REVIEW OF THE SHARE MARKET.

Press, Volume LXI, Issue 18419, 27 June 1925, Page 12

REVIEW OF THE SHARE MARKET.

As compared with last . ■week, the number of sales recorded on the various Stock..Exchanges shows a tlight increase, and tlia tone of the market is good. Four and a. half per cent. Stock due 1953 changed hands at £'o7, as against. £O7 and £O6 15s last week, and the Bonds in the same Loan at £97, a.s compared with £96 15s a. week ago. Five per cent. Post Office Stock, with turnover this week at £O3 and £OB ss, thows little variation on last week's business at £9B os.

Five and a half per cent. Soldiers Settlement Loan Stock in which last week's transactions were at .£'lol 10s and.£lol 7s 6d, has further demand at the latter figure, hut holders aro asking £lOl 12s Cd. The Bonds were placed at £lOl, showing an easing on last reported turnover, hut late buyers are offering £lOl ss, without response. N.Z. Breweries 10 j>ct cent. Debentures have been selling consistently at 225.

The demand for Bank shares continues strong and the market is fairly active.

Australasias were dealt "with at £l4 13s 6d, £l4 12s, £l4 13s, and £ll 10s, showing further improvement on sales about a fortnight ago at £l4 5a Gd and £l4 12a. Commercial of Australia ordinary with business at 31s, show little variation on last week's transactions at 31s and 31s 3d, and more ar o available at Ms, buyers o'd lower. ■ Tho preference • issue whicli sold last week at' £f> 13s 6d, is now in demand at £6 13s, sellers 2s higher. National Bank of ~Scw Zealand, ex rights, changed hands at £6 lis, and • the new issue at £6 7s 6d, with subsequent demand at £6 10s 6d and £6 ■ 7s respectively. National of Australasia fully-paid shares were placed at £l6 • 156 r and - nioro are on offer at that figure, buyi ers os lower, and tho partly paid s at £8 4s 6d, buyers at £8 2s. Last re; corded business was at £l6 15s and £/ '" 19s respectively. Business in New South Wales at £4l , 10s, shows an advance of 2s 6d on that done a fortnight ago. -New Zealands, ex the recent dividend of Is 4d per share, were placed at 56s 9d and. 57sj with further de- ", mand at 575, sellers 6d higher. Last "recorded business, cum the dividend, i. was at 57s 6.d.. . • ".'. TTnion Banks were dealt in at £l4 15s and £l4 15s 6d, showing no change '-ouUjast week's, transactions, and late /buyers are offering.£l4 14s, sellers 2s higher. ■.'. ..Victorias-changed hands at £v lis, '.and- late buvers are offering, £7 9s, -'with sellers at £7 125.6 d. .; *' National/Insurances improved from < -. sales, at 71s. 3d and 71s 6d last week, 'to. 73s 6d and 73s this week, and late ". iuycrs offering 73s failed to. attract a declared seller. . New Zealands at,34s 3d and 34s 4d . show practically no change on last week's sales at 34s 5d and 34s 3d. South British eased from business at 50s6d last week to 50s this week, andRecent, sellers were .quoting, at 50s 9d, , ■ without response. .' . Standards remain fairly steady, and .'recent, buvers offered 43s 9d, hut' sell-j 'JI ers were reticent. ' I V CroldsbrOugh, Morts. cum a dividend .'and bonus amounting to 2s per share, .cased slightly from transactions at 47s : Ga last-week, to 46s 9d, 47s 3d and 47s ' this''jweek. For the sharos tax the 1; dividend, unsupported Bellers are asfc- ' ing.455.:.; ' • Recorded business in National Mort>

gago shares at 76s 6d shows no change on that last reported about a fortnight ago., „• fioward, . Smiths are Bought at 3te Gd^'lbut'sellers a day or two ago wanted 35s 6d—last week's roported business was at 355. ■'■'■'' , Huddart-Parkers were, turned over

at 445. 6d and 45s as compared with 45s and 45s 3d -last week, and lato' = sellers are offering afc 455, with huyeta 03 Jbwcn Gear Meats cased from turnover n fortnight ago, at 44s 6d to business this week sit 43s 3d, and late unsupported sellers are asking 445. . ' - Business in' New Zealand; Kef rigerat- . ing fully paid "sharesc at 19s .shows an •'*;.' easing of fid. on. that done a fortnight ago, arid the partly paids had sale *t ••'. 9s 2d, as against 9s 9d, 9s 7d, and 9s ? -6d.

..-»' Kaiapol Woollen 'ordinary shares "were placed at 12s 6d, showing, no change on last reported turnover. Westport Coals eased further to business at 30fc, that done a' fortnight a©> being at 321? aiid 31s 6d. Taupiris at 18s show bq variation on previously re•portod business. Ashhurton Gas shares were dealt in at £4 66. Christchurch Gas shares rose from business about tho end of Mav at £7 12s to turnover this week at £7*ltfs. -Napier, £lO paid, for which unsupported sellers a week ago were asking £ll'los, changed hands at £ll 29 6d. Crown Brewery shares sold at .35s 6d, * with subsequent enquiry at that .figure, no declared sellers.' ' New Zealands had transactions at 41s, 41s 3d, and 41s, as compared with those last week at 40s 6dand 41s,- and recent unsupported sellers were offering at4ls9d,' .' ; • . The quotations for Mannings and Wards show little- change- on those for Wilson's Cements'ware turned over at 32s 9d and 335,-as against last week at 32s 6d,-an4 moro are wanted'at 32s 9d, with declared sellers a day or two aeo at 33s 9d. , , Kauri Timbers are sought at 325-3 d. sellers 9d higher. Last recorded business about a fortnight • ago : cum the dividend was at 33s 6d. < Dominion Rubbers, wluch were dealt in last week at 335, cased to business this week at 32s and 32s 3d. Electrolytic Zino deferred ordinary riharea were placed at 2Ss, and moro are on offer at<that-figure without response* N.Z. Drug Company shares are firm with business at 665, at which figure more are available, buyers 9di lower. "N.Z. Guarantee Corporation shares 8s paid, changed hands at 10s, which is on a par with last week's business. Smith, and Smith preference shares, which have not'had' recorded turnover for some time-past, wore-placed >this -week at 18s. ' ..' . Taranaki Oilfields shares advanced from transactions last week at 225, 235, 22s 6d, aad.22s 3d. to salesthis week at 22s 6d, 245, 24s 3d. 23s 9d, and 245. Whitoombo arid Tombs shares, which were placed last wetek at 70s, had furiber business this'week at 70s>6d; and late buyers are offering 70s without re- . spouse, _ j- shares Kawarau Golds * I&WV&4 bSofts at 16s, as against 14s 9d £jiN&>rTO l «&r v «go» and Waihis at 26s 6d * snmsm mfrSte 64 end 26s 9d yps-seel§

GENERAL MERCHANDISE. GROCERIES, ETC. T?iO improved vai-ue for hut r orhae hac 2. hzr'jcr.lr." tendonc? cr: the 'price of ciceje. lieccn*. 7 fairly che*p prices have b»-rn ru::n?, bst the rece=- advance in tetter values has caused a corresponding rise 'in prices of choc?--.-, Loth ;;c*.ory tbd dairy. Uvea »' prt :rct ir.crea=*d prices chceao- is s or -* •AiEoncis,. hC.b. Siciiy and Jordw.s, are going to oe usurer !l.s Lurisimas season. j-.0/i<ir,ii prices iiu-vtea :or Dcpteinaer snipo:en; ar»j mgner man tnoy -:.a<-e been :ur Soma cou-taeia&ie 'Time-. Ui*dus pnees issued two »«i!i 8.50 nave beer, witna/awu Bubaiautiai. increases. oatrceai pnc--a are down. This move predicted i.i iheaa co-lumus some time ago, ctr.-a luoTb recently reterence vras made- tv importations now attorn rr-jm Araercnbeing a turther indication of lower price* locally. Some ai.ithv-r.tic3 prefer to-await tne'itr.d.n-,' ot American oatmeal, to ascertain the position cs regards competitive value. i\'ev season's Australian canned fruit is faftdinjf this voek.ex sttanwr Karetu The cuality 13 excellent, and ,-rhen prices and grade are compared, it ia better buying than California!:.

New season's quotations for Cohoe ea.lraon hrive beer. r.-ithdra\m, packers 2dvis ; ne; tha> tho -articlo is insufficient - to .supp.y the canneries »-n-l the fresh fish preserving f.orks. It is the-Cohoe gTade of salmon that is used extensive];.- hy the fresh, fish preserving r.-onks for export' to Europe •as salted or frozen salmon. It ia stated that the demand this season for-this class c-i trade is exceedingly heavy, and. this 13 the rcasoa the cunnenes are short supplied.

There has been a slight increase in the price, of fine salt, ard also for coarse salt. Prices ci tobacco and cigarettes, are etilT standing at the high pea.'* position reached diring' th» time- that values -all over the v.orld mounted ta the top. MEAT EXPORT PRICES. CURRENT WEEK'S SCHEDULE. The following ar| export price 3 for the ■week commencing June 26th : Woolly Lambs —First quality-to 361b,'lJd; first quality 37 to 421b, lOJd; nrs.t quality over 421b, 10d; second quality, loid. Shorn Itfmbs lid per lb leas than above.; Wethers —Firct.quality to 561b, 7id; first quality 57 t.» 641b, 7i'd; first quality 65 to '7211>, CJd; first quality oter 721b, 3Sd; second quality, 6Jd. >■ , Eives —Up to 641b,"5id; 65't0.721b, 4Jd; over 721b, Sid. One of the principal firms proposes to close its works for the season on July 4th. NEW COMPANIES.

Itegislration of the following new. companies is announced in this.week's "Mercantile Gazette"::—

Crompton'fl, Limited. Registered ■as a private company-June 10th. - Office:. 133 T-uam street, Christchurch. Capital: £15,000 into 15,000 shares''Of £l'each: Subscribers: Christchurch—W. R.: Crompton 7SOO, C. Bryant sfifio. T.. T\ Ornrajjtftn-4500. -T. A. Rhodes 500, L: J.' Coulter 600. Objects: To carry on business as phyribera' .merchants, iron rriorchants, pumice concrete makers, engineers, andi general incidental. Otornatic Service Proprietaiy C'-J.,- LH. -Registered as a private company June 17th. Office: Pyrie, Gould, Gviihries? I Building,. XWtcl street; Christchurch; Capital :.-.£lßoo' into 36 shares of £SO each. • Subscribers: Christchurch—E. S. Rowlandaon 25, E. E; Hobart 1, ¥.' \V. ffucker' 1, 'A."Tucker 1, H. P. Finches 1, K. fi' Salyeson 1, F. R. Candy 1, K. V. Sutherland I.' Invercargill —A. J. Patcrson 1, IT. G. Leng-Ward .2. Oamaru—G. E. Hatton 3 ; Objects: To acquire the sole *nd exclusive righto of manufacturing and within South Island'the sub3tanco for automatically scaling punctures in pneumatic tubes, and Jo provjde service for better protection of pneumatic tub*a. St. Bftthans Gold Mining Company, Ltd. Regd. June 6th, 1925. Capital: £50,000,: into 50,000 shares of £1 each. Subscribers: Oamaru—Claudo Glanville 100. J. M. Wilson 100 H. F. Maude 400, H. P. S. Familton 1..R, K. Ireland 1, "W. H. Patereon 1. Pcatherston— George Fenwick 1200. _ Objects: To acquire by purchase'or 1 otherwise mines and mining property at St. Bathing.

NEW ZEALAND APPLES.

HIGH QUALITY FRUIT. ' (F«o>£ OUR - OWS COHBESrOXDEST.) LONDON, May 22. It will probably be gratifying: to-New Zealand fruit-growers lobe.told that their apples are described as being "the best handled stuff to-day that there is on . the English' market." It is now mostly handled by one or-two Arms, and gets direct to the retailer; • Apples brought by tho Waimana and-the Ilotohla have fetched, .'• roughly,-.-• tho- same prices. Cox's have averaged 27s per case—. they were in wonderful condition.'' Jonathans were in'perfect order,'but perhaps a litlo on the immature sid«; the average was 18s per ease. Dunn'» Favourites, also in perfect order, brought an average about 37s per case. The Worcester Pearroains were a little inclined to bo -wasty. There "-were not many Cleopatra* or King. Davids. The bulk of the fruit has beeu consigned either to Messrs Monro or to the Partners' Co-opera-tive Association.

The fruit expert of the "Daily Telegraph" says that apples from Australia and New, Zealand hold a prominent position on tho fruit market, competition from ' American sources being much, weaker this year, and the quality is as-near perfection as possible. There ore also apples from South Africa, and though, tho quantities are not yet abundant, they show n steady increase, whiott- is expected to become stronger year by year. There is good demand for all varieties, paiticularly for the-best dessert, at high-class fruiterers, -where they are temptingly sot out in pTinnets. Tho •.'Yorkshire Observer" Calls tiltculion to the fact that' for the first time in tho History .of the Bradford fruit . trade a direct shipment of New' Zealand" apple's reached that important industrial centre last Thursday, consigned to Mr W. V. Ambler, at'.frit. Jamos's Market. Of the fifty odd bo::es which were opened for examination there was not one that contained anything bnt fruit ■in tho finest condition. In the past, it is noted, New Zealand apples have always been shipped to London, and it has t3ken Mr Ambler four years to obtain a consignment in order to demonstrate thai there.is.a good market for the fruit outside of London. Tho fruit was to be put on sale immediately

DAIRY PRODUCE. Dalgcly and Co., Ltd., have received the following .cablegram from their London office, dated June 25th:— "Butter—Market, steady.at present prices. We quote: New Zealand salted, 188s;; for exceptional Now Zetland Australian salted, 184s, Tinsaltod JSBs; Danish,'3o2s. . :

"Cheese —Markot firm owing to small supply. We quoto: JJ«w Zealand, white and coloured, 102s; Canadian grass cheese, on spot, 100s." The Xew - Zealand .Loan and - If ercanlile Agency Co. ( Ltd., have received the. following cablegram from' London, undor date 24th inst,: — " ' ' "Butter—-Xew Zealand choicest, salted 186s to 188s per cwt, unsalted 194 a to 196s per cwt. Market firm. \" ' "Cheese^ —100s to 102s per cwt. ilarket firm." ■ -■ - - . FROZEN MEAT MARKET; Dalgety and Company, Ltd., have received the following cablegram from'their London office,'dated June 26th:— < ' 'Frozen Lamb—Demand for .New Zealand lamb rnns principally, on light-weights. . Market weaker. We quote prime crossbred lamb: Canterbury, hoary 9Jd, light Hid; Xorth Island, heavy 9Jd, light Hid. "Frozen Mutton—Demand runs principall-v on light-weights. Market weak. Wo-quote prime ' crossbred mutton: • Canterbury, hoary 6d, light 7Jd.-North-Island, heavy 5Jd, light 73d. •''..• ."Frozen. Beef—Demand. for Xew Zealand beef is' fair. Prices " : nominal. We 4 quote New Zealand prime ox beef, hinds fores 3d."

THE N.Z. LOAN.

REPLY TO CRITICS. A DIFFICULT TIME. Crsoit or?- 07/.s" cOiEisr-cSiiiKi-; LONDON", May 22. A responsible member of a firm in the CJiv closely connected wi*h Now Zea-land-finance, during the course of a. statement relative to the £.7.O<JQ ; OOO New Zealand loan, referred to the issu? from various aspects, and. in view of the severity "of nwh of the newspaper comment throughout the country, he touched upon this phase'in passing.

'■' There is no doubt." he said, ''thr.t the issue came at .a very' inopportune moment just after the gold standard had been'reintroduced. I think that the Press —perhaps instigated by those in high quarters—felt that the fact th.it an oversea Dominion intended borrowing as much as 5i7.000.000 was going to prejudice—perhaps slightly —our return to the gold standard. That is to say that, obviously, if New Zealand borrowed s*wr!i millions of fresh money here, it must give Australia and New Zealand the power to draw more gold than if tjie money had been, borrovyed locally, even though the bulk of it might be going to be spent in this country. And, therefore, from that ponit of view, the people in authority who influenced the Press did not "feed well disposed towards such a large loan. The Man' Who Knows. "On the other hand, despite the fact that it had been advertised that the underwriters would have to shoulder a large amount, over £1.000.000 of the stock was applied for by the. public. This shows that New Zealand stock, is very'popular with the public, and it is quite clear that the larger investor who is au fait with what is going on would hot apply, knowing that he would have an opportunity of purchasing later at a discount. - . "The course of the market has very much borne this out, because the number of buyers since the' issue lias been very large, and the stock, has steadily improved from nearly 2 per cent, discount to, 1 5-16 discount. New Zealand has been of recent 'years one of i he mo3t popular countries for investment—if not the most popular—outside Great Britain, and we have very little doubt that within a reasonably short tinj'j the late issue will become absorbed, and will stand as high in the market as did the previous loan quite recently. "It was unlucky that the return io the gold .standard and the many other borrowers made a condition of" affairs which.prevented any possibility of the success of any big issue bri reasonable term's J But we have no doubt that this very temporary rebuff will not redound in. any way to New Zealand's discredit, and that in-the future, as in the pas!., the investors of Great Britain will recognise; that, outside this country, there is no investment as safe as New Zealand 'Government stock.'' EXPORT OF POTATOES. SHIPMENT TO ARGENTINE.

■An interesting development in, con"nfrrion with the potato export trade is .that-tho Home boat leaving Wellington in a day or two via Buenos Aires, will be taking a consignment of 100 to 150 tons of tubers to the Argentine, the first part of ah order for 2-50 tons. -

A small trial shipment ivas sent some months ago, and evidently it turned out satisfactorily, as- the present 'order, accompanied by the cash, soon after came to-hand; Jt is understood that the price,. .landed Buenos Aires, is something over £l3.a ton, which, after the deduction of £4 to .£5 a ton for freight, etc., should leave a satisfactory margin of profit for the enterprising operators on the.f.o.b., s.i. price of £5 os a ton Lyttelton.

PRICE OF BUTTER.

ADVANCE OF PENNY PER LB. 'Butter prices were advanced in Christchurch yesterday morning by the factories by Id per lb. The price now charged by factories is ,I's 8d per lb, and tho adjusted retail x>riec is Is lOd. Rates for separator butter have risen in sympathy, the'-retail price being Iv 6d. The .action oft the factories is the result of a rise which, .has-taken: place on the London market. : • NORMAL CONDITIONS. .--AMERICAN PROSPERITY. A definition of a reasonable standard of pro3pority has been offered by. the monthly magazine of l]io . National Bank of Commerce in New York. It flays there is no arbitrary standard, but "when consumption ie at high icveis, labour well employed, credit abundant and money rates reasonable, and when efficiently c(>eratcd enterprises are making moderate profits," it is a sate assumption tljat condixions arc normal or better. This is exactly tho situation in tho l-'nitcd States. • There is aonio «videnco that businessmen a.re realising those facts, and are gradually - forgetting their reappointment ever the failure of a liopcd-for boom to materialise.

The journal adds that American export trado is running at high levels, with a l-.ugo favourable balance, but foreign loans ficatcd in the United States market have been a potent factor in increasing exports. The European (situation as a wholo is materially better than a, year ago, but it is too early to conclude that American export trado v.ill continue indefinitely .in undiminished volume. In tho long run Europe's ability to pay for imports depends on increased exports of manufactures, and tho absorptive power of the world's market is yet to lie tested.' In an abstract sense, tho demand for industrial. products, is capable of indefinito expansion, but this may be found .to entail important !prko readjustments. There is no> evidence yet that. Europe can sell its manufactures in pro-war volume, at current prices.

CLEARING SALE. The New Zealand Farmers' Co-op. Association, Ltd., held a clearing salo on account of Mr C. A. Woolley, Highbank, on Wednesday. The attendance of-the general public was large, and a good sale resulted.' The principal sales were:—24B full and failing-mouth half and three-quarterbred ewes at 22s Td. 62 at 23s 3<T: 80 merino wethers at 16s; dairy cow at £ls, 1 at £8 10s;'bay mare, 4yrs, n't £66; black mare, aged, at £45. nine-year-old gelding, £27; aged gelding at £4l;' bay gelding, 7yrs, at £44; grey mare, lOvts, at £37; bay mare, 3yrs,- at £sl; spring-cart mare, 6yrs, at £2B; bay cob, at £l2 10s,

TALLOW-

The Now Zealand Loan < and Mercantile Agency Co., Ltd., have received the following cablegram from London, under date 24th inst.: — , "Tallow —We quote present Bpot values for the following descriptions:—Fine mutton, 46s por cwt; good beef, 45s 9d cwt; mixed, 40s 3d per cwt. Market active."