FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22510, 19 September 1938, Page 11

FINANCE AND COMMERCE

EXCHANGE

DOMINION’S MEAT

EXPORTS

THE CONTINENT

Figures for Eleven

Months

LAMB SHIPMENTS NEAR

RECORD

With 11 months of the meat export season elapsed shipments of all classes from New Zealand show an increase over the previous season, except in frozen beef. Exports in the main classes in August were substantially higher than those made in August, 1937, chilled beef rising by 12,158 carcases to 24,056, frozen beef by 6822 ' carcases to 30,429, mutton by 57,363 carcases to 280,409, and lamb by 126,786 carcases to 864,213. The number of lambs exported during the 11 months to the end of August was 8,751,029, only 436,340 carcases short of last season's record figure of 9,117,369. With another month’s exports yet to be taken into account to complete the season, it is possible that a hew record may be established. In September last season 599,398 carcases were exported so that even allowing a • substantial reduction for the current month it is possible for the 193637 record export to be . eclipsed. The total exports from October 1, 1937, to August 31, 1938, in the last two-seasons, are as follows: -

While the United Kingdom remained —,_ New. Zealand’s main market, the effects of the trade agreement with Canada were indicated in a healthy expansion of shipments there of lamb and mutton. Lamb shipments for the 'll months to’ Canadian ports were 8331 carcases, against 10 fox* the same period in the previous season. There was also a gain in trade in frozen and boneless beef with New york, but this was offset by a loss of business in lamb and boneless beef with Honolulu. Killings of stock for the season to August 31 compare as follows:

Stocks of mutton and boneless beef at August 31 were higher than a'year •go, while those of lamb and pork were substantially lower.

-THE WEEK IN LONDON

MARKET

BUYING AND SELLING AT

LOW EBB

OUTLOOK FOR COMMODITIES GOOD y

traunn nsss sssoputicw—corraxoax.)

_ LONDON, September 16. Ine Stock Exchange has been corn* pletely at the mercy of the internmlonal crisis, though fluctuations in prices, reflecting the almost hourly waves of hope and fear, have been lamely technical. Both buying ar.d •wing have been at a Ip’- ebb. Investors have shown remarkable fortitude considering the gravity of the situation.

Markets finished the week raggedly, sterling was subject to almost con* tmuous pressure throughout the week.. Gold turnover continued at a high level, and it is estimated about half of the £14.00.000 worth exported to the United States was sent on official account

Activity in commodities has been considerable. The outlook for most commodities appears good, as reports America indicate that business . »■ continuing to expand.

TRADING in new

YORK

EUROPEAN BONDS FALL

SHARPLY

marine insurance rates

INCREASED

(trstTED paess association—copvbight.) NEW YORK, September 18. Stocks sank lower in active trading to-day. Central European f bonds deputed sharply. Grains advanced, but <«Upn dropped SO centa • bale, ■ferine underwriters ■ raised war J further. They placed anotbar -u per cent, on the rate for German >-. This Is nearly as high as : the •»* on ships bound for 'dangerous ' otters during the Great War. %i*ntities of goods are being stored. If' ■' * - " - ■ ■■■

LITTLE ACTIVITY ON LONDON

LAMB EXPORT FIGURES APPROACH RECORD

Buying and selling on the London Stock Exchange have been at a low ebb, but, considering the gravity of the European situation, investors have shown remarkable fortitude. There has been considerable the commodity markets.

Central European bonds have again fallen sharply in New York. Grain prices have advanced. Marine underwriters have raised their rates for war risks on German ships by 10 per cent. - With 11 months of the export season gone, shipments of cili classes of meat from New Zealand, except frozen beef, show an increase over the previous season. The number of lambs exported to the end of August was 8.751,029, which is only 436,340 carcases short of last season’s record figure of 9,187,369.

FREE BUYING AT WOOL SALES

LARGE PURCHASES BX

NO IMPROVEMENT SHOWN IN PRICES

Wool has continued to sell freely in spite of the unsettled international situation, but there has been no improvement in prices, says Winchcombe, Carson, Ltd., Sydney, in their latest report, written under date September 13. The outstanding feature of the sales has been the large purchasing by the Continent Although the production of artificial fibres has been specially developed in Europe, Germany in the last season imported about twice as much wool as she did in the previous 12 months, and she is again buying freely. Experience shows that provided they can finance their purchases, European countries will buy wool.

LONDON METALS

price of tin drops slightly

• LONDON PRODUCE MARKETS

• (UNITED/mss* ASSOCIATION COPTBIOUT.) LONDON. September 17. Friday’s closing prices in the Lon. don produce markets were:— Cotton—Spot 4.81 d per 'lb; October, 4.61 d. Rubber—Para, 7id per lb; plantation ■ Copra—Scptember-October, South Sea; £9 10s a ton; smoked, £9 10s; plantation Rabaul. .£lO 10s. ... Linsead.oil. £24 10s a ton. Turpentine, 31s 6d per cwt.

WOOLWORTHSi DIVIDEND

Woolworths (N.Z.), Ltd., announces a half-yearly dividend of 4J per cent, on paid-up preference shares. .

The raw material is now selling at figures which enable consumers to secure on the average at least 50 per cent, more wool for the same amount of money as in 1930-37. But it would not be bought if it were not wanted. We do not desire to prove that the output of artificial, fibres has not affected wool. It is undoubtedly a restraining influence on prices, but it has curtailed the use of cotton and silk to t greater degree. - So far, evidence' does not show that iheepowners have cause to lose faith in the world’s desire to obtain their product.. The French mill Industry has shown good recovery, which is reflected in Its very active wool buying in Australia. Textile producers and spinners in France have enjoyed increased turnover from orders on export and internal account. By way of contrast, Yorkshire turnover has not been normal, though latterly the English trade has bought the raw material with greater freedom. ■ In existing circumstances, it appears to be a fight between the manufacturing countries to obtain as large a share as possible of the fabric trade available. Ohe section’s ’gain is a Competitor’s .loss. What would happen If trade were normal and a good Volume of exports being experienced by miUmen generally? Wool would be much dearer. Such an event is not at hand, but at current prices, or maybe eventually somewhat higher levels, thee lip appears likely to be i bought with readiness. 'Selling In War Time In view of the situation which has existed, the selling experiences subsequent to 1914 are of interest. After the outbreak of war, sales were suspended in Australia for three months, the first Sydney auctions being held on October 20 and 21, and for the full year ending -June 30, 1915, only 1.211,491 bales were sold in Australia, the Sydney average for the period for greasy wool being B|d per lb.. • In 1918-16. 1,448,118 bales .were sold, the Sydney greasy average being 10|d. ‘On November 15, 1916, auctions were brought to an abrupt termination owing to shortage of shipping tonnage, and the whole of the Australian elm was subsequently acquired by the British Government at 18Jd per .lb. e the first appraisement being held m Sydney on January 3, 1917, and the Imperial purchase functioned until June 30, 1920. Since that time auctions have proceeded.

STOCK EXCHANGES

LOCAL MARKET QUIET

DEALINGS CONFINED TO SIX ISSUES

Markets were quiet on the Christchurch Stock Exchange on Saturday morning and recorded dealings were confined to six stocks, hi which there was a moderate turnover.

LISTED STOCKS 'Sales on ’Change

Sale Reported

£1550 N.Z. Govt. 4 p.c. Ins., 1946-49 .. ~ 100 15 0

New Zealand Government 4J per cent, stock due 1949 changed hands at £IOO 15s.

Broken Hill Proprietary had business at 55s 6d, and more were offered at 55s sd, buyers at 555. Dunlop Rubber (cum dividend) were easier with dealings at 20s 7d and further sellers at 20s Bd,-buyers at 20s 6d. Electrolytic Zinc, preference (ex dividend), had dealings at 43s 2d and 435. Broken Hill South were weaker with sellers at 29s' lid. Mount Morgans were a shade stronger on buyers’ offers 10s 10£ d, North Broken Hill showed an easing tendency with dealings at 45s 3d and 45s 2d, and further sellers at the lower price, buyers at 45s Id.

Rawang Tin (cum dividend) were firm with dealings at 8s and 8s Id, and late otters of 8s failed to attract sellers.

LATEST QUOTATIONS

UNLISTED STOCKS

All transactions in stock* quoted in tills section are subject to - special brokerage and are not quoted on the official list..

AUCKLAND

WELLINGTON

DUNEDIN

FOREIGN EXCHANGES

BANK OF NEW SOUTH WALES

' Thu Bank ul New South Wales quoted the following exchange rates on Satur day:—

BRITISH TREASURY BILLS

emout wikbumb.) BUGBY, September 10. The total amount aoplied for In tenders for £40,000,000 of Treasury bills in London this week was £55,795,000. The average rate per cent, for bills at three months was 18s 10.75 d, • against 11s 11.02 d a week ago.

GOLD AND SILVER PRICES

(viutsd paes? osoouTios—oopraiasT.) LONDON, September 17. : Gold* is quoted at £7 9s BJd a fine .ounce. Silver is quoted at 19 9-16 d an ounce spot, and 19 5-16 d forward.

MINING

NEMONA

The Nemona return is 15 ounces for 110 hours and 8900 yards.

WORKSOP EXTENDED

The Worksop Extended return is 32 ounces for 129 hours and 10,500 yards.

MURCHISON MATAKI

The Murchison Mataki Junction re* turn for the week ended September 15, was 127 ounces of. smelted gold, for 127 hours, and 20,000 yards dredged.

BARRYTOWN

The Barrytown dredge return for the first half of September is 281 ounces for 212 hours and 95,000 yards.

RAWANG TIN

Rawang Tin Fields announces an interim half-yearly dividend of lid per share, sterling. Last year’s interim rate was-3d a share. v

GILLESPIE’S BEACH

The Gillespie’s Beach wash-up is 350z for 118 hours. .

Lamb (carcases) 1897-38 1936-37 8,751.029 8.687,571 Mutton (carcases) . 1,824,069 1,563.554 Chilled beef (quarters) 888.499 185,749 Froicn beef (quarters) 147,740 153,100 Pork (carcases) 619,253 590.674 Boneless beef,- (bags) 332.435 257,631

Chilled beef (quarters) 1937-38 1936-37 233,516 184,581 •Frozen beef (quarters) 161,152 196.648 Wethers (carcases) 1,015,073 973,448 Ewe (carcases) 1,170,626 807.701 lamb (carcases) 9,166,842 9,188,779 Porkers (carcases) 422,572 429,981 Baconers (carcases) 227,236 239,081 Boneless beef ' _ (freight carcases) 629,942 509,784 Boneless bobby'veal. (freight carcases) 194,071 202,493 Sundries (ft. carcases) 341,167 305,358

' LONDON, September 16. ,:. , t f. Sept. 15. , Sept. 16. Copper— Standard, spot £ s. d. 42 11 10* £ 8. d. , 42 14 4* Forward 42 15 7f 42 16 10* . Electrolytic .. .; to % •• 47 15 0 48 15 0 47 15 0 .48 15 0 Wire bars 48 15 0 48 15 0 •Lead— Spot •• 15 16 3 15 17 6 Forward • 16 0 0 16 3 1* Spelter—" Spot 14 6 3 14 17 6 Forward 14 11 3 15 1 10* 194 12 6 Spot , 195 7 6 Forward 196 2 6 195 12 6 SilverFine, per oz. 19 9-16d , 19 7-16d Standard, ’ per oz. . 21 Jd Sept, 9 21d Sept 16. £ s. d. £ s. d. Pig iron, per ton 5 9 0 5 9 0 Antimony— British 70 10 0 70 10 0 Foreign .. *42 10 0 *42 10 0 ■ ■ (A unit.) 1 , Molybdenite •2 4 0 *2 4 0 Wolfram • • *2 19 0 3 0 6 •Nominal.

£ S. d. 100 Broken Hill Propty. 2 15 6 300 Dunlop Rubber (cum div.) (3) 1 0 7 100 Electro. Zinc (pref.,, ex div.) 2 3 2 2 3 0 100 North Broken Hill (cum div,'* 2 5 3 2 5 2 250 Rawang Tin (cum div.) (2) 0 8 0 (2) 0 8 1

N.Z. Govt. Debentures Buyers. Seilers. £ s. d. £ S. Cl. 3 p.c. Ins., 1941 — 96 0 0 31 p.c. Ins.. 15/3/39-43 98 0 0 100 >— 31 p.c. Ins.. 15/9/39-43 — 0 0 31 p.c. Ins., 1953-57 .. 93 10 0 95 0 0 31 p.c. Bonds, 1953-57 .. 94 0 0 100 0 ; 4 p.c. Ins., 1943-46 — 5 f 4 p.c. Ins., 1946-49 .. 100 5 0 -— f 4 p.c. Ins., 1952-55 .. 100 10 0 —■ 4 p.c. Bonds. 1943-46 t and 1946-49 100 5 0 — 1 Banks £ Australasia (cum dlv.. t £5) 10 7 6 -— 1 Comm. o£ Aust. (10s) 0 15 9 0 15 11 . Comm, of Aust. (pref.. 2 £10) •.. 9 . 5 0 9 8 0 . Comm, of Sydney (£12 r 20 10s paid) — 2 6 ' E., S., and A. (£3 pd.) — 5 3 6 * Natl, of N.Z. (£2 10s 3 paid) 2 12 0 2 12 3 - N.S.W. (£20) — 30 7 G 5 New Zealand (£1) 2 1 0 2 2 0 s Union (£5 paid) .. — 8 10 0 , Insurance 3 National (7s paid) — 0 16 8 n New Zealand (£1) -— 16 0 . Standard (£ 1 paid) .. , — 2 15 0 - Loan and Agency 3 Oalgety and Co. (£5 paid) .. — 1 8 1 0 ,, Goldsbrough. M. (■£!) 1 6 7 1 6 10 . N.Z. Guar. Corpn. (3s) — 0 4 4 c United Build. (cum f div., £1) 1 0 0 — * Wright, Stephenson 1 0 (cum div., pref., £1) — 6 s Frozen Meat * Cantby. (£7 10s paid) 9 7 6 10 1 Cantby. (pref., £5) — G 0 2 Gear (10s), — 0 14 -6 1 N.Z. Refrig. (£1 paid) — 0 18 0 - N.Z. Refrig. (10s pd.) ' 0 8 2 J Nth. Cantby. Freezing i (pref., £1) 0 16 0 — a •> v Woollens t Felt and Textiles (£1) —J 1 12 0 r Kaiapoi (pref.. cum 10 r div.. 17s) .. — 0 0 e Coal Grey Valley (£1) — 0 14 • 0 • Westport (10s) f — 1 4 Stockton (10s) — 0 4 6 S Stockton (pref., 10s) .. 0 6 3 0 7 0 “ Gas r Auckland (£1) — <1 0 4 * Christchurch (£1) — 1 7 9 ’ Breweries r Crown (in liqdn.K . o '..■0 X 0 — ■ Dominion (£1) •1 10 0 .— 1 New Zealand (£1) 1 19 6 2 0 0 * Queensland (£1) 1 6 0 f. Swan (5s) 1 0 6 1 8 0 . Tlmaru (in Ilqdn.) .. 0 0 10 0 1 0 , Tooths (£1) 2 12 3 2 13 6 Melbourne Co-op. .... .2 If ■6 2 13 0 e ' Miscellaneous - Alloy . Steel (N.Z.), , (£1) 1 0 0 — — 3 Aust. Glass (£1) 4 10 9 4 11 e; . Aust. Iron Steel (pf.. > £1) — 1 7 9 '■ Sooth, Macdonald (pf.. i £1) — 0 2 3 ■ British Tobacco (cum J dlv., £1) 2 3 6 2 6 0 5 Broken Hill Pty. (£1) 2 15 0 2 15 5' Broken Hill Pty. (con.,. 1 17 10s paid) 1 19 9 0 Colonial Sugar (£20) — 47 10 0 Dom. Fertiliser (£1) — I 4 6’ Donaghy Rope (£1) .. Dunlop Rubber (cum 2 3. 0 2 8 0 div., £1) 1 0 6 T 0 8 Electro. Zinc (ord., ex dlv., £1) 1 19 3 1 19 6 G. J. Coles (£1) 3 17 0 3 17 9 Gen. Industries (12s 6d) 0 19 6 Gordon' & Gotch (£1) — 2 14 6 Greater Crystal (£1) .. 0 12 6 —/ Hay’s, Ltd. (con., 15s paid) , —- 0 18 o' Kauri Timber (29s) 1 3 0 I.CJ. (Aust. and . N.Z.) (pref., £1) .. .1 1 3 1 1 a: McKenzies (£1) 3 4 0 N.Z. Drug (£1) 3 10 6 N.Z, Farmers’ Co-op, r 1 (10s paid) 0 0 N.Z. Farmers’ Co-op. (41 p.c. Stock. 1950. £100) ' ... 89 0 0 90 15 o; N.Z Farmers' Fert 6 (£1) .: 0 16 6 0 17 N.Z. Newspapers (16/8) 1 13 9 1 16. 0 Quill, Morris (1936) .. South Island - Finance 1 0 3 Corpn. (10s paid) .. 0 8 6 Taranaki Oil. (24/7) 0 12 2 0 12 4. United Provisions (cum 6 dlv., £1) 0 . 8 Wilcox, Mofflin (11s) .. 0 6 3 Wilson's Cement (10s) 0 16. 4 Woolworths (Sydney), (ord., cum div., 5s) 0 19 11 1 0 1 Woolworths (N.Z.) - (ord., 5s) .'. .. 0 19 0 Mining

Austral (N.Z.) («1) .. r _ 1 1 0 Argo (cum div., Is) .. - 0 2 0 Big River (Is) —— 0 1 3 Gillespie’s Beach (Is) — 0 1 2 Golden Dawn (Is) .. — 0 2 1 ( Golden Sands (is) .. 0 0 11 0 1 6 Goldfields Dredg. (Is) — 0 0 3| Glenroy (is) 0 0 ...I... — Maori Gully (Is) .. rnmJ' 0 0 6 Martha (5s) 0 10 3 * — Mossy Creek (Is) — 0 1 1 Nemona (ex div., Is) 0 1 3 0 1 6 New River (Is) - 0 p 6» • Skippers (Is) 0 0 1 Skippers (pref.. Is) .. — 0 0 6 Australian Mining Broken Hill South (ex div., 5s) 1 2 1 ,9 11 Mount Xyell (fil) • 1 8 10 1 fill Mt, Morgan (2s fid) 0,10 101 0 10 11 Nth. Broken Hill (5s) 2 5 1 2 5 2 Placer Dev. (I dol.) 3 18 6 — Rawang Tin (cum div. 10s) 0 8 a — Wellington Alluvials 0 5 0 . 0 '5 1

Buyers. Sellers. s. d. £ s. d. Balling Breweries 0 10 3 0 11 6 Blackball Creek 0 0 11 0 1 2 Carbonic Ice .V 1 6 0 — Kaniert 12 9 1 5 0 Langes Mobile Gas N.Z. Perpetual forests 1 1 0 (4s paid) ■■ •— 0 11 0 Ngahere '0 10 0 0 13 6 N.Z. Mining Invest. .. — 0 p 2 aelfrldgcs (N.Z.) .. . -i0 16 0 Whites Electric , — * 0 0 4 Woolworths (W.A.) .. 4 10 0 Woolwortbs Properties .0 13 .9 ,0 14,, 3.

Sales on ’Chance £ s. d. 4 per cent. Bonds, 1946-49 101 0 0 4 per cent. Rural Bonds-, 1947 .. 100 0 0 4 per cent. Stock, 1946-49 .. 100 15 0 4 per cent. Stock, 1952-55 100 2 6 Broken Hill Proprietary 2 5 6 Wilson’s Cement 0 16 7 Wool worths (Sydney) ' 1 0 a Mount Morgan 0 10 Unofficial List Clayton, Arnold' 1 0 0

Sales on ’Change £, s. d. New Zealand Breweries 2 0 0 Imperial Chemical (pref.) 1 1 8 Woolworths. Ltd. 1 0 3 (All above late Friday) Myer ■ Emporium (pref.) 1 1 14 14 8 7 Broken Hill Pty. 2 15 6 Mount Lyell I 7 0 Mount Morgan u iv 11

Sales Reported Bate Friday;— s. d. North, Broken Bill 2 2 5 4 5 5

(BRITISH orririAl crtgBLBsa.) RUGBY September 17. Par. Sept. 15. Sept. 17. Paris, fr. to 5ci no 178 21-64 178 21-64 New York, dot. to £1 4.860 4.81 4.796 Montreal, dol. to £1 4.860 a 4.836 4.621 Brussels. belgas to £1 35 28.491 28.41 Geneva, fr. to £1 25.2215 21.29 21.286 Amsterdam, 8.921 8.926 fl. to £1 12.107 Milan, lire 9X6 91 3-16 to £1 92.43 Berlin, reich12.20 11.99 mafken to £1 20.43 Copenhagen, 18.159 22.40 22.40 kr. to £1 Stockholm. 19.40 19.40 kr. to £1 18.159 Oslo, kr. to £1 18.159 T9.90 19.90 Vienna, schgs. to £1 34.585 — — Prague, kr. 139 11-1.6 to £1 154.25 139 11-16 Helsingfors, ; 2262 2263 marks to £1 193.23 Madrid pese25.2215 tas to £1 — , — Lisbon, escu110 3-16 dos to £1 110 110 3-16 Athens, drach 547i 5471 to £1 375 Bucharest. 665 lei to £1 818.60 665 Belgrade, ' 214 dinars 376.3 214 Rio dc Janeiro, pence to , 215-16 milreis ' 4.90 2 15-16 Buenos Aires, 19.01 pence to dol. 51 19.06 Montevideo, 20 pence to peso * 20 Bombay, pence 17 15-18 17 29-32 to rupee • Shanghai.' pence 82 • 82 to rupee ♦ Hong Kong. 15 pence to yen * 15 Yokohama,/ pence to yen 24.58 14 14 Batavia. 8.901 guilders 12.107 8.901 Warsaw, par 26.31 zlotys to £1 43.38 26.31 •Determined by price of silver.

Buying. Selling N.Z. on London— £NZ. to £100 slg. T.T. 124 124/10/ O.D, 123/11/3 124/9/6 Australia— - £A to £100 N.Z. T.T. 100/17/6 100/5/O.D. 100/17/6 100/5/FIJI-* £F. to £100 N.Z. T.T. 90/7/6 89 0;D. 90/7/6 80 New York— Dol. to £1 N.Z. T.T. 3.87093.8460 O.D. 3.8849 3.8470 Montreal— Dol. to £1 N.Z. T.T. 3.9012 3.8688 O.D. 3.9099 3.8698 . Belgium— Belgas to £ 1 N.Z. T.T. 23.029 22.719 O.D. 23.104 22.724 Czechoslovakia— Korunas• ■ • to £1 N.Z. T.T. — 111.35 O.D. — 111.37 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.805 Finland— Marks to £1 N.Z. T.T. 185.40 179.60 O.D. 185.80 179.70 France— Francs to £1 N.Z. T.T. — 142.26 O.D. — 142.23 Germany— Helchmarks -> to £1 N.Z. T.T,— 9.564 , O.D. — Greece— 9.566 Drachmae ' to £1 N.Z. * T.T. — 430.75 O.D. — 430.90 Holland— Florins to £1 N.Z. ' T.T. 7.270 7.120 O.D. 7.310 7.122 Italy— lire to £1 N.Z. T.T. — 73.141 O.D. — 73.166 JavaFlorins to £1 N.Z. T.T. 7.247 7.097 . O.D. 7.287 7.099 Norway— Kroner to £1N.Z. T.T. 16.182 15.893 O.D. 16.242 15.895 Noumea— Francs to £1 N.Z. T.T. — 140.51 O.D. — 140.55 Papeete— Francs to £1 N.Z. T.T. — 140.66 O.D. — 140.70 Sweden— Kronor to £1 N.Z. T.T. 15,785 15.490 O.D. 15.845 15.403 Switzerland— Francs to £1 N.Z. T.T. 17.279 17.009 ■c.. • OJJ. 17.384 17.011 Chefoo— N.Z. pence to dol. T.T. — 121 O.D. — Hong Kong— 121 N.Z. pence to dol. T.T. 18 29*64 18 53-64 , ' O.D. 18 27-64 18 53-64 India and Ceylon— N.Z. pence to rup. T.T. 22} 22 13-32 _ O.D. 22 3-32 Japan— 22 13-32 N.Z. pence to yen T.T. — 17 9-16 O.D. Manila— 17 9-16 N.Z. pence to peso T.T, 30 15-32 314 Shanghai—' P-D. 30g 311 N.Z. pence to dol. T.T. Not quoted Singapore- O D> Not quoted N.Z, pence to dol. T.T. 3413-32 3457-64 0.0.34 5-16 34 57-64