FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22516, 26 September 1938, Page 13

FINANCE AND COMMERCE

HEAVY GOLD TRANSACTIONS

EXCESS OF BUTTER STOCKS

The week-end commercial cable states that Stock Exchange business is absolutely at a standstill. International gold transactions have been unprecedented, and there has been a good deal of repatriation and shipping of metallic reserves from one country to another on account of the fear of hostilities breaking out. The difficult French financial position is \ slowing down business as much as war fears.

}' Butter has further declined, Continental brands sharing £ the weakness. There is a big increase in stocks compared with those held at the corresponding period last year. The decline in the week has been 3s 6d per cwt, and there is a continued lack of inquiry.

Copper is one of the few metals to have improved in price, and gold has again hardened to £7 5s a fine ounce.

COMPANY NEWS N.Z. FARMERS' CO-OP. ANNUAL MEETING OP SHAREHOLDERS Good steady retail trade, a little more cautious wholesale turnover, a big reduction in wool returns and commissions, and better and more consistent honouring of liabilities generally was the trading experience of the New Zealand Farmers' Co-operative Association of Canterbury, Ltd., said Mr Arnaud McKellar, chairman of directors, at the annual meeting of shareholders on Saturday. Mr McKellar said that on the whole it had not been a good season for the farmer in Canterbury. This was shown by the figures of the credits to customers' current accounts, which fell by £50,568, from £221,190 a year ago, to £170,622 at July, 1938. This meant that customers had to draw on their reserves to the extent of £50,568 to meet current costs, which had risen during the year. Discussing other items in the bal-ance-sheet, Mr McKellar mentioned the reduction of £235,210 in liability to debenture-holders. Reserves included two sums of £IO,OOO put aside out of profits in the preceding two years, as well as several other small accumulations. The liquid financial position at £84,827 was still entirely satisfactory. The property account was £6036 lower this year because of depreciation and the sale of a small section of land, but during the coming year this account would increase by the cost of the new Ashburton store, for which contracts amounting to £24,000 had been let. Construction had begun. Merchandise Stocks

Stocks of merchandise on hand, said Mr McKellar. showed an increase of £17,764. They were all sound merchandise, properly discounted, and taken at cost in many cases, which was Jess than market prices to-day owing to rising prices. Advances to custom-? ers were lower by £37.797: and sundry debtors were lower by £2717. *niis decrease was due to some large old farm property accounts which the association had nursed years having been closed and written off during the year. The total of these was in excess of those figures, as xurrent advances had increased a uttie owing to the poor fattening season and lower wool prices. Current adaccounts with farming cuslomeTfs were now running in' a sound and healthv manner. The balance-sheet showed a position which was sounder and healthier than at any time during the last 2Q years. Directors Re-elected The attendance" at the meeting of shareholders was the smallest for some years, only 50 shareholders beretiring directors. Messrs James Bland (Winchmore) C. GL JMman (Darfield), F. E. Jones (Christchurch). Thomas Stevenson _(Spowwood), and A. R. TurnbuU (BalcairnJ were re-elected. Messrs Best and Wilkinson were re-appointed auditors. A vote of thanks to the general manager and the staff, proposed byMr C. P. Agar and seconded by Mr F. E. Jones, was supported by Mr W. E. Best and was carried. It was decided that the cheques for the dividend passed at the meeting should be posted to-day. BEATH'S ACCOUNTS REDUCED NET PROFIT Net profit of £6369 compared with £7422 in the previous year, is shown in the accounts of Beath and Company, Ltd., for the year ended August 19, 1938. A final dividend of 2J per cent, making 5 per cent, for the year, is recommended on both ordinary and preference shares. The directors in their report say:— "In presenting the thirty-seventh annual report and balance-sheet, the directors report that sales haye been well maintained during the last wading year. This has been achieved in spue of a very fine autumn militating against the sale of winter goods. Stocks

are in good condition and well bought. The buildings and general equipment are all in first-class order. Steeply rising costs have eaten heavily into our trading profits, which have been well maintained. The provision for land and income tax is £8322 12s 7d. and city rates £2886 2s 2d. The sum of £5631 has been provided for. depreciation. The directors recommend a final dividend of 2J per cent, on the ordinary shares, making 5 per cent, for the year, and a final dividend of 2* per cent, on the preference shares, making 5 per cent, also for the year. "The accounts show a net profit for the year of £6368 10s 6d which, added to the carry forward of £12,283 Is 6d. gives a total for disposal of £18,651 12s, the allocation of which your directors recommend as under:—

N.Z. FERTILISER The New Zealand Farmers' Fertiliser Company, Ltd.. is offering for subscription 120,000 (of the total of 150,000) 54 per cent, cumulative preference shares of 20s each at par. The object of the hew issue is to provide further capital for the development of the company's operations and to reduce its loan capital. Since the year 1925, when the paidup share capital stood at the present figure of £261,995,: the company has established its Taranaki works at a capital outlay of approximately £200,000, and has also spent some £155,000 in extending its Auckland and Taranaki works. The directors are considering a proposal to join in the establishment of another fertiliser works in the North Island. • LONDON PRODUCE. MARKETS s * LONDON, September 24. Friday's closing prices in the London produce markets were:— Cotton—Spot, 4.76 d per lb: October, 4.58 d. Rubber—Para, 7Jd per lb; plantation smoked, 7 15-16 d. -,«,*-- Jute—September-October. £l9 10s a Copra—September-October, South Sea, £9 7s 6d a ton; smoked, £9 7s 6d; plantation Rabaul, £lO 7s 6d. Linseed Oil—£2s a ton. Turpentine—3ls 6d per cwt. The rabbit market is dull. Firsts, large, ex truck, are quoted at 19s, ex store.

STOCK EXCHANGES

SATURDAY'S BUSINESS

DULL MARKET

Markets were dull on call at the Christchurch Exchange on Saturday morning. Bidding for the most part was spiritless and sellers were more in evidence than buyers. The market for shi ping shares was bare and there were only isolated quotations in the insurance, woollens and coal sections. LISTED STOCKS Sales on 'Change

Australian Stocks Weaker Tooths Brewery shares eased to 525, market closing 51s lOd buyers, 52s 3d sellers. Broken Hill Proprietary were weaker wit sellers at 545, buyers at 53s 9d—the contributing eased to 36s 9d and 375, market closing 36s 6d buyers, 36s 9d sellers. Electro. Zinc declined to 38s 9d, and there were further unsupported sellers at 395. G. J. Coles were easier with dealings at 75s 9d, closing quotations 3d on either side. Taranaki Oilfields were fractionally weaker at lis lid, market closing lis 9d buyers, 12s sellers. Broken Hill South dropped to 28s 3d and more were offered at 28s 7d, buyers at 27s 9d. Unsupported sellers of Mount Lyells reduced their limits to 2 p i 4d. Mount Morgans were fractionally weaker at 10s 9Jd, market closing id either way. Sellers of North Broken Hill cum dividend came down to 43s Bd, buyers at 43s Id. LATEST QUOTATIONS

Mining

UNLISTED STOCKS

AUCKLAND

MINING

WORKSOP EXTENDED The return for the week ended September 22 was 36 ounces, in 124 hours, from 9500 yards. NEMONA RETURN The return for the week ended September 23 was 11 ounces in 113 hours, from 10,300 yards. GOLDFIELDS RETURN DUNEDIN, September 24. The Goldflelds Dredging Company advises a washup of 21oz 4dwt for 118 hours' dredging. GILLESPIE'S BEACH The Gillespie's Beach return was 41oz 19dwt from 40,306 yards in 124 hours. MAORI GULLY COMPANY The fourth annual general meeting of the above company will not now be held on October 3 as was previously announced. The directors find that it will probably be the end of October before they can complete the prospecting of the two areas now being bored, and they consider it inadvisable to hold the annual meeting until such time as they are in a position to make a definite recommendation to shareholders. In all probability the annual meeting will now be called for some date early in November, and shareholders will be notified of same by circular in due course. BIG RIVER REPORT \ The report for the week ending | September 22 is as follows: i No. 5 Level—North stope: Filling j not yet completed. North stope—south end: Stone 12 inches wide and of fair , grade. No. 4 Level —South stope: Stone 2ft 6in wide and 9 feet long. No. 6 Level—Drive: The drive appears longer than is shown in the plan. Still repairing level and solid ground is not yet reached. Battery—2s tons of stone sent to the battery. DAIRY PRODUCE

FURTHER MARKET EASING

Prices for butter- continue to decline steadily in London on a depressed market. Choicest salted New Zealand at the week-end was quoted from 116s to 117s per cwt, a drop of 3s 6d on the last week. Values are now 6s 6d below those at the beginning of the month. All prices, however, are largely nonuA London cable message on Thursday quotes Australian butter at Ills to 112s, or atfout 4s 6d lower than the previous week, while Danish was 2s 6d cheaper at 133s per cwt. Unsalted New Zealand was selling at 117s to 118s per cwt, and Australian at 112s to 113s per cwt. Cheese prices also are lower and the market is dull. New Zealand white and coloured are bringing 72s per cwt, a drop of 9d over the week. Australian white is quoted at 68s and coloured at 69s 6d per cwt. * The bapic guaranteed price for butter is 14.89 d per lb, f.o.b. The current London quotation is equal to 13.86 d per lb, f.0.b., New Zealand ports. The equivalent price of cheese Is about 8.19 d per lb,, f.0.b., compared with the guaranteed price of 8.42 d. FOREIGN EXCHANGES (hitisb omcut. wibemm.)

METALS MARKET (xnriTKD FBBSS »MO01ATIOB«lc0PTB»HT.»

WELLINGTON

Interim dividend on preference shares, already paid 250 0 0 Interim dividend on ordinary shares, already paid .. 2,797 11 8 Final dividend on preference shares 250 0 0 Final dividend on ordinary shares . . 2,797 11 8 j 6,095 3 4 Carry forward .. 12,556 8 8 £18.651 12 0 1 "Mr H. D. Acland retires* from the | board by rotation, but offers himself for re-election. Messrs Wm. Jameson and Son also offer themselves for reelection as auditors. "If sanctioned by the meeting, dividends will be paid on October 13, 1938. Balance-sheet items are; — Liabilities Change from £ last year. £. Capital paid up 182.166 + 46 Creditors 52,403 + 1,790 Banks ■"* 32,585 + 6,818 Mortgages on freehold .. 98.111, — 3,785 Reserve 20.000' Profit and loss 15,604 + 273 Assets Freehold property 214.001 — 2.740 Plant and fittings 49,130 + 408 Stock 93,308 + 5,932 Debtors 31.746 — 1,592 Cash against shipments 11,483 + 2.290 Cash in hand 332 —S •Shares in other companies • ., 850 + 860 Aug. 19, Aug. 19, | 1937. 1938. Gross profit 07.732 95.461 Net profit 7,422 6.369 Dividend (pref. and ord per cent.) 5 5 Dividends, amount 6.095 C.095 Carry forward 12,283 12.556 The directors of Beatti and Cc mpany are Messrs A. W. Beaven (chairman), A. T. Donnelly (acting chairman), H. D. Acland, and Charles Ogilvle.

1 50 Tooths Brewery £ s. . 2 12. d. 0 100 Broken Hill Proprietary (contr.) ' 1 16 9 100 Electro. Zinc (ord.) .. 1 18 9 100 G. J. Coles (2) 3 15 9 100 Taranaki Oilfields 0 11 11 50 Broken Hill South .. 1 8 3 100 Mount Morgan 0 10 9£ Sale Reported 100 Broken Hill Proprietary (contr.) 1 17 0

N.Z. Govt. Debenture s Buyer> Sellers £ s. d £ s c . "J p.c. Ins., 1941 — 98 5 0 31 p.c. Ins.. 1938-52 .. 101 0 0 3J p.c. Ins.. 1953-57 — 94 2 6 4 p.c. Ins.. 1943-46 ... — 100 2 6 4 p.c. Ins.. 1949 .. 100 10 0 — 4 p.c. Bonds. 1955 .. 100 2 6 — 4 p.c. Bonds, 1949 .. 100 10 0 — 4 p.c. Bonds. 1955 ..100 2 6 — Other Debentures Napier Harbour, 41 p.c . 31/3/56 — 104 0 0 Napier Harbour, 44 p.c, 30/9/50 — 102 0 0 Napier Harbour, 41 p.c, 30/9/54 — 101 15 0 Banks Peninsula Power Board, 41 p.c. 1/4/65 ; 102 10 'o Dunedin City, 41 p.c, 1/4/46-49 104 10 0 Banks . A'asia. (cum div., £3) 10 5 0 — Coram, of Aust. (10s) — 0 15 9 Comm. ot Sydney (£12 10s paid) — 20 0 0 E., S., and A. (£3) .. — 5 3 3 New Zealand (£1) ... — 2 2 3 insurance National (7s) — 0 16 6 Loan and Agency Dalgety and Co. (£5 paid) — 8 0 0 Goldsbrough, M. (£1) 1 6 6 1 6 9 Mutual Benefit (£10) — 13 10 0 N.Z. Guar. Corpn. (3s) 0 4 1 0 4 3 United Bldg. (cum div.. £1) — 1 0 6 Frozen Meat Cantby. (£7 10s paid) 8 7 6 — N.Z. Refrig. (10s paid) 0 7 9 0 8 O North Cant. Freez. (pf.. £1} 0 16 0 — Woollens Felt and Textiles (£1) — 1 11 9 Coal Grey Valley (£1) ' — 0 11 0 Gas Auckland (£1) 1 0 0 Christchurch (£1) — 1 7 6 Breweries Crown (in llqdn.) ..' 0 1 0 .— New Zealand (£1) 119 7 1 19 11 Tooths (£1) 2 11 10 2 12 3 Miscellaneous . Alloy Steel (N.Z.), (£1) 1 1 0 — . Anthony Hordern (£1) — 0 16 6 Aust. Glass (£1) 4 10 6 4 11 9 Aust. Iron and Steel f (pre!., var.) — 1 6 6 British Tobacco (cum I div., £1) 2 6 1 3 2 6 9 Broken Hill Pty. (£1) 2 13 9 2 14 0 „ Broken Hill Pty. (con., t 10s) 1 16 6 1 16 9 ■ Colonial Sugar (£20) .. 45 10 0 46 10 0 Donaghy Hope (£1) .. — 2 8 0 Dunlop Rubber (cum l div.. £1) 1 0 1 1 0 3 c Electro. Zinc (£1) .. — 1 19 0 ■ Electro. Zinc (pre*.. - , £1) 2 3 4 2 4 0 'G. J. Coles (£1) 3 15 6 3 16 0 .' Gordon and Gotch (£1) — 2 14 0 Hay's, Ltd. (con.. 15s paid) — 0 18 0 ' Hume Pipe (Aust.), t (cum div., «1) — 1 0 0 Kauri Timber (25s) .. —• 1 2 6 l.C.l. (Aust. and N.Z.), (pref., £1) 1 1 3 ~ McKenzies, Ltd. (£1) — 3 .0 0 N.Z. Farmers' Co-op. (£2 10s paid) — 0 9 0 N.Z. Farmers' Co-op. (1st pref., cum div.) 3 5 0 — N.Z. Farmers' Co-op. (A pref.. cum div.) — 2 0 0 N.Z. .Farmers' Co-op. (4} p.c. Stock, 1950, £100) •90 0 0 — N.Z. Farmers' Co-op. (41' p.c. Stdck, 1955. £100) 90 0 0 — N.Z. Newspapers (16/8) 1 14 0 1 15 6, 1 Quill. Morris (1936) (£1) .. — 1 0 0 1 South Island Finance (10s paid) , Taranaki Oil. (24/7) .. —> 0 8 0 0 11 9 0 12 0 United Provisions tcum • div., 10s) — 0 8 5 Whltcombe and Tombs (£2 10s) — 3 2 6 Wilcox, Mofflin (lis) — 0 6 0 Wool worths (Sydney) (ord., cum div., 5s) 1 0 1 1 0 3 Woolworths (N.Z.) (5s) — 0 18 8 Woolworths (N.Z.) (pref.) '— 2 0 0 Overseas Listing Woolworths (S.A.) (5s) 0 14 8 0 15 0

Argo (Is) ■— O z 0 Argo (contr., Is) 0 1 3 0 ,1 8 Big River (Is) 0 1 01 0 1 3 Austral (N.Z.) (£1) — 1 1 0 Gillespie's Beach (Is) — 0 1 2 J Golden Sands (Is) -. — 0 1 6 Grey River (10s)" .. 0 13 6 — Maori Gully (Is) 0 0 5i ( i o 0 6J Martha (cum dlv., 5s) 0 10 6 ■—' Moonlight Gold. (Is) .. 0 0 41 0 0 5a Mossy Creek (Is) — 0' 1 i Nemona (Is) 0 1 0 0 1 5 New River (Is) 0 0 6J 0 0 9 Skippers, Ltd. (Is) .. — 0 0 1 Skippers (pref.. Is) .. — 0 0 6 Waihi Invest. (5s) .. 0 8 4 — Waihi Grd. Junct. (5s) ■— 0 3 2 Worksop Extend. (Is) 0 0 10 0 1 1 Australian Mining Broken Hill Sth. (5s) 1 7 9 1 8 7 Mount Lyell (JS1) —• 1 6 4 Mount Morgan (2/6) 0 10 9 0 10 10 Nth. Broken Hill (cum div., 5s) 2 3 1 2 3 8 Wellington Alluvials (2s 6d) 0 5 0 —

All transactions In stocks quoted in this section are subject to special brokerage and are not quoted on the official list:— Buyers. Sellers £ s. d. £ -S. d. Ballins Breweries 0 10 6 0 11 6 Blackball Creek , — 0 13 Kanieri — 14 6 National Tobacco — ' , ' -2 1 6 N.Z. Mining Invest. .. — 0 0 2 N.Z. Perpet. Forests 1 12 0 1 18 0 Tingey. R. and E. — 12 0 Taylors Bagwash 0 18 0 — Timaru Lime (cum div.) 0 17 6 10 0 White's Electric — 0 0.' 3

Sales on 'Change £. s (j 4 p.c. N.Z. Govt. Stock, 1943-4C 99 17' 6 South British Insurance Bank of New Zealand 2 4 2 2 0 2 N.Z. Breweries Goldsbrough, Mort Woolworths (N.Z.) Wool worths (Sydney) .. Mount Lyell Rawang Tin .. -. | 1 19 1 6 0 18 1 0 1 6 « S 6 0 6 a 3 0

1 RUGBY. September 24. | Par. Sept. 22. Sept. 24. i Paris, Ir. to £1 170 178 17-32 178| New York. dol. to £1 4.866 4.81 7-10 4.784 1 Montreal, dol. to £1 4.B66 4.831 4.82} Brussels, 1 belgas to £1 35 28.561 28.42) . Geneva, 1 fr. to £1 25.2215 21.26 21.23} i Amsterdam, fl. to £1 12.107 8.9218.9X2 t Milan, lire > to £1 92.43 91 9-16 »U Berlin, reichi marken to £1 20.43 12.05 12.01 I Copenhagen, 1 kr. to £1 18.159 22.40 22.40 Stockholm, > kr. to £1 18.150 19.40 19.40 Oslo, kr. to £1 18.159 . 19.90 19.90 I Vienna, schgs. i to £1 34.585 — •—• Prague, kr. to £1 154.25 1394 1382 1 Helslngfors. marks to £1 193.23 220J 226] I Madrid, pesetas to £1 25.2215 — — Lisbon, cscudos to £1 110 110 3-16 110 3-16 I Athens, drach to £1 375 5471 5471 ' Bucharest, lei to £1 818.60 665 665 Belgrade. dinars 376.3 213 214 Rio de Janeiro, t, pence to milreis 4.90 2 15-16 215-16 1 Buenos Aires, pence to dol. 51 10.02 10.02 I Montevideo, pence to peso • 20 20 Bombay, pence > to rupee » 17 29-32 17 59-64 , Shanghai, pence to rupee • 82 8 * ' Hong Kong, pence to yen • 15 15 1 Yokohama, pence to yen 24.58 14 14 1 Batavia, guilders 12.107 8.91 8.91 1 Warsaw, par zlotys to £1 43.38 26.31 26.31 i 'Determined by price of silver.

LONDON. September 23. • Sept. 22. Sept. 23. Cooper— £ s. d. £ s. d. Standard, spot 41 18 .9 42 3 li Forward 42 0 71 42 5 0 Electrolytic .. 47 0 0 47 15 0 to 48 0 0 48 0 0 Wire bars .. 48 0' 0 48 0 0 Lead — Spot 15 5 74 15 2 6 Forward .. 15 8 li 15 8 9, Spelter— Spot 14 6 3 14 2 6 Forward 14 10 71 14 6 101 TinSpot 194 12 6 194 5 0 Forward 195 7 6 195 0 0 Silver— Fine, per oz. Vj 5-16d 19 3-lBd Standard, per oz. 2013-16d 20 ll-16d Sept. 16 Sept 16. £ s. d. £ s. d. Pig iron, per ton 5 9 0 5 T 0 Antimony— British . 70 10 0 70 10 0 Foreign *42 lp 0 ♦43 0 0 (A unit.) Molybdenite . *2 4 t 0 *2 4 0 Wolfram 3 C 6 *3 0 6 •Nominal.

Sales on 'Change £. s £| N.Z. Govt. 4 p.c. Stock. 1946 .. British Tobacco Colonial Sugar Electrolytic Zinc (All above late Friday) N.Z. Govt. 31 p.c. Stock, 1953-57 Taranaki Oil 100 0 2 6 46 7 1 19 93 10 0 12 6 6 6 4 0 0 DUNEDIN Sale on 'Change (Late Friday; G. J. Coles - .. £■ s. 3 16 d. •