SHARE MARKET.

Press, Volume LXIII, Issue 19174, 3 December 1927, Page 12

SHARE MARKET.

WEEKLY REVIEW. The number of ..ales recorded on the Metropolitan Exchanges shows an increase as compared with last week; the tone of the market is good, and business lias been well spread, with the bulk of the sales recorded in Government loans and bank shares. For Government loans, buyers iire more in evidence than sellers, and there is keen demand for the 4J and oj per cent, issues. Business in the lour and a bah stock due 1038 at £96 los shows no change on last weel<, while the bonds due the tame vear rose is (id to turnover at £9O its Gd. Five and a quarter per cent, stock, due 1927-11, had dealings at £9B 10s and £96 17s (id, late buyers offering £9B los, sellers asking £99 2s Gd. Five and a half per cent, soldiers settlement.loan stock, due 1933, remains unaltered, with business at £lOl /is, and there is further demand at that figure, but holders are reticent. Five and a half per cent, bonds, du 193G changed hands at £.lOl 5s Gd and £lOl ss, and tliere is further enquiry for stock and bonds at tho latter tigure. holders not quoting. Tho following sales of municipal debentures were recorded: — Auckland Harbour Board 4 per cent., 1926, £B7; Dunedin City 6 per cent., 1932, £102; Auckland City G per cent., 1932, £lO2. Banking. In the banking section: A small parcel of Adelaides changed hands locally at £8 12s 9d. Australian Bank of Cotnmerco were turned over at 32s 8d and 32s Gd—late unsupported sellers offering at 32s Gd. Commercial of Australia were placed at 29s Id and 29s 2d, as compared with 29s 2d and 29s last week, and more are wanted at 29s 2d, sellers asking Id more. English, Scottish, and Australian had dealings at £7 12s 9d and £7 13s—market closing with unsupported sellers at £7 12s Gd. National of Australasia, fully paid, ex dividend, are on offer at £l6 19s, buyers 3s away, and the partly-paids r.t £8 7s, buyers 2s below. Closing business cum dividend was £l7 10s and £8 13s respectively. National of New Zealand were steadier, with transactions at prices ranging from £G 18s 6d to £6 17s Gd, as against last week's range from £6 17s to £6 19s. Now South Wales, which sold at £45 a week ago, cum dividend, have since the announcement of the dividend which was paid on November 30th, changed hands at £45 and £45 ss. New Zealand, in which there was a local turnover of 420 shares, moved between 59s (3d and 60s 3d, as against 59s 3d and 59s 6d last week, and the market closed with buyers at 60s 2d, sellers 60s 3d. Union Bank of Australia, old shares, were placed at £l4 10s and £l4 lis, the market closing 3s on either side of the latter figure. The new shares first instalment paid sold at £6. Insurance and Pastoral. National Insurance shares, which have been split into shares of £1 each, had Business at 15s 6d; New Zealand show improvement with sales at 40s and 40s 3d, as against 39s 6d and 40s last week. South British show an upward tendency with dealings at 57s and 56s 9d. Standards remain unaltered with business at 625. In the pastoral group recorded turnover was confined to Dalgety and Co. at £l3 and £l3 Is, as against business at the former figure last week. Goldsbrough, Morts are easier, with-buyers at 4Gs 9d,' sellers at 47s 4d. New Zealand Loan and Mercantile ordinary stock has enquiry at £94 10s. recent sellers at £97. For National Mortgage unsupported sellers want 72s (id-last week's sales ranged from 72s 6d to 71s 9d. • ' .

Shipping.—Howard Smiths eased to business at 28s 9d, and lato sellers are asking 295, buyers Is below. Union Steams have steady demand at 20s 2d; but sellers are reticent. Buyers of Huddart Parkers offered up to 48s 6d during the week, but holders are nob offorhig. Frozen Meat shares havo attracted more attention. For Canterbury cum ■dividend buyers offered up to £8 lis fid -with recent sellers at £9. Refrigerating fully paid shares changed hands at 16s 9d, 17s, and 17s Id, as against 16s 6d last week, and the partly paids opened the week with business at 8s 2d and closed at 8s 9d and 8s Bd. In all 1428 shares of this campany changed hands on the local market. Miscellaneous. Kaiapoi Woollens fully paid ordinary Bharos advanced to business at 8s 9d; 400 being turned over locally. M.osjriels had transactions at £6 12s 6d: Wellington are in strong demand at £6 3s Gd for the ordinary and £G 4s 6d for the preference. Westport Coals, ex dividend of Is per share, were dealt in at 31s 9d, Sis fid, and 31s, lato buyers offering 31s 3d, sellers asking 31s lOd. Auckland Gas show slight improvement with business at 23s 3d. Christchurch are 3d up with sales at 24s 6d, and thero is further demand at 24s 7d, sollers asking 2d more The 5s paid shares at 6s Tel are on a par with closing business last week. Eight hundred and sixty-eight shares of this company we ro bought on the local market. Six hundred and fifteen, Wellington ordinary sold at 27s 5d and 27s 6d, late unsupported sellers offering at the latter iig'ire. Brewery shares show recovery. New Zealands moved from 41s 6d to 445, as against turnover at 40s a week ago. Staples had moro attention at 38s 200 changing hands at that figure on the Jocamarket-closing quotes, buvers 37s 6d, sellers 38s. Milburn Lime changed hands at 32s 5W subsequent buyers offering 32s 3d sellers asking 335. Wilsons ex divil oend had recent demand at 35s 9d sellers asking 375. ' The Timber Market has been dull Amongst the Miscellaneous Stocks. JNew Zealand Drugs advanced Is to sales at 665. Colonial Sugars at £54 IvLl nT a V s6 of 17s M °" week. Other sales were: British Tobaccos, o4s to 53s 6d: D.I.C PreferTvS 9d -.dominion Bub'ber, 46s fcd, Mecfcro Zmc preference 31s lid, 32s and 31s 10d ; W Zealand Guar! nntee Corporation, 9s; Sanford, Ltd. t n £ d ,J a ™ lftki oil "s «-nd 10s 9d. in bold Mining shares Mt Lvells cum dividend, aro 3d up with business at 28s 6d. Waihis (in which there was a local turnover of 300 shares) changed hands at prices ranging from 21s 7d to 21s 9d. Ohinemuris show no movement with transactions at 6s 4d. YESTERDAY'S TRANSACTIONS. Markets wore a shade brighter and prices advanced in a few stocks. Though buyers did not bid so freely as usual the tone generally was firm, and sellers displayed no inclination to lower prices. In the Stock and Bond Market no sellers offered 4} per cent, tax free or 5i per cent, subject to tax issues. Buyers were in the market for both issues at late rates, but no transactions were j recorded. North Canterbury Hospital Board 6i per cent., 1932, Debentures'

.entered the filing !'>«■ :lt £ " 105 ' buvers offering £9S. . in tlie Banking section Commercial Bank of Australia were turner and 3UO were released at :29s 2d, a rise of Id on last recorded Imbiness; more were wanted nt this price, sellers ffenng further at 29s 3d; Bank of Now boutli ' Wales were tinner, buyers offering £44 I lis sellers £44 19s; Bank of New Zealand were quoted, buyers 60s 2d, sellers 60s 3d. • In the Miscellaneous Investment section. New Zealand Insurance had | a turnover of 100 shares at 40s market I closin- huvers -10s, sellers 40s 3d. Standard insurance were wanted at 61 s Gd. but wen- unoffeml. Goldsbrou"hMort were fractionally weaker with'buvers 4«s 9d. sellers 47s 4d ; for the new' slums in this company sellers offered at Ho lid. »" huvers quoting. Frozen Meai- ana in advanced with keen buyers. * Canterbury Frozen .Meat Comi'ianv have announced a final dividend, tor'the half year ended November Will, of 3 per cent, on preference and -I per cent, on ordinary shares, making 6 per rent, and & per cent, respectively for the year. Following the announcement, the .shares tinned to. buyers £8 lis, no sellers offering. New Zealand Refrigerating Company l.nvers advanced their prices for Ihe'fullv paid to 17s lOd, sellers IPs 3d: the 10s paid shares were turned over at 8s 8d and 8s 9d, the latter being an advance of 4d on last recorded business, market closing buyers gs 7d. sellers 8s Sd. J British Tobaccos were fractionally weaker, and 50 shares changed hands at 33s (id, sellers offering more at that figure, no buyers lu'ddin". Clonial Sugars were sold today at £54 17s?''Gd, the market being stronger, buyers- and sellers not quotinc further/ Electrolytic Zincs, 100 preference shares were sold at 31s lOd, the market closing 325, sellers without anv buvers bid. New Zealand Drugs we're slightly firmer, with buyers at 66s 3d. no sellers quoting. Waihis were firm, the market closing 22s 7d buyers, 22s sellers, alter a sale of 200 shares at 21s 9d. GENERAL MERCHANDISE. GROCERIES. Wholesale merchants are busy booking orders tor the 25th. ' Deliveries this montn will ho tho llith for country and a day or so later for town. Sugar supplies landed during the week, with further parcels duo next week. With holidays coming on, shopkeepers would be well advised to pay attention to sugar stocks. The cornflour market is still very firm, and importers are daily . anticipating advanced prices. The strike in shipping circles in Sydney looks very much like a hola-up of transhipments for New Zealand. A steamer landed in Sydney (for transhipment) a quantity of Sicily almonds on November 27th, as well as new season's dates. So far, a portion of the new Sicily almonds have landed, but the balance is now in Sydney awaiting transhipment. No new dates have so far landed, and unless the shipping position clears up, il looks as if there "will be a shortage at Christmas of dates and Sicily »lmonds. Other lines from Australia will be in the same position. The Singapore steamer for New Zealand ports is timed to leave next week, and is due in Lyttelton late in January. Buyers who have not operated so far for sago, tapioca, and pines should look into their requirements. Preserved ginger is selling freely, and stocks are able to take care of the demand. New season's Greek currants have landed and are selling fairly well. New Jordan almonds are in the lonic and will be available for the Christmas trade.

Spanish muscatels have landed, and are on sale in the City shops. Australian dressed rice is very firm, and is reported as very good buying. The steamer Waikawa, from San Franoisco, has arrived at Lyttelton, and is discharging Californian fruits. It is worth nothing that this ship seems to have very little or no prunes on hoard. These are due in about two or three weeks' time, as shippers were unable to catch the above steamer.

This week's quotation in London for Unseed oil for shipment to New Zealand is down to 2s 7d per gallon, drums extra, f.0.b., prompt dispatch. The market for desiccated coconut keeps steady since the advance of Is about ten days ago. Packets arc again bejng offered to arrive early at los per cwt Advance on the chest quotations. Half-chests are at the usual increase of Is Gd per cwt over chest prices. Parcels of Keillor's mince meat in lib jars, also the same make of lemon cheese in lib jars, have arrived for the Christmas trade. Prices are attractive, and the line should meet with a good public demand. Walnut halves, new season's, so far have not arrived. This market is steady, and if arrivals como to hand before Christmas the line should have a heavy demand. COMPANY REPORTS. SMITH AND. WADDINGTON, LTD. [THE PSES3 Special Service.] WELLINGTON, Decembor 2. The audited report and balance-sheet of Smith and Waddington, Limited, to be placed before shareholders at the extraordinary meeting on Monday will, it is understood, discloso that the loss for the three months to September 80th last was £24,985. A supplementary statement will show that during the subsequent live week 3 to November 3rd there was a profit of £346, The audited figures to September 30th show external liabilities totalling £171,830, comprising a loan from the City Mutual Life Co., £61,050; due to the E.S. and A. Bank, £52,104; trade creditors on open account, £25,504; bills payable, £18,172, and balance due on building contract £15,000. On the assets side debtors appear at £20,355, and cash at £147, the remainder of the assets being in property, plant, stocks, etc. Since the balancing date the loan from the City Mutual Life Co. had been repaid, and the bank debit reduced to £41,000. Accumulated losses to September 30 th were stated at £102,414, and goodwill appeared at £25,000, making a total of £127,414. In July the company issued 100,000 convertible preference shares and 50,000 ordinary shares of £1 each, the issue being underwritten. A call of 2s Od per share was due on December Ist, when the paid-up capital would be £350,000 in 150,000 ordinary 100,000 8 per cent, cumulative preference shares and 100,000 8 per cent, convertible preference shares. The latest accounts disclosed that the ordinary capital, after allowing for preference capital, was backed in tangible assets to the extent of only about 3s per £1 share. On the Stock Exchange yesterday the ordinary shares, after a sale at 4s, were quoted:—Buyers 2s, sellers 3s 6d. There was no quotation for the preference shares. COLONIAL MUTUAL FIRE. The first report of Colonial Mutual Fire Insurance Society issued since a controlling interest was acquired by the London and Lancashire Company covers the year ended September 30th. A decrease in net premiums and an incroase in losses resulted in the underwriting surplus decreasing to £11,379 from the surplus of the previous year £30,543. Premiums, losses, and expenses over the past threo years compare thus:— Year ended September 30. 1925. 1920. 1927. £ £ £ Premiums, net 311,778 306,060 330,957 Losses .. 133,854 163,204 180,569 Expenses .. 138,264 142,922 139,009 Surplus .. 39,659 30,534 11,379 With interest and rents £26,428, there is available for distribution with £1307 brought forward £39,114. The directors propose to pay a dividend and bonus of 7J per cent, against the previous distribution of 12i per cent., and to carry forward £16,614. The balance-sheet shows that paid ■ capital is £300,008, reserve fnud £132,500, reinsurance reserve fund £70,000, reserve for depreciation of freehold properties £7500, and amount owing on open account £66,215, against £56,761 in 1926. Total assets of £615,338 compare with £590,566 a year ago. They included the following:—Government and other public securities, £144,415; Commonwealth loans £23,100, against £34,000 in the preceding year; fixed deposits £125,047, against £85,547; freehold property at book value, £191,147; shares in other companies at cost, £52,008; amounts owing at branches and agencies £26,189, against £21,842; other debts due to the company, £21,958; bank balance £27,929, against £41,313; and fixtures, fittings, and furniture, £3545.

WOOL MARKET.

THE WELLINGTON SALE. [THE PRESS Special Service.] WELLINGTON, December 2. A total catalogue of 25,780 bales of wool will be offered at the second of the Wellington wool safes, to te held at the Town Hall on Monday. The limit placed by the New Zealand Wool Committee on'the offering for this sale was 27,000 bales. Main end adverse weather genetaliy have retarded district shearing to such an extent that full advantage of the limit cannot be taken. Wool, however, has been lushed into the stores and brokers have been working at full pressure to have it ready for buyers who are valuing to-day and will continue their rounds of all stores. The quantities to be offered at the sale on .Monday will lie as follows, in order of sale: —New Zealand Loan Company 2770 bales, Farmers' Distributing Company 2410, Wairarapa. Farmers 1619, Abraham and Williams and Wright .Stephenson ;£O3. Dalgety and Co., 4753, Murray Roberts and Johnston and Co. 3781. Levin and Co. 650 i. Total 25.730. Last December'-, sab' had a total offering of W.M\ bales.

NAURU PHOSPHATES.

BRITAIN TAKING NO SHARE. (BY CABLE -- i'RES.S ASSOCIATION- COPVKK.HT.) IAI'STRAUAN ,iXD X.7.. A.\"l> SUN CA3LC.I LONDON, December I. At a meeting of the L'nionist Agricultural Committee, LSO members oi the House of Commons appointed a deputation to urge the Government to utilise the agreed share, 42 per cent., of phosphates from Nauru and Ocean Islands, under the 1920 agreement. They suggested that Britain, Australia, and New Zealand should instruct the Commissioners to ascertain the lowest f.o.b. price. It is calculated that the annual output is 1,000,000 tons. Mr Harold Briggs, M.P., the organiser, states that he was amazed to discover that Britain took no share of the output. Many British superphosphate manufacturers were relinquishing their businesses owing to the lack of cheap material. Farmers urgently needed cheaper fertlisers, and Britain was taking a share of the benefit from both manufacturers and farmers. If manufacturers were not assisted they might agree internationally to regulate prices adversely to the farmers. CHRISTCHURCH WOOL SALE. In the report supplied by the Christchurch Woolbrokers' Association of Wednesday's wool sale, appearing in Thursday's issue, merino wool (C 4-70 and GO-64 super) was quoted at 22d to 23id, whereas the price was 22d to 25d per lb. The correction is desired by the Association, as the price may have a hearing on succeeding sales. BRITAIN'S EXPORTS. (bi cablj—prkss association— copibight.) australian and n.z. and sun cable.) (Received December 2nd, 8.20 p.m.)

LONDON, December 1. In the House of. Commons, Captain D. H. Hacking, in answer to a question, gave the figures for exports of goods from the United Kingdom for the year ended March 3lst to the following countries: — Average per capita. • £ £ s. d. India ... 79,000,000 0 411 Canada ... 26,000,000 216 1 Australia ... 60,500,000 919 0 New Zealand ... 20,000,000 14 16 5 South Africa ... 31,000,000 319 7 France ... 19,000,000 0 9 3 Germanv ... 29,000,000 0 9 1 United States... 43,000,000 0 7!) Italy ... 9,500,000 0 4 8 Russia ... 5,250,000 0 0 9 DAIRY PRODUCE. Messrs A. H. Turnbull and Co. report as follows: — The following are the toD Loudon quotations for the past four weeks: Nov. Nov. Nov. Nov. 4th. 11th. 18th. 25th. Danish butter .. 190s 200s 210s 204s N.Z. unsalted .. 184s 168s 190s 102s N.Z. salted .. 172s 176s 180s 178s N.Z. cheese, white .. 102s 100s 100s 102s N.Z. cheese, coloured 102s 100s 100s 101s BUTTER. As shown in the Quotations given above, our forecast of a sharp rise and equallv quick decline was fully justified. Messrs W. Weddel and Co., Ltd.. cabline on November 29th, state that fresh landed finest butters were, then bein? emoted as low as 170s. at which figure it is honed that the market will be stabilised. The damage to the Port Carolino cargo had. at first, a stimulating effect upon prices, but later on, the marketing of the damaged butter, under direction of the underwriters at a necessarily low figure, had the opposite effect and was largely responsible for the rapid fall now reported. Added to this, however, it is reported that the demand in the United Kingdom has been disappointing, with Australian Kangaroo brand offering at 1565, c.i.f.c December shipment. Canadian buvers. who have been a strong factor in stimulating the market, suddenly withdrew, but with a return to lower levels and no doubt assisted by the possibility of increased duties, once more entered the. market and" sales have recently been reported for December-January shipment to Canada at equal to Is 4}d per lb, f.o.b. Sales have also been made for the United Kingdom at Is 413. while New York buvers are also showine interest at this price, indicating the ooßsibility of a steady market during the flush months. The estimated arrivals in the United Kingdom during December-January from New Zealand will be somewhat heavier than last vear. approximately 15.000 tons, as against 12.000. CHEESE. The market has not shown very much movement and has been steady from 100s to 102s. The auantities of new season's which have arrived so far, have been very small, but with the heavier arrivals during December, the market is likelv to weaken slightly durine the month. 5 The following vessels are clue to arrive during December and January: Boxes Cm Us of of b'ittsr. cl:ecse. Middlesex. Dec. Ith .. 52.000 31,078 Pakeha, Dec. 16th .. 48,30! 30,538 Rotorua. Dec. 16th .. 323.010 2!,351 Kia Ora, Dec. 27th .. -"1.845 14,153 255.2?0 100,126 Equals 6,157 7,151 tons Arrivals duri-ig i)ecember. 1936 .. 5.199 3,40-2 tons j Ruapehu. Jan. 6th .. S2.S-1T 10.700 Port Darwin. Jan. 6th CO.OOO 32 00;) j Corinthic. Jan. 2nd .. 65.160 14.750 I Remuera. Jan. 15th .. 50.000 11,800 Turakina. Jan. 21st .. 38.000 C3,oo'i Toneariro. Jan. 27th 45.000 6,000 311.000 110,200 Equals 8.528 7,871 tons Arrivals during January. 1923 .. 6,971 10,432 tons Da-Igety and Co., Ltd., have received the following cablegram from their London office, dated December Ist: Butter.—Market weak and irregular. We quote: Danish (nominally) 192s to 1945; finest New Zealand salted 164s to 168s; finest Australian unsalted 176s to 178s, salted 164s to 168s. Cheese. —Market slow. We quote: New Zealand white 98s to 100s, coloured 97s to 995; Canadian spot, white and coloured 98s to 104* t Canadian c.i.f. not quoted.