FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19164, 22 November 1927, Page 12

FINANCE AND COMMERCE.

CERISTCHURCH STOCK EXCHANGE. There were not many transactions on call yesterday, and the market wa3 quiet but steady. Brewery shares are the only group that buyers are taking little or no interest in. Industrials are being aaked for and the market appearß brighter, the exception being where motor interests ure concerned. In the Stock and Bond section, for 4i per cent, (tax free) issues, buyers advanced their bids 2a 6d on recent quotes, the demand ha 3 been ateadv and sellers increasingly scarce. 1027-11 5J per cent, are' also in demand with buyers finding the market diincult. £2OO 5 per cent. 1930 stock changed hand 3 at £39, buyers wanting more at that price, but none was offered. Glaxo 61 per cent. 1915 debentures were wanted at £9l 106, sellers asking £96. In the banking section, 10 Bank of Jew South Wales were sold at £ls, but buyers bid £45 Is, sellers offering at £45 106 at the afternoon call. Union Banks were hrmer at buyers £ll ss, sellers £l4 10s. For the new fullv paid buyers bid £l3 17s Gd, no sellers offered. The new 53s paid were buyer £5 13s, sellers £5 18s Gd. In the miscellaneous investment section, New Zealand Insurance Company were fractionally firmer with buyers 39s 3d, sellers 39s 6d. Standard Insurance entered the buvine; list at Gls, but sellers did not offer. Goldsbrough, Movt displayed an easier tendency, market closed buyer 3 46s Gd, sellers 47h 6d. Huddart-Parkers arc firm at 48a buyers, 48s 9d sellers. The 6 per cent preference shares were wanted at 20s Gd but none was offers' Business in I n Meat was limited to | sales of partly-pa.u Refrigerating at 83 2d. Gas Company shares were freely quoted, Ashburton Gas being sought at £5 10s. Auckland Gas were wanted at C2s 7d, sellers requiring 235. Christchurch Gas were quoted buyers 245, sellers 24s 3d, without reported business and buyers offered 6s 4d for the 5s paid issue without response Timaru Gas Bellers quoted 23s without drawing counter-offers by buyers Beath and Co were wanted at 32s*3d, oellers asking 335. Electrolytic Zinc preference, 100 were sold at 32e, the market closing, buyers 31s lid, sellers 32s Id. In the mining scotirwi, Mt. Lyell wcr-j slightly firmer at buyers 28s 3d, sellers 28g Sd. YESTERDAY'S TRANSACTIONS. Sales on Change—Bank of Jvew South Wales, £45; N.Z. Refrig. (oontr.), 8s 2d (2 parcels); Electro Zinc (pref.), 325. Sales Reported—N.Z. Govt. 5 per cent. Stock, 1930. £99; National Mortgage, 723 6d. LATEST QUOTATIONS. Buyers. Sellers £ s. d. £ s. d. N.Z. GOVT. DEBENTURES—--4i per cent. Inscribed, 1933 and 1939 . 96 7 6 4$ per cent. Bonds, 1938 and 1939 .. 96 7 6 61 per cent. Inscribed, 1927-41 .. .. 88 15 0 99 5 0 5J per cent. Inscribed and Bonds, 1933 .. 101 2 6 64 per cent. Inscribed and Bonds, 1936 .. 101 2 f» 5 por cent. Stock, 1930 99 0 0 99 5 0 COMPANY DEBENTURES— N.Z. Breweries, Bonds 18 6 13 9: Booth, Macdonald, 64 per cent., 1932 .. Glaxo 6§ per cent, 1945 .. .. 91 30 0 96 0 0 BANKS— Adelaide .. .. 811 6 815 0 '. Aust.*of Commerce .. 1 12 10 Australasia .. .. 14 J2 6 14 15 0 Comm. of Aust. .. 19 1 19 2 Comm. of Anst. (pref.) 619 0 7 10 E., S., and A (Royal Bank issue) .. 7 9 0 712 6 National of Australasia (£lO paid, cam div.) 17 9 0 17 12 0 National of Australasia . (£5 paid, cum div.) 813 0 814 6 National of N.Z. .. 616 0 617 6 New South. Wales .. 45 1 0 45 10 0 New Zealand (cum div.) 219 3 219 7 Queensland National .. 8 5 0 Union of Aust. .. 14 5 0 14 10 0 Union of Aust. (new, Ist instalment paid) .. 51" 0 518 6 Union of Aust. (new, fully paid) .. 13 17 6 INSURANCE— Mercantile Mutual .. • National (cum div.) .. New Zealand .. • .. 119 3 119 6 South British .. 216 9 217 0 Standard .. ..310 LOAN AND AGENCY— Dalgety and Co. (new) 13 0 0 13 1 0 Goldsbrough, Mort .. 2 6 G 2 7 6 Goldsbrough, Mort (new) National Mortgage .. 311 9 313 0 N.Z. Loan and Mercantile (ord. stock, cum div.) .. .. 03 10 0 95 10 0' Permanent Investment 9 17 6 SHIPPING- . Devonport Ferry ..130 150 Huddart-Parker *.. 2 8 0 2 8 9 Huddart-Parker (pref.) 10 6 Union (pref.) .. 10 0 FROZEN MEATCanterbury (cum div.) 417 0 5 10 N.Z. Refrig. (£1 paid) 016 3 016 6 N.Z. Rofrig. (contr.) .. 0 8 1 0 8 3 WOOLLENSKaiapoi (17s paid) ' .. 0 8 3 0 6 9 Kaiapoi (pref.) ... 012 9 015 0 Wellington (ord.) .. 6 2 6 COAL— Taupiri (ord.) ..160 Westport (cum div.) .. 1 13 0 Stookton (pref.) .„ 0 3 6 GASAshburton (cum div.) ~ 510 0 Auckland .. ..127130 Christchurch .. .. 14 0 14 3 Christchurch (new, 6a paid) .. „ 0 6 i Timaru .. BREWERIES— Carlton .. .. 2 G S 2 G 9 \ New Zealand .. .. Staples .. .. 1 18 6 i Tooths .. .. CEMENTSWilson's (cum div.) .. 116 6 MISCELLANEOUS— Allied Motors .. 0 15 0 •Beath and Co. ..1 32 B 113 0 Australian Glass (cam div.) .. ..210 - British Tobacco .. 211 6 2IS 6 Colonial Sugar .. 53 17 6 54 10 0 Dominion Rubber .. 115 0 Electro. Zinc (ord.) .. 110 9 111 5 Electro. Zinc (pref.) .. 111 11 112 1 Honry Jones Co-op. (cum div.) .. 116 S 117 0 Holden's Motors 1 IS 0 Mason, Struthers (£1 paid) .. Mason, Struthers (10s paid) .. .. 0 9 11 N.Z. Farmers' Co-op. (pref re div only) 1 7 C 117 0 N.Z. Farmers' Co-op. (6J per cent. Stock, 1930) .. .. 77 0 0 N.Z. Guaranteo Corpn. 0 8 8 0 9 0 Whitcombe ond Tombs 3 7 G Quill. Morris .. 117 13 3 MINING— Mt. Lyell (cum div.) 18 3 18 3 Ohinemuri .. •• 0 510 OTHER EXCHANGES. (press association telegbams.) AUCKLAND, November 21. Sales— City of Auckland, 1940, 5i per cent., £96 10s; Auckland Hospital Board, o\ per cent., £93 10s; Now Zealand Government 1930, oi per cent., £93 13s; National Bank of Australasia (con.), £8 13s 9d ; New Zealand Insurance, 39s 6d ; Northern Steam Ship, 14a 6d; Hayward3 Theatres, 17s 6d; Santord, Ltd., 20s; Sharbnd and Co (ord.), 20s; Lackv Shot Gold Mining (2s paid), Is sd; Ohinemuri Gold and Silver, 6s 4d. WELLINGTON, November 21. Sales— Union Bank (new issue), £5 13s 6d. | Sales Reported—Union Bank (new issue). £5 12s 6d; N.Z. Guarantee Corporation, 8s lOd; South British Insurance, 56s 9d. DUNEDIN. November 21. Sale Reported —Union Bank (new), 57s Gu (prcm.). REILLY'S (DUNEDIN) MARKET REPORT. DUNEDIN, November 21. Reilly's (Dunedin) report as follows: Tomatoes, choice Is lOd, medium Is 8d per lb; pears, choice 6d, medium 4d per lb; cherries, Is 9d and Is 9§d per lb; strawberries, choice 2s IOJd, inferior Is 6d per lb; gooseberries, 4Jd to 6d per ib; green peas. Cd to 7d per lb; potatoes; kidney 9d, round 53. medium 3d per lb; asparagus* 10s per dozen bundles; cucumbers, 5s to 8s per doz; lettuce. Is to 3s per dozen; cabbage, 3s to 4s per dozen; cauliflower, 9s per doz; spring carrots, 3s 3d; turnips, Is 6d; beetroot, 8s; spinach, Is 6d each per dozen bundles; Sturmer apples, choice 16s per case, others, 10s 6d to Ms. —6

BIG MERGER.

VICKERS AND ARMSTRONG'S. far ClßU— r-HKSS ASSOCIATION— CuPYBIGHT.) <AtrSTJULIAX AND X.Z. CABLE ASSOCIATION) I LONDON, November 20. , Details of the amalgamation of J Vickers and Armstrong Whit-worth's j ehow that a new company is being j formed to be known as Vickers and j Armstrong, Limited, with a capital not exceeding £21,000,000, Vickers receiving £8.500,000 in fully paid shares ond Armstrong's £4,500,000 in fully paid shares as the purchase price. A novel feature is an arrangement with the Sun Insurance Company for, a policy by which if the profits fail to reach £900,000 in any year, the Sun Coinpanv will contribute £200,000. Sir Herbert Lawrence is chairman, ond the directors include Messrs Otto Niemeyer, of the Bank of England, and E. It. Peacock, of Baring Brothers. Armstrong's have circularised their shareholders recommending the amalgamation and stating that the company's asset 3 have been written down to the extent of at least £11,000,000. STANDARD OIL. RECORD DIVIDEND PAYMENTS. (BT CABLE—PItBSS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND X.Z CABLE ASSOCIATION.! (Received November 21st, 7.40 p.m.) NEW YORK, November 20. The Standard Oil Companies of America will pay dividends during 1927 totalling 213,618,000 dollars, representing an increase of 13,290,000 dollars over 1926 and establishing new cash dividend record. SYDNEY WOOL SALES. (BT CABLE—PSBS3 ASSOCIATION—COPYRIGHT.) j (AUSTRALIAN AND N.Z CABLE ASSOCIATION.) j (Reoeived November 21st, 11.20 p.m.) j SYDNEY, November 21. I At to-day's wool sales, competition was keen, and the general market was extremely firm at late rates for all descriptions Comebacks and crossbreds were in strong demand. Greasy merino fleece touched 28J pence. AUCKLAND WOOL SALE. (PBBSS ASSOCIATION TZLEOBAM.) AUCKLAND, November 21. The offerings for Thursday's wool tale are expected to total 23,650 bales, a record for the first of the season sale here. Last j ear's corresponding entry was 18,000 bales. NATIONAL INSURANCE CO. ANNUAL MEETING. [TUB PKEBS Special Service.] DUNEDIN, November 31. 4he annual meeting of the National Insurirace Company was held this afternoon. The chairman, Mr John Moloney, said that while losses were higher than at any other time; the amount of dividends exceeded all previous payments. _ j In moving the adoption of the annual »port and balance-sheet, Mr Maloney direot--•d the attention of shareholders to the profit and loss account, where the losses stood at £115,903 14s 9d, the largest amount that had appeared under this heading in the life of tho company. "Despite this adverse iecord, the sum recommended for distribution in dividends exceeds all previous payments," said Mr Maloney. "While on the subject of dividends, it may be of interest to shareholders who have not followed closely the affairs of the company to hear that in 1898. the dividend of Is 3d per share amounted to £12,254, while for 1927 the dividend of 9s 9d per share demanded the lelecse of £37,500 of the company's funds. "It- may also be worth knowing that in 1896 the paid-up capital was £98,037 10s and reserve funds and profits £107,907 15s 7<L On September 80th of this year the paid-np capital was £BOO,OOO and has been increased to that amount by transfers from reserve funds, thus reducing shareholders' liability by £1 per share and leaving them at the credit of those accounts £467,610; this, too, after paying £669,262 in dividends since the year 1898. "These figures are given for the benefit of dissatisfied shareholders who would seem to bo unacquainted with the facts stated. Premium income (£229,224 12s 4d is higher by £11,883 Is 2d. Interest and rents (£31,583 net) are lower by £603. The sum of £16,031 12s lid has been added to our several reserve accounts." ASHBURTON GAS COMPANY. ANNUAL MEETING. \ '- lha Ashburton Gas, Coal, and Coke do., litd., held its forty-ninth annual meeting yesterday, when the chairman of directors (Mr K. Clark) presided. Tho annual report recommended that a farther £3OO be placed on deposit and stated thak after writing £1241 5s lOd off the plant thero remained the sum of £2213 103 2d. Tho payment of a dividend of 8 per cent. absorbing £1787 4s, and the carrying forward of £426 6s 2d was recommended. Tho chairman, in moving the adoption of the report and balance-sheet, said the balancesheet was very satisfactory when it was considered that business for the past year was dull. The plant was in good order. The board had decided to lay down a three-inch main from Cass street to the Hampstead Memorial Hall to give greater supply to consumers. The cost would be about £350. Through being brought under the Board of Trade's gas. regulations, altered conditions were not anticipated. Mr E. B. Newton had replaced Dr. W. J. Mullin on the directorate. Tho bank overdraft had increased by £458 12s 3d during the year, but this had been caused by the purchase of cookers, while the coal account had increased by £215 10s owing to extra quantities purchased as a protection against a strike. The decrease of £227 14s Id was due to a decrease in the price of gas. The report and balance-sheet were adopted. Messrs R. Clark and E. B. Newton, who rotired by rotation, were re-olected to the directorate. Mr A. Roberts was reappointed auditor. Votes of thanks were passed to the staff and directors. ABRAHAM AND WILLIAMS, LTD. [THE PBESS Special Service.] WELLINGTON,. November 21. The twenty-sixth annual meeting of the toembers of Abraham and Williams, Ltd., was held at the head office of the company on Monday. The profit and loss account, including £14,032 brought forward from last year, showed a credit balance of £29,591 from which has to be deducted the interim dividend paid in April, amounting to £7766, leaving a balance available for distribution «21,825. A dividend of 2} per cent, for the halfyear was declared on the ordinary shares which together with the 2J per cent paid in April, malfes 5 per cent, for the year, leaving a balance of £14,053 to be carried I forward. j Messrs D. Allan, R P. Abraham, and P. Bolton, the retiring directors, were reelected. FROZEN MEAT. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from London, under date 18th inst. : Frozen Meat—Lamb: 9Jd per lb. Mutton: wether and maiden ewe, light 6d per lb, heavy 5Jd per lb; ewe, light s|d per lb, «*vy <jd per lb. Markets auiet.