Weaker New Zealand Breweries were firm at 40s 3d, market closing 3d either way Tooths Brewery eased to 53s 6d, closing quotations 3d on either side. Sellers or Beaths reduced their limits to 19s 9a Broken Hill Proprietary were weaker with sellers at 565. The contributing had dealings at 38s 3d and 38s sd, market closing 38s 2d buyers, 38s 5d sellers. Electrolytic Zinc preference were - shade stronger with buyers at 44s 9d G.. J. Coles were weaker with buyers and business at 77s 6d, sellers at 7A Bd. Buyers of New . Zealand Newspapers raised their bids to 33s lla. Mining Broken Hill South recovered to Sis 9d, and more were offered at 31s 10a, buyers at 31s 7d. North Broken Hill rose sharply to 47s an^ 0 47s ,? d ’ quotations 47s buyers, 48s sellers. Dealings on Friday were at 44s 3d.

LAMB AGAIN HIGHER

BETTER prices for wethers

The New Zealand Meat Producers’ Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned, and are for representative parcels of the goods sold on Thursday, September 8. Chilled beef prices are averages of the week, on which this list is issued. All prices are on the basis of delivered to Smithfield Market (previous prices are also shown): Sept. Sept. Aug. 8. 1. 25. Per lb. d. d. d.

Lamb Market—Very firm, with prices again higher. Our consumption is being affected fay low prices of home-killed lamb. Mutton Market—Wethers; Meeting with better inquiry, with light-weights dearer. Ewes: Trade slow. Beef Market—Chilled beef. Trade good this week, with little change in prices. New Zealand Porker Pigs—Consumption is improving, with prices firm. New Zealand Baconer Pigs—Market steady, with prices unchanged. PRICE OF GOLD HIGHEST SINCE 1935 (BEITISB OFFICIAL WIRELESS.) (Received September 11, 6.40 p.m.) LONDON, September 11. Gold to the value of £739,000 was sold on the bullion market at £7 4s 4Jd. The price is the highest since March 6, 1935, when the peak of £7 9s 4d was reached. The variations since England left the gold standard in 1931

COMPANY NEWS NEW COLOSSEUM, LTD. The balance-sheet of New Colosseum Ltd. (Christchurch),, for the year ending July 31 states that of the profits made for the year, the sum of £2BO 6s had been allotted to the depreciation on the buildings, and the sum of £154 13s lid to depreciation on the plant and furnishings. The balance of profit and loss account from 1937 was £2475 11s 6d. and after adding the profit made for this year, and deducting £ISOO paid out as dividends, the sum of £2805 17s 3d remains to the credit of profit and loss account. It is proposed to carry this amount forward. Provision has also been made for the payment of land and income tax. Two dividends have been paid during the year, making a total of 10 per cent, for the year. Mr F., M. Drewitt retired by rotation from the board, and. being eligible, offers himself'for re-election as a director. ’ The auditors. Messrs Stewart. Beckett and Company, also retire, and offer themselves for reelection. Items from the balance-sheet show that revenue (from Tivoli Theatre rents) were £2232 17s. The expenditure items show that land and income tax paid was £368.

The annual meeting of shareholders will be held on September 21.

WOODWORTH DIVIDEND Woolworths, Ltd. (Sydney), announces an interim dividend of 6 per cent, on ordinary shares for the halfyear ended August 31. This is the first year in which dividends are payable every six months instead of quarterly. In the last financial year the company paid three quarterly dividends of 2 per cent. each, and a final of 9 per cent., making 15 per cent, per annum. The shares are of 5s each, so that the present dividend is equal to 3.6 d a share. ■

(BRITISH OFFICIAL WIRELESS.1 RUGBY, September 10. Sept. 8. Sept. 10. Paris, fr. tp £1 I™ 178 5-16 178i NCW do?, to £ 1 4.866 4.825 4.8U MOnt dol.So £1 4.866- - 4.835 4.82i Brussels. _ t ; __ belgasto-£l 35 28.65 23.GQ GCneV £ to £1 25.2215 21.32 21.29J Amsterdam. £i 12 107 0.921 8.913 Milsn ilrc to £1 92.43 913 91 7-16 B Sen ei t C o h £l 20.43 12.04 12.021 C °P e nhagen. £i lg lgg 22.40 22.40 Stockholm. £i 181 Oslo. kr. to £1 18.159 19.40 19.90 19.40 19.90 Vienna, — - PTafiue. tQ £l 13425 >393. vm 2263 2262 25.2213 — Lisb °d n os es to U £X no 110 3-16 110 3-16 Athens. drach i 5471 547 i Bucharest. „, 0 , lei to £1 818,60 670 670 Belgrade, dinars 376.3 214 214 Rio de Janeiro, pence to mllreis -. 4.90 2 29-32 2 29-32 Buenos Aires, pence to dol, 51 19.07J 19.07i Montevideo. 20 20 pence to peso * Bombay, „ pence to rup. 17 19-32 17 29-32 Shanghai, pence to rupee * 81' Si Hong Kong, 15 15 pence to yen * Yokohama, 14 14 pence to yen 24.00 BataVia guilders 12.107 . 8.93 8.901 W *S?.ylfo"£l *U3 26.31 20.31 •Determined by price of silver. BANK OF NEW SOUTH WALES Thp Rank of New South Wales quoted thl following exchange ra^ y °^ Sa sening: N.Z- on London — • £ N.Z. to £100 stg. T.T. O.D. 124 124/10/123/11/3 124/9/6 Australia— £ A. to £100 N.Z. T.T. O.D. 100/17/6 100/5/100/17/6 100/5/Fi JEF, to £100 N.Z, T.T. 90/7/6 O.D. 90/7/6 89 89 New York— Dol. to £1 N.Z. T.T. O.D. 3.8975 3.9025 3.8635 3.8645 Montreal— Dol. to £1 N.Z. T.T. O.D. 3.9080 3.9167 3.6756 3.8706 Belgium— Belgas to £1 N.Z. T.T. O.D. 23.194 23.269 22.884 22.889 Czechoslovakia— Korunas to £1 N.Z. T.T. O.D. z 111.35 111.37 Denmark— Kroner to £1 N.Z. T.T. O.D. 18.203 18.263 17.893 17.895 Finland— , „ _ Marks to £1 N.Z. T.T. O.D. 185.40' 185.80 179.60 179.70France — Francs to £1 N.Z. t!t. O.D. 142.26 142.28 Germany — Reichrharks to £1 N.Z. T.T. O.D. . 9.596 9.593 Greece — Drachmae to £1 N.Z. T.T. O.D. — 429.54 429.69 to £1 N.Z. T.T. O.D. 7.270 7.310 7.120 7.122 It ll&7 to £1 N.Z. T.T. O.D. = 73.463 73.438 to £1 N.Z. T.T. 7.247 O.D. 7.287 7.097 7.099 Norway— Kroner to £ 1 N.Z. T.T. O.D. 16.132 16.242 15.892 15.895 Noumea— _ Francs to £1 N.Z. T.T. O.D. 140.51 140.55 Papeete— „ • _ Francs to £1 N.Z, T.T. O.D. = 140.66 140.70 Sweden— Kronor to £1 N.Z. T.T. O.D. 15.785 15.845 15.490 15.493 SwltzerlandrFrancs to £1 N.Z. T.T. O.D. 17.299 17.404 17.029 17.031 Chefoo— J , N.Z pence to dol. T.T. O.D. - 11§ ns Hons Kong— N.Z. pence to dol. T.T. O.D. 18 7-16 18 13-32 18 13-16 18 13-16 India and Ceylon— 223 223 N.Z pence to rup. 'i .’A’. O.D. 22 1-16 Japan— N.Z pence to yen T.T. O.D. = 17 9-16 17 9-16 Manila— N.Z. pence to peso T.T. O.D. 30 15-64 30 0-64 30 57-64 30 57-64 Shanghai— N.Z. pence to dol. T.T. Not quoted O.D. Not quoted • Singapore— NTZ. pence to dol. T.T O.D. 34 13-32 34 5-16 34 57-64 34 57-64

LISTED STOCKS Sales on ’Change £ s. d. 100 Tooths Brewery 2 13 6 100 Broken Hill Pty. (cont.) 1 18 3 50 G. J. Coles 3 17 6 50 Broken Hill South (cum div.) 1 11 9 ICO North Broken Hill (cum div.) 2 2 7 7 0 6 Sales Reported 18 200 Broken Hill Pty. (cont.) 1 5 150 N.Z. Breweries 2 0 3

LATEST QUOTATIONS v.Z. Govt. Debentures Buyers. Sellers £ s. d. £ s. a. 31 r>.c. Ins., 1939-52 .. — 101 0 0 4 p.c. Ins., 1943-46 100 0 100 10 0 101 0 0 4 p.C. Bonds.. 1946 100 2 6 4 p.c. Bonds, 1949 100 10 0 4 p.c. Bonds, 1955 100 0 Other Debentures Gisborne Sheep, G£ p.c., 101 0 31/8/41 Quill. Morris, 4 p.c. (1946) •• •• — 95 0 0 Dominion Fertiliser, 7i 102 0 p.c., 1/2/41 0 —* Banks 16 Comm, of Aust. (10s) — 0 0 Comm, of Aust. (pref., £10) .- 9 5 0 9 8 0 Comm, of Sydney (£12 10s) 5 *3 0 20 5 0 3 0 9 Natl, of N.Z. (£2 10s) 2 12 0 2 30 2 13 15 2 N.S.W. (£20) .. New Zealand (£1) 2 "I 0 0 Insurance 17 16 National (7s) — 0 1 New Zealand (£1) > Standard (£1) — Loan 'nd Agency 2 0 Dalgctv and Co, (£5) — 8 Goldsbrough. M. (£1) 1 7 0 1 N.Z. Guar. Corpn. (3s) — * United Bldg, (cum div.. £1) 1 0 3 1 0 9 Wriaht, Stephenson 0 (cum div.. El) 1 1 0 1 — Shipping Union (pref., £1) .• — Frozen Meat N.Z. Refrig. (10s paid) — 0 8 2 North Canty. Freezing 0 16 1 10 0 3 0 1 17 12 (pref., £1) Southland (£1) 0 Woollens Felt and Textiles (£1) X 13 0 Kaiapoi (17s paid, cum 0 10 0 Kaiapoi (pf.. cum div.) 0 13 6 0 16 3 Coal * Wcstport-Stockton (pf., I0S> 11 7 3 Gas Auckland (£1) — 1 0 8 4 Christchurch (£1) — 0 Breweries New Zealand (£1) 2 0 0 2 0 6 Timaru (in liqdn., 10s) 0 0 10 0 2 13 3 Melbourne Co-op (£1) 2 12 6 2 16 Miscellaneous 4 12 0 — Aust. Iron and Steel 8 19 (pref., var.) •• Beath and Co. (£1) 0 19 0 0 9 Berliei (N.Z.) (£1) •• 3 5 0 3 Booth, Macdonald (pf.. £1) British Tobacco (cum _ 0 2 5 div., £1) Broken Hill Pty. (£1) 2 15 9 2 16 0 Broken Hill Pty. (con., 10s) - Colonial Sugar (20s) 1 18 3 i 18 6 46 12 6 Consolld. Brick (£1) Dom Fertiliser (£1) .. • 1 4 0 X Donaghy Rope (£1) •• 2 0 0 D.I.C. (pref.. £1) i Dunlop Rubber (cum n div., £1) •• •• — Electro. Zinc (cum div., £1) •• . 2 1 0 2 2 0 Electro. Zinc (pref., cum div., £1) . 2 4 9 2 5 3 Evans Atlas Flour (10s) 0 19 3 — 8 G. J. Coles (£1) 3 17 6 3 Hay’s, Ltd. (con., 15s) — 0 18 Hume Pipe (Aust.), (£1) 0 19 6 i 0 0 Kauri Timber (25s) .. — 1 Mason, Struthers (£1 t paid, ex div.) — U *Y I.C.I. (Aust. and N.Z.) 9 (pref.. £1) . ■ ;; • 1 1 4 1 1 McKenzies, Ltd. (£1) — N.Z. Farmers’ Co-op. 10 , (£2 10s paid) N.Z. Farmers’ Co-op. — 0 (10s paid) — 0 N.Z. Farmers’ Co-op. (1st pref., • £5) 0 — N.Z. Farmers’ Co-op. (A pref., £4) — N.Z. Farmers’ Co-op. (B pref., £4) • — 2 N.Z. Farmers’ Co-op. 90 0 (41 p.c. Stock, 1950) 0 N.Z. Farm. Fert. (£1) 0 16 0 — 8 N.Z. Newspapers (16/8) 1 13 11 1 14 Quill, ' Morris (1936) (£1) South Island Finance 0 7 8 11 (10s paid) .. 6 0 Taranaki Oil. (24/7) .. 0 12 2 0 12 5 United Provisions (cum 8 div, 10s) — 0 1 Woolworths (Sydney) (ord., £1) .. •• X 0 7 1 0 9 Woolworths (N.Z.) 19 9 (£1) — 0 Overseas Listing Woolworths (S.A.) 0 15 (5s) — 3 Mining Argo (contr., cum div.. Is) ’ 0 7 b 9 1 4 1 Big River (Is) — 0 1 it Clutha River (2s) .. — 0 2 6i Gillespie’s Beach (Is) 0 0 11 Golden Sands (Is) .. 0 0 9 0 1 6 Grey River (10s) 0 13 9 0 14 3 Maori Gully (Is) 0 0 4 0 0 6 Moonlight Gold. (Is) — 0 0 G Neraona (cum div.. Is) 0 1 2 New River (Is) 0 0, 6 0 0 7 Skippers, Ltd. (Is) — 0 0 1 Worksop (Extend. (Is) 0 0 11 0 1 1 Australian Mining Broken Hill Sth. (cum div., 5s) 1 11 7 1 LI 10 Mount Lyell (£1) 1 7 1 1 7 3 Mount Morgan (2s 6d) 0 10 11 0 11 0 Nth. Broken Hill (cum div., 5s) 2 7 0 2 8 0 Rawang Tin (10s) 0 8 0 UNLISTED STOCKS All transactions in stocks quoted in this special brokerage and are not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d. A.P.A. 0 8 9 Blackball Creek 0 0 11 0 1 3 Kanieri 1 2 6 1 5 0 Ngahere — 0 14 0 Self ridges (A’asia) .. — 0 17 Selfridges (N.Z.) — 0 11 0 Timaru Lime 0 IS 9 X 0 0 Woolworths (W.A.) .. 4 2 6 4 10 0 Woolworths ProperS 14 ties 0 14 0 0 2 AUCKLAND • Sales- on ’Change d. £ s. New Zealand Breweries 2 0 0 Cement . , • • * 0 16 6 Rawang Tin • • 0 North Broken Hill •• 2 5 6

New Zealand Sheep— Crossbred wethers and/ or maiden ewes: 5,1 481b and under 53 55 49-561b 43 4? 4.3 43 57-641b 4S 43 65-721b 4& 45 45 Ewes: 481b and under V!S “S 3g 49-561b 35 31 3| 57-641b 3 3 3 65-721b 25 25 25 N.Z. Lambs — Canterbury: 361b and under 8 75 ll 37-421b 8 75 75 43-501b 75 73 73 Second quality: 7i Aver, about 311b 75 7 Other South Island: 75 361b and under 8 8 37-421b 8 8 75 42-501b 7 k 73 73 North Island Downs; 8 361b and under 8k 8 37-421b 8 k 8 75 43-501b U 75 n Aver, about 301b 73 73 n North Island; First quality: 73 361b and under 75 73 37-421b 75 75 73 Second quality: Aver, about 311b 73 75 7 Argentine Lambs— First quality: 361b and under 63 7 7 37-421b 63 ' 65 6J N.Z. Porker Pigs—■ First quality: 6? 6I-801b 65 65 8I-1001fa 63 6g 63 101-1201b 64 6i 65 N.Z. Baconer Pigs — 63 121-1601b 63 63 Boneless Bobby Veal — (Old season’s), ex store in parcels .. 4 4 4 (Chilled beef prices are approximate average prices realised for the week.) N.Z. Chilled Beef — Ox hinds. 5J 145-2101b 53 5J Ox fores, 35 145-2101b 33 33 Australian Chilled BeefOx hinds. 145-2101b 53 5i 53 Ox crops, weights corresponding 33 . 33 35 Union of South Africa Chilled BeefOx hinds, 145-2101b 55 5.3 53 Ox fores, 145-2101b VI KA’J 3i 33 South Rhodesian Chilled BeefOx hinds. 145-2101b 53 5J 51 Ox fores, '35 145-2101b 33 3.1 Argentine Chilled BeefOx hinds. 145-2101b 62 63 01 Ox fores, 145-2101b 4 4 33 Uruguayan Chilled Bcci — Ox hinds, 145-2101b 05 65 53 Ox fores. 145-2101b 33 35 3J Brazilian Chilled Beef — Ox hinds. 415-2101b 55 '6 53

have been:— Highest. Lowest. £ s. d. £ s. d. 1938 7 4 44 6 19 5 1937 7 2 74 6 19 34 1936 7 2 84 6 17 24 1935 7 9 4 6 19 9 V 1934 7 3 3 ■ 6 6 8 1933 6 14 3 5 18 4 1932 6 10 8 5 8 4 1931 6 6 10 4 19 7

(UNITED PRESS ASSOCIATION —COPYRIGHT.) LONDON, September 9. Sept. 8. Sept. 9. Copper— £ s. d. £ s. d. Standard, spot 41 3 9 41 1 3 Forward 41 9 44 41 6 10J Blectrolytic .. 46 10 0 46 10 0 to 47 10 0 47 10 0 Wire bars .. 47 10 0 • 47 10 0 Lead— Spot 15 1 3 14 19 44 Forward 15 5 7 h 15 4 44 Spelter— 104 13 12 6 Spot 13 6 Forward 13 11 10i 13 16 m Tin — Spot 191 18 9 191 15 0 Forward 192 17 6 192 12 6 Silver — Fine, per oz. 19 5-16d 19*d Standard, < ■ •* per oz. 20 13^16d 203d Sept. 2. Sept. 9. Pig iron, per ton 5 9 0 5 9 0 Antimony — British 70 10 0 70 10 0 Foreign *43 0 0 *42 10 0 * (a unit) Molybdenite ♦2 4 b *2 4 0 Wolfram *2 18 0 ♦2 19 0 ♦Nominal.

WELLINGTON Sales on ’Change £ s. d. Bank of New Zealand 2 2 0 Comm. Bank of Australia (pf.) 9 7 6 Gear Meat 0 14 4 Myer Emporium (pref.) 1 15 4 David Jones 1 17 0 Mount Morgan 0 10 11 (All above late Friday). Broken Hill South 1 10 8 Taranaki Oil .. .. 0 12 4 Woolworths Properties (late Friday) 0 14 0 DUNEDIN Sales Reported £ S. d. Bank of New Zealand 2 2 0 G. J. Coles 3 17 10J (Late Friday) Mount Morgan ■ • • ■ 0 11 0 Woolworths Properties (late Friday) 0 14 0