COMMERCIAL

Grey River Argus, 22 September 1937, Page 7

COMMERCIAL

[Per Press Association]. AUCKLAND, September 21. Sales: Commercial Bank 17s 3d, Na tional Bank 58s 3d, Bank of New Zea • land 44s 3d, Dominion Invest. 17s lOd, Akd. Gas 21s 6d (2), Dominion Breweries 40s 6d, Broken Hill Pty. 765, Electro. Zinc Pref. 55s Bd, Taranaki Oil 6s lOd, Wilson’s Cement 20s 6d, Martha 15s 3d. Unlisted: Farmers’ Freezing 27s 6d, Woolworth’s (Sydney) £6 10s. Sales, 12.15 call: Abraham and Wil liams 655, Mt. Lyell 40s 6d. Stock 15/2/43-46, 4, £lO3. DUNEDIN, September 21. Sales: 4 per cent, stock 1943-46 £lO4 15s, 4 per cent, stock 1952-55 £lO5 ss, Woolworth’s (ord.) £5 3s, Mount Lyell £2 Os 6d, Taranaki Oil 6s 9d. CHRISTCHURCH. September 21. Sales: Commercial Bank of Ausl. 17s 3d (2), National Bank of Australasia (£5 pd.), £6 17s. Electro Zinc (ord.), 545, 53s Bd, 53s 6d, Electro Zinc (pref.) 54s 9d, 54s 7d, (2); Grey River (6s 3d pd.) 7s 5d (6), Mount Lyell 41s, 40s 9d, Mount Morgan 10s lOd. • Reported: Wilson’s Cement (late sale yesterday) 20s 9d, Okarito 3s. Unlisted: Selfridges (N.Z. 12s Id pd.) 11s.

WELLINGTON, September 21.

Sales, morning call: Commercia; Bank Pref. £9 ss, Mac Duffs, Ltd., Pref. £1 6s. Unofficial list: Woolworth’s, Ltd., £6 10s. Sales report-, ed: National Bank of N.Z. £2 18s 3d, Commercial Bank 17s 4d (2), Taranaki Oil 6s lid. Unofficial list: Woolworth’s, Ltd., £6 10s. Sales, noon call: Wilson Cement 20s 6d, North Broken Hill 70s. Unofficial list: Woolworth’s, Ltd., £6 9s 6d. The directors of Macduffs, Limited, and of Shillings, Limited, have advised the Stock Exchange Association that proposals for amalgamation were submitted to extraordinary general meetings of shareholders of the respective companies on Saturday. The meetings unanimously agreed to adopt the proposals. The directors, , therefore, will proceed immediately to carry into effect the shareholders’ decision. The new company will almost immediately be offering to the public an issue of ordinary and preference shares. Woolworth’s (New Zealand), Ltd, has advised the Stock Exchange Association that a second half-yearly dividend of 4i per cent, on preference shares has’ been declared, payable on October 15. AUCKLAND, September 21. The directors of the South British Insurance Co. will recommend a final dividend for the half-year ended August 31, of Is 5d per share, a rise of one penny on recent distributions.

LONDON SLUMP. LONDON, September 20. Gold 140/2, dollar 495 15-16, franc 146 3-8. Wall Street (New York) selling shares have been a direct as well as an indirect shock to British investors who backed American recovery to

the extent of 450,000,000 dollars. The heavy losses many have had to face are largely responsible for the liquidation which has given London brokers the most unhappy week of the year. Gilt-edged has been the sole bright spot, Dominion issues sharing in the firmness. Movements in foreign loans have been wide and erratic, Industrials mostly are lower after a severe test in mid-week, when rumours of provincial difficulties were widespread, but unconfirmed. Oils are not convincing. Rubbers have failed to respond to the strength of the commodity position. Commodities generally are disappointing, though comparatively steady compared with stock markets. The sharp break in metals on September 16, appears to have been due to liquidation of a stale bull account built up early in August, and also to unfavourable copper statistics. LATER.

The markets opened in sickly fashion. Oils and mines were especially dull, and industrials were weak. The downward movement gathered pace in the afternoon, though business was mainly professional. Gilt-edgedj closed firm, but industrials made al poor showing. The outlook, even for the near] future, is obscure owing to Euro-! pean and Far Eastern uncertainties, to which the declining franc adds an-i other complication. The decline in the raw material prices have naturally deterred buyers, but it is believed that a good volume of business is waiting to be placed directly users feel assured of steady values. Everyone is showing extreme caution in regard to forward transactions and the feeling is growing in Bradford that Japan will concentrate on the purchase of crossbreds as suitable for uniforms needed in the Sino-Japanese war. The demand for butter has improved and consumption is satisfactory though substantial advances are not expected. The London wool sales have not turned out as most members of the industry thought, merinos being firmer, but crossbreds lower than expected. Material bought a* the London sales is intended chiefly to cover maturing contracts, hence London prices are not reflected at Bradford, where quotations’ are based on those ruling in Australia. At London, 4,867 bales offered, including 3,460 New Zealand; 3,780 sold. A moderate selection, with active competition, chiefly from Home trade. Better class of wools occasionally showed improvement. Bradford: Steadier, but business improving. Users avoiding speculative forward commitments. Yarns steady and quiet.