FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19162, 19 November 1927, Page 12

FINANCE AND COMMERCE.

SHARE MARKET.

WEEKLY REVIEW.

The share market continues firm and the number of sales recorded on the Metropolitan Exchanges is a fair -weekly average. Gilt-edged stocks are in strong demand and movements for the most part are in favour of holders who have not appeared on the market much this week. Municipal debenture's have !>ecn muiv in demand and the following .sale;; were recorded:—Taumarimui Borough 6 potent., due 19-15, at £101; Mount Albert Borough 6 per cent., due 19-59, at £lO2 10s. A parcel of Glaxo Gi i>er cent, debentures, due 1945, changed hands at £9O. New Zealand Breweries 10 j«r cent, debentures remain unaltered with recorded turnover at 23s Bd. In Government Loans the 4i per cent. Ijoiids, due 1939, were placed at £96 7s 6d, with subsequent buyers at that figure, no sellers offering. Five and a half per cent. Soldiers' Settlement Loan Stock, due 1933, sol.l at £lOl 7s tkl and £lOl ss, and the bonds at £lOl 7s 6ii. £I2OO of the former changed hands on the local market.

Five and a half per cent. Stock, due 1936, eased slightly to business at £lOl. with late buyers at £lOl, holders asking £lOl 10s. Five per cent. Post Office Stock, due 1087, -matured on the 15th inst. In the bank'ing section considerable activity has been shown and in the case of several stocks there has been a marked rise. Australasias were turned over at £l4 15s and £l4 16s as against £l4 12s 6d and £l4 lis 6d a fortnight ago, and lato sellers are holding for £l4 16s, buyers at £l4 12s 6d. Australian of Commerce show very little movement. Commercial of Australia ordinary, in which there -was a local turnover of 1350 shares at prices ranging from 29s 3d to 295, recovering to 20s 2d, are firmer than last week. The preferencenro available at £7 Is, the figure at vhich business was done last week, no quoted buyers. English, Scottish, and Australia, ex dividend of 4s 6'd per share, had recent demand at £7 8s without response—closing sales cum dividend were at £7 14s.

National of Australasia, £lO paid, cum dividend, were dealt in at £l7 12s —an advance of Is on previous turnover — late sellers offering at £l7 lis 6d, buyers Is 6d below. The £5 paid, sold at £8 13s 6d as compared with £8 14s Gd and £8 13s a wek ago. National of New Zealand are fairly steady —buyers £6 15s 6d. sellers £o 17s—but no sales haivo been reported for the past three weeks. New South Wales, in anticipation of the quarterly dividend, have firmed—last week's sales reached £44 10s; this week opened at £44 12s 6d and rose to £44 15s, at which figure -more are > wanted, sellers at £45.

Three hundred New Zealands, cum dividend of Is 4d per share, changed hands locally—the market moving from 58s 3d to 59s 6d, with further demand at 59s 3d, sellers asking 60s. Last week's turnover was at 58s 3d.

Union of Australia were placed at £l4 4s 6d and the new shares, £1 5s Paid, at £5 10s and £5 lis 6d: The local turnover was 74 shares.

In the insurance group New Zealands and South British accounted for all the recorded business. The former had Meady turnover at 395. which is 3d better than last week; late buyers quoting 39s Id without response. South British also show improvement with sales at 56s and 56s 6d and further demand at the latter figure—no declared sellers.

Nationals show an easing tendency with sellers at 79s 2d, no declared buy-

Pastoral and Shipping, In the Pastoral Section Dalgetys New show no change with business at £l3 Is. Goldsbrough Mort are easier at 47s 6d, late sellers asking 47s 8d buyers 8d below. National Mortgage changed hands at 72s 6d and 72s 9d—market closing buyers 725, sellers 73s 6d. New Zealand and River Plate were turned over at 27s 6d, and more are wanted at that figure, recent sellers at 28s. For New Zealand Loan and Mercantile ordinary stock cum a dividend of 4} per cent, buyers during the week offered £95, sellers asking £IOO. Howard Smiths remain unaltered with turnover at 30s 3d. Huddart Parker preference sold at 20s 6d and 20s 9d, with late enquiry at 20s 6d, no declared sellers. Northern Steams eased to business at 14s 5d for the fully paid and 6s 8d for the Partly flld . Union preference were dealt in at 20s ljd. For- frozen meat shares the demand hae improved and buyers hare raised their bids considerably on those ruling a fortnight ago. Recorded turnover has been confined to New Zealand Refrigerating* partly naids at 8s and Bs' Id—4oo changing hands locallv. The fully paids are sought at 16s 4d, sellers asking 16s—last week's turnover was at 16s. i Miscellaneous. Woollen Company shares also have improved demand. Kaiapoi ordinary sold at 88 3d and 8s 4d—the preference have inquiry at 12s 9d, sellers at 13s 6d. Wellington ordinary chanced hands at £6 4s 6d. The market for Coal Company shares has been dull, and, when quoted, sellers were more in evidence than buyorg. Pukemiros remain unaltered at 60s. Auckland Gas were fractionally stronger with sales at 22s 9d and 22s lOd for the fully paid, and 16s 9d for the partly paid. An odd lot of Christchurch changed hands at 245, late buyers offering 23s 9d without response. Wellington ordinary were released at 27s 6d. Business in Brewery shares was confined to New Zealands at 43s 9d and 445, as against transactions ranging from 44s 6d to 45s last week. Other stocks show little variation. Wilsons Cement, sum dividend of Is per share, show an upward tendencv with sales at 3Cs 6d and 36s 9d, and late buyers are offering 36s 9d without response. For Milbum Lime, in which last recorded business was at 32s 6d, recent buyers quoted 32s without response.

Amongst the Miscellaneous Stocks the following sales were recorded—previous business is shown in parentheses: *—Auckland Amusement Park, 16s 9d; 16s 6d (17s); British Tobacco, 56s 9d (60s to 59s 2d); Colonial Sugar, £53Electro Zinc (pref.), 325; 31s lid (82s); New Zealand Guarantee Corporation, 8s 9d; 8s lOd (8s 8d); New Zealand Paper Mills, 16s 6d; Taranaki Oil, 10s 3d to lis 3d (9s to lis 9d); Mt. Lyells, 28s 2d; Waihis, 21s 5d (21s 9d to 21s 4d); Ohinemuri, 6s od (6s lOd to 6s 6d).

YESTERDAY'S TRANSACTIONS. Buyers for Government issues were again in evidence. There was a slight reacjtion in brewery stocks, due probably to the uncertainty of the fate of the Licensing Bill now before the House. Shares in companies concerned with base metals are firm and show little fluctuation. Activity was again manifested in bank shares, sales bob" effected as follows: Three hundred and fifty shares Jn th« Commercial Bank of Australia ** 29» 2d, with further sellers at that

figure, buyers offering 295. Bank of Australasia were sold at £l-1 10s, with more available at that figure. Bank of New Zealand had bale at the advanced price of 59s (id, closing quotations being buyers 59s 3d. sellers 60s; Union Bank had sale of 35 shares of the old issue at £l4 4s Gd. and of the new shares. £2 15s paid, at £-3 Us Gd. parcels totalling 25 changing hands.

In the Loan and Agency section. Dalgety's new changed hands at £l3 Is. on a par with recent business. A small parcel of National Mortgages were sold at 72s 9d. closing quotations being buyers 725, sellers 73s 6d. fn the frozen meats, buyers of Canterbury appeared at £B, sellers asking £8 .'». New Zealand Refrigerating (fully paid) quotations were buyers 16s 4d, sellers 16s 7d. and for partly paid buyers Bs, sellers 8s 3d. A firmer tone thus is apparent in frozen meat stocks. Kaiapoi Woollen, fully paid, were sought at 8s 2d. sellers asking 8s 4cl, while buyers preference issue advanced their offers to 12s 9d. sellers wanting 13s Od. New Zealand Breweries had business at 43s 9d and 445, 500 shares being turned over. Sellers of Staples wero weaker at 38s.

Following a declaration of a dividend at the rate of 6 per cent, per annum, Kauri Timbers declined to buyers 21s 6d. sellers 235, without business resulting. Colonial Sugars show improvement, buyers now offering £53 17s 6d, against sales at the beginning of the week at £53. Mason. Struthers, 10s paid, were quoted buyers 9s 7d. sellers 9s lOd. and Auckland Amusement Parks at: buyers 16s 4d, sellers 16s 6d. Mt. Lyells had a very close market at buyers 28s 2d, sellers 28s 3d. It is understood that shareholders are being asked to sanction an increase of capital in this company. GENERAL MERCHANDISE. GROCERIES. Wholesale houses report a much better tone generally in business. New season's fruit is commencing to show "P- Already a small parcel of new almonds (Sicily) have landed, and the sample is reported as good. The steamer Waikouaiti arrived in Lyttelton yesterday. She has on board a considerable quantity of new season's fruit, transhipped at Sydney out of Mediterranean steamers. Amongst this cargo is new Greek currants, new figs, and probably Sicily almonds. The market for prunes in the United States has an upward tendency. Heavy buying has taken place recently, and this has forced the values up. Lower prices are not expected, but as most buyers have operated, the matter of ordering is not receiving much attention. /

A steamer is due to leave Singapore earlv in December for Lyttelton, Timaru, Bluff, anil Dunedin. She will bring pineapples and sago, as well as tapioca and spices. Singa-, pore lj pines, both cube and sliced, are now at very favourable levels for buying for January arrival. ' Another line due by the same boat, and worth attention, is the 21b sliced. This size is exceptional value, and should find favour with the public this coming summer.

Desiccnted coconut, due to land early, is worth attention, as at present values most retailers consider it good buying. English pack rennet is landing cheaper this year than formerly. Although this line costs a good deal more than New Zealand pack, it finds a ready sale in this province. The linseed oil market keeps down. Thi3 weok's London quotation for shipment to New Zealand was 2s 7?d to 2s Bjjd gallon, all drums extra, f.0.b., London. Turpentine, in usual 2-4 gallon tins, was quoted this week in New York at 3s 93d for shipment to New Zealand. This price was c.i.f. Lytteltgn under bond, cases free. New season's Californian dried fruits are close at hand. The steamer West Ivan, 'due on November 23rd, has on board new season prunes and oil-bleached raisins, as well as Thompson's unbleached. This will be the first instalment, and the bulk of the new season's fruit from San Francisco will land per the Waikawa, due at Lyttelton on November 26th.

New figs should command a very ready sale. When the season opened, prices were far from stable, consequently importers did not take the risk of over importing. On the contrary, smaller quantities were ordered in most instances. This will mean short stocks, and anything like a brisk sale will see supplies in very small compass. Siar bulk dateß for shipment in December have advanced by Is 3d a cwt. Some buyers operated recently at the lower value, but sales cow are on the increased basis. This line is not a ready seller, as storekeepers have been used to Khadrawi quality, but importations of Siars have been quite satisfactory. Hallowai dates have not been quoted for some time. Thiß is the very best quality offered, but it is rather too dear for this market. The tea market in Colombo is moving upward. "Various grades at the last sale advanced from Id to over id a Jb. Importers at this end are having an unenviable time, landing tea at ever-increasing prices, and trying to keep their prices level to their clients. Cream of tartar, January delivery, is now at favourable prices. Buyers are operating, and the present looks a favourable opportunity to consider replacing stocks. The market for salt is featureless. Prices are fairly settled, and stocks are able to take care of the demand. It is reported that very few Smyrna sultanas are coming forward this season. The Waikouaiti (now In port) is expected to have a small quantity on board, but as prices and qualitv did not compare too well with Mildura, the latter article commanded most of the forward business. NEW COMPANIES. The "Mercantile Gazette" records the registrations o£ the following new companies:— Papanui Estate, Ltd. Registered as a private compnnv November 14th, 1927. Office: Palmerston North. Capital: £30,722 into 30,722 shares of £1 each. Subscribers: Mataroa —"VV, d. Dixon 4362, E. Dixon 500, J. Dixon 300. Eyreton—R. O. Dixon 25,510, P. Dixon 50. Objects: To carry on business of farmers, etc., and incidental. Premium Bond Corporation. Ltd. Registered as a private company November 4th, 1927. Office: Situate Oxford Buildings, George street, Timaru. Capital: £4500 into 4500 shares of £1 each. Subscribers: Timaru —W. S. Shierlaw 1500, V. Guragud 1500, J. T. Brady 1500. Objects: To carry on business as capitalists, promoters, and financial and monetary agents, etc. John Brightling, Ltd. Registered as a private company November 9th, 1927. Office: 493 Colombo street, Christchurch. Capital: £30,000 into*o.ooo shares of £1 each. Subscribers: J. Brightling 29,998 f.p.u., F. W. Brightling 1. C. Netting 1. Objects: Brickmanufacturers and cartage contractors. Ideal Motor Indicator Co., Ltd.' Registered November 12th, 1927. Office: 169 Madras street, Christchurch. Capital: £3OOO into 3000 shares of £1 each. Subscribers: Christchurch—J. W. Early 500, C. Ray 100, K Lewis 50, T. J. Ranton 50, H. Stiles 50, T. A. Harrison 5, J. W. Wood 5. Objects: To acquire and take over from Woods Indicator, Ltd., all rights and privileges in connexion with an invention for an improved direction indicator. _ . . . Gibbs (Nelson) Motors, Ltd. Registered as a private company November 2nd, 1927. Capital: £SOOO, into 5000 shares of £1 each. Subscribers: Nelson—W. G. Gibbs 4999, R. G. C Gilbert 1. Objects:.To acquire from William George Gibbs business of motor-car proprietors, mail contractors, and incidental. _ , „ . , , Harris and Duncan, Ltd. Registered as a private company November 3rd, 1927. Capital- £2OOO, into 2000 shares of £1 each. Subscribers: Karamea—A. E. Harris 1000, W. Duncan 1000. Objects: To acquire business of sawmillers and timber merchants carried on by firm of Harris and Duncan, timber merchants, sawmillers, and general incidental. Aard Motor Services Association of New Zealand, Ltd. Registered as a private company November sth, 1927. Office: 212 Lambton quay. Wellington. Capital: £SOO, into 500 shares of £1 each. Subscribers: Wellington—Fitigerald and Pearcc, Ltd., 20, F. L. Fitzgerald 115; Rotorua —K. Motor Service, Ltd., 50, Nelson—W. G. Gibbs 50; Wanganui —Hodson Pioneer Motor Service 50: Christchurch—Rink Taxis. Ltd.. 10: New Plymouth —Campbell and Telfer 50; Te Kuiti—Rowlev and Clokev 50; Xapier —Aard Motor Services, Ltd., 50*; Palmerston North —Manawatu Taxis, Ltd., 20; Dunedin —J. Campbell 5; Taihape—Nicholls Bros. 10; Pahiatua—B. H. Wills 10; Hokitika—G. Harcourt 10. Objects: To acquire and take over from an association known as "The Aard Motor Service Association of New Zealand," to promote and organise services, conveyances, transport, accommodation, booking arrangements, information, and generally for the facilitation of travel and incidental.

FARM SALE. A Revalued farm was offered for sale at the Lands Office yesterday. There was a fair attendance of bidders, but the farm was not sold at the auction. The farm consists of SS acres, and is situated two and a half miles from West Oxford railway station, and is suitable for 'mixed farming. The upset price was £950. Although not sold at the auction, a privaW eal* waa effected afterwards.