REVIEW OF THE SHARE MARKET.

Press, Volume LVIII, Issue 17471, 3 June 1922, Page 6

REVIEW OF THE SHARE MARKET.

b.-.-ni;; t".o past weeic thc-re ha 3 been .- !:...!.io.iibl-- caoing-off in. the demand ■'■jt Gjv..ni">'iit securities, but prices ;::iw i':!pnv.-..-.I in Geverul other stocks, :.-.J ;t j!o;jd deal of attention hits l>een '•!■.•«. n v> 11 1 ■■ "rights' to ncv, - &hare 3 in i.a- Nut",„;.! Dunk of -Ncv.- Zealand. 'll.i:v !■::; reported busine.-s in 'J ;-■ - i. nt. "War Luan, duo in tit ±:\';i ]<".. •>1 and £'o4. and further sailors ;■••■ , ifoiin'4 at £'J4 os, as compared v, ith ...:-., :i v.\l]i ago at I/J4 10ti and £94 t ;'.-.■. :.nd :i liaif p-T cent. Soldiers' :--cfL.'.jn)< ill. 1...an, <lu<' in 11)33, lias also . • --d In,in l».r.ine:-'s at £US, and at Hie ,-r- (i of Km, v.wl; to r-.alos at, £ll7 17s (id, ':'.''• 1-Ji- «>l, and £O7 10s, and further f-Jl'.-i'ei a; £V7 17s Od, without quoted l.'ii'.vrij. i'iv.> ;vr i-ent. I'ust Office Loan, duo ■•i lvL'7, has '.old at £9-1 10s, with l'urJier fatllcrs at L'J't. Hank of Australasia, shares have ••h.nnged hands at £l3 2s (id, as against previously reported business at £l3. . There h.ivi< Ik!CH numerous transactions in National Hank "rights," and tli3 market has been firm with an _upward tendency during the week. When the "rights'/first er.me on the market during tho week before last there were reported talcs at 17s Cd, 17s 9d, and ISs 'Jd. During the following wee!? prices ranged from 17s Cd to 13s 9d, and the course of sales during the past Meek has been ISv 9d, 19s, 20s, and L'Od with further buyers <it 20s. Tho old chares cum tlie "rights" havo .Uv.> firmed, and buyers aro offering ±XJ, as compared with sales last week at £j IS:;. Hank of New South Wales "rights" aro now being quoted, but up to tho time of writing no sales have been offi- < i illy quoted. Buyers havo offered £l3* li's id, with sellers asking £l3 lCs. Bank of New Zealand shares have improved a. little, and havo been dealt in at s\s and 625, as against ols and oos i>d during last week. Further tellers me quoting at 525, with buyers at ols. L'niou Bank bhares dropped sharply during tho week, and then improved again. A fortnight ago there was business at £l2 lCs Cd; and at tho end of last week buyers wero quoting at £l2 6s, with sellers asking £l2 lis. Early in tho past week business was done at £l2 10s, followed by sales at £l2 7s Cd, and then at £l2 10s and £l2 12s. Subsequent bi\yers havo offered £l2 lis, with sellers asking £l2 15s. National Insurance chares* havo sJiowji an improvement, there lxa\"inpc been recent sales at 635, aa compared with transactions last week at 61s unci 61s 3d, and further buyers are offering 635. Other insurance shares show little change, and have not been freely quoted. Ifc is announced that Goldsbrough, Molt, and Company intend to pay a iwial dividend of 5 per cent, and a bonus of 5 per cent., malting a, total' distribution of 15 per cent, for the jenr ended March 31st last, as comjiorcd with 10 per cent, for the previous year. Sales took place early in tho week at 38<> 9d, but prices have sines improved, and later buyers, ixnv© offered 38e Cd without Kellers quoting. - There has been some enquiry of National Mortgage shares, nmd buyers have offered 665, as compared with previous business at 63s and 645. I

Hnddart-Parkers have changed hands fli 4bs and 48s 3d, as against business last week at 47s Gd and 47s 9d, and a fortnight ago at 47s and 4.7s 3d. . Canterbury Frozen Meat Company shares of both issues have been in demand for some time, but setters havo not been quoting. During last week buyers increased their offers for ordinary shares from £l3" 10s to £l2 12s 6d, but the past week has seen a further increase, and business his been reported at £l3 Kb, with further buyers at £l3 fis. The preference shores are wanted at £5, without declared sellers. > JJo soles have been reported during tbo week of R.Z. Refrigerating Company shares. Buyers of the fully-paid i»ue are quoting at 25s €d, with sellers at fife, and the p*rtly-paid shares ore .irnnted at 14a, with sellers asking 14s Kfliapoi Woollen Company ordinary shapes havo sold at 2Ss for the fullypaid ahna«a. and at-lis 6d for the contnbuting shares. There was business in the latter shares last week at 12s 2d a Whitcombe and Tombs shares sold during the week at 60s, and further buyers are offering 59s without quoted tellers. \ industrial shares generally have not come in for a great deal of attention.

GENERAL MERCHANDISE. GROCERIES. Business during the week has been normal, with more than the usual enquiry for sago and tapioca, which are in 6hort supply pending consignments due to Arrive shortly. The low prices ruling for rice have stimulated the demand to a marked degree. The C"ic are buying increasing quanties of this Latest reports from Australia, where practically all the rice imported in New Zealand is dressed, state that the market is very firm, and higher prices are anticipated in the Bear future. Orders cabled during the weekJor further •applies of Mildura sultanas failed to receive confirmation, as the stocks are now exhausted owing to heavy shipments to London. It & understood that London buyers pur. chased-all the available exportable quantity of sultanas from Mildura this season. Cur.rants from the same place are in good demand, and packers will now only accept orders on, condition that buyers pay the rul- . ing market price. at day of shipment. This looks very much as if an increase in th« prices of, currants is imminent. One firm of shippers has already advised its Haw Zealand agents that no more currant* will,be available after the end of this week, and that booking, was therefore to cease. - Heavy business has bees done in Edmonds* bajdsg powder at the lower prices ruling" aince May 90th- Retailers allowed their stock to run T«ry low, and this meant that prac tieslly every atom required supplies when I the drop came I Cable advice received this week from San Francisco advises that the prune market is firm, and aorae packers are advancing prices I accordingly. j A number of local merchants are interested in _ the cargo on board the steamer Wiltshire, from Liverpool, which was wrecked ' this week at Grest Barrier Island. She haa I a quantity of cargo on. board for Lyttelton, I shipped at Liverpool—such lines ae carbon-1 at» of soda, oaustio soda,, and silicate, ' glycerine, soaps, etc. The Joss of this vessel's cargo may cause a temporary shortage in the New Zealand markets for these lines, o» repeats cannot be hero for some three months ye!.

EABDWABE. I Bnain'eaa for the part week shows a marked ■UBpwvsineat on the previous. Enquiries havo •* t h*en coming in, and considerable business Cfliljij* •Hnftiaie', chiefly from lecal buyers. g|j&HictlV bland enquiries have been considerf|||jM*>Jnit so far little business his been. done. 1 chiefly to heavy and engineering jg|ilfli6£i?KaJsJ? .have been in considerable de■HHJftgjMllipte retail'trade is up to He prej|ffßßSßjßj?f L "fl* .Wiltshire will Cause con. jHfflHHHglWWniaiiisaice to most hardware yrMul carried man; useful

1 linc3 that are now out of etocl, cbiefly farm implement repairs and accessories. > There ie likely to bo a shortage in the following:— Mould boaroU, plough shares, and Bkeith blades, all of 'which were on board the Wiltshire, besides a considerable quantity of builders' and general ironmongery. PriccG remain the same as Jaat week's quotations. There 13 no likelihood of a further reduction for some weeks to come. Tho following are tin quotation lor the day: Wire nails, £3O per ton. Corrugated iron, Orb brand, £35 per ton. Ordinaly bar iron and steel, £26 per ton. Fencing standards, £2l per ton. Kack lencing wire, So. 8, £2O per ton. Galvanised fencing wire, iN'o. 8, £2l per ton. Haw linseed oil 6s Cd per gallon, toiled Gb 9d per gallon; white lead, English, £75 per ton, American £CS. Manufacturers of Australian wire-netting wit.'idrcw prices from wholesale houses some few aays ago, status a Sydney report of May , 23rd, and it was stated that revised quotations for supplies had been given. This had led to the distributing price -for ail grades being advanced by approximately £3 per miio in practically each case. It was said that the new rates had, to a certain extent, had the eficct of checking the demand for netting. Ko explanation had been given for tin; revision of the quotations. Further variations were made in the prices of certain grades of galvanised wire, the changes being effected mainly for the purpose of bringing prices into line. No. 10 galvanised, which' the pu'.vious WLeJr was quoted at £27 per ton, was advandce 10s to i 27 10s; and No. 12 moved up 10s to i' 23 10a. Stocks of No. 14 galanviscd were said to be more than adequate to meet the demand, and, in consequenco of this, holders were prepared to I accept £3O per ton as against £33, which was asked some few days previously.

NOTES FROM WELLINGTON. (FROil A SrECIAL CORRESPONDENT.) WELLINGTON, June 2. Although there are plenty of buyers about, there has been a dullness in the share market and comparatively fewtransactions have been recorded during tho week. To-day National Insurance shares were in demand at tu is, while on 'Monday last tho best bid was tils and those interested are wondering why this sudden jump has taken place, and aro speculating as to whether there is to bo a watering of the capital. General trad© appears to be good and retailers report an improvement in business during tho past month. Prices of commodities are coming down, especially in drapery lines. Grocers are actively cutting prices and wholesalers aro nervous fearing that some of the price-cutters will collapse. Tho egg market collapsed towards ■the week-end. ITor quit© a. long -time tho price was maintained at over 3s a dozen, which checked consumption, and, added to this, large supplies were received from Canterbury and Otago at very low prices, and this knocked tho Wellington egg market right out. To-day eggs w'ere marked up at various prices in different shops. Further heavy consignments are expected from tho south early next week, which will cause a further break in prices. ;

TOWARD PROSPERITY. "BETTEK TIMES" CAMPAIGN IN AUCKLAND. Auckland showed evidence of the beginning of the "Better campaign yesterday (says "Wednesday's "Herald"). Tho majority of the business houses complied with the request that bunting should be displayed. The request that at 10 o'clock whistles and Birens Bhould be sounded was also mot, so that the attention of the general public was drawn in striking fashion to this effort of the business community to inculcate a spirit or optimum. The launching of the campaign was met in a spirit which nas thoroughly satisfied the omcials of the Auckland Advertising Ciub, who have been 'so deepiy interested in its inauguration. Speaking of its reception, dne of their, number stated yesterday that everybody seemod to think the campaign was not only well launched, but also was very timely. This appeared to be tne unanimous opinion. Not only the whole city but *iso farmers who happened' to be in town, appeared to be thoroughly glad that the scheme had been undertaken. A man who had recently visited the Kmg Country stated that there had been a great access of confidence there since the rise in tho prioe ,of butter-fat. The whole tone of the country had improved. There was a general tendency all round to be more optimistic, and the campaign therefore seemed to have been commenced at a propitious moment.

All classes of business and professional men appeared to have been impressed with the timeliness of the undertaking. The opinion of one architect was that there were numbers of peoplo who were wishing to build; they were at present just in the position of being undecided what to do, and he thought that a general camnaign of the kind just commenced would result in a decision to act. The great feature of a movement of the kind was that its results might be expected to be cumulative. So far as material results were concerned, the idea was not to look for them immediately. It was the psychological effect at which they were aiming. It was felt that a renewal of confidence in the country and in tbe time 3 would produce results. It was not expected that the first fruits of the camnaign would be that business places would be crowded immediately with people anxious to buy. It was solid results and the building up of a spirit of optimism for which they were hoping.

UNDER-GRADE WHEAT. MERCHANTS AND EXPORT. (special to "the rnEss.") ' TIMARU, June 2. At a meeting of tho Timaru branch of the Farmers' Union yesterday, a motion was passed asking the Government to grant certificates to merchants enabling them to export under-grade and smutty wheat. It was stated that there are at least 30,uU0 sacks of such wheat in this district. It was also decided to ask the floard of Trade to enquire into the price of binder twine, it being stated that it was a scandal that 9d per lb should be charged for it. A letter was received from the Canterbury A. and P. Association with regard to the need for reconstructing the Agricultural Department and' also the Board of Agriculture. The suggestions mode were approved by the Union.