FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20092, 22 November 1930, Page 12

FINANCE AND COMMERCE.

SHAKE MARKET.

WEEKLY' REVIEW. liie volume of business done on the Metropolitan Exchanges during the past week uas above the a'verage and 011 the local market was the heaviest total since the beginning 01 June. Jiank shares as usual were most pepui:.'-, and there was considerable activity in thia section, while brewerios. I'-hnccos, Lyells, Goldsbiougln, and suyars accounted for most, of the roportod turnover in other groups. Although the figures for last •eek do not make a fair comparison, is ti;e exchange held a morning call only that week, they are given for r- comparison of the volume oi done daily 011 the local market over *he period shown. Of this weeks turnover, bank shares accounted for 1110,050. Goldsbronyhs £2500, breweries £7115. tobaccos £2500, sugars £IOSO. run! Lyelli £1907. ■This week Last week. £ £ fsaumiav ... 5,36-i Closed Monday" ■ -',429 857 Tuesday .. 3.023 o'«o? Wednesday .. 7,530 ,~00 Thursday ... 4.81S i"*' i" Friday ... 6,787 Closed. locals £30,254 £8.279

in Government issues the 4J per . »nt. 193S Stock recovered to £99 ; the bonds due 1939 were steady nt £99; 3i per cent. 1933 stock was placed at £9B 7 s 6d; 5i per cent. 1933 bonds were firm with business at £99 17s bd, further buyers offering £99 12s 6d, no Millers quoting. Five and a halt per cent. 1930 stock had dealings at £9!) 7« 6d and £99 us, as against £99 is od last week. Auckland City o\ per cent. 1960 debentures changed hands at ijJi 10b; Mt. Eden Borough 52 per cent. 1963 at £99, and the 5J per cent 1964 at £97 10s, and Booth Macdonr.ld Gl oer cent. 1932 at £6S.

Banking. j In the section, Australian Rank of Commerce eased to dealings ■it IPs 9d -mid 19s 7d. Australasias recovered to £ll and late sellcia nie as ■- -rso ill. buvors at £lO lis. Commercial Bank of Australia Ordinary on an ictive market fluctuated from 17s 5d to 17s lOd to 17s 2d—the Preference : elapsed to £0 10s, and late sellers are asking £6 12s, buyers at £6 os E.j 3.. and A. slid back from £o 1-s to to 9a, and £5 S3 9d. Commercial of Sydr»ey changed handa at £l7 10s and £l7 151. National of Australasia fully paid cum dividend appeared easier on buyers' offers £l2, sellers at £l2 12s 6d. National of New Zealand in which last recorded dealings moved up to £5 lis, have buyers at £5 13s 6d, sellers at £5 18a. New South Wales were stronger at a 32 13s, but later relapsed to £32 7s 6d. Bank of New Zealand moved between 56s 9d and 575, as against 56s 6d to 57s last week —the "D" Mortgage shares hardened to 26s 9d. Union Bank of Australia shares changed hands at prices ranging from £9 16s 6d to £9 lis, as compared with £9 14s to £9 15s a week ago. Insurance and Loan and Agency. Quotations for National Insurance show a firm market. New Zealands had business at 42s 9d, as against 42s ad to 43s last week. For South British which moved up to 55s 3d a week ago, late buyers are offering 565, without atrracting sellers. Standards were weaker at 50s. and more are available at that price, buyers at 49s 7d. Dalgety and i O'ompanv sharc.s cum dividend dropped irozn £S 9s to £S 4s 6d, but there aro :urther buyers at £S ss, sellers at £8 JOs. GoJdsbrough, Morts ranged from -3s 9d to 223 as against 21s 3d to 22s 5d last week. New Zealand Guarantee Corporation shares remained at 7s 3d, market closing 2d either way. SUpping, Woollens, Coal, and Gas. Huddart, Parkers wcro released at 2Gs and late unsupported sellers are offering at 25s 9d. MosgieJ Woollens changed hands at £6 10s, and there are further buyers at £6 8s 6d, but sellers are reticent. Grey Valley Collieries cum dividend had dealings at 19s 3d, and 20s Od as against 20a fed last week. Taupiri Ordinary which fetched 23s last week are quoted 21s 6d buyers. 22s 9<J sellers. Auckland Gas shares were firm at 23s 9d, late buyers offering 23s 3d without attracting sellers —the partly paids wero fractionally firmer at 17s 6d. Christchurch Gas were a shade stronger at 25s 2d and 25s Id —the 10s paid shares remained unaltered at 12s 6d. Breweries. New Zealand Breweries fluctuated from 45s 8d to 40s (3d to 43s 2d, as against last week's dealings at prices ranging from 45s 6d to 465, market closing 43s Id buyers, 43s 2d sellers. Staples Brewery shares are stronger on buyers' offers 39s Cd, sellers at 41s. Tooths Brewery shares advanced to 25b ■sd, bat were unable to maintain that, level, and later relapsed to 24s sd. and more are on offer at 2-ls 2d, sellers at 24s Bd. Miscellaneous. Iti the Miscellaneous Investment Section —Australian Glass jumped from 27s to 29s at the beginning of the week, later easing to dealings at 28; (3d and 26s 7<2. Beath and Company,, in which last recorded turnover was at 265, have unsupported sellers at 25s 6d. British Tobaccos jumped to 6d at the beginning of the weekbut later ran down from 34s to 32s lOd. Colonial Sugars were more active than usual, and prices moved between £34 10s and £34 17s 6d. Electrolytic Zinc ordinary shares were released at 13s Cd—the preference advanced to dealings at 18s 6d, 19s. and 19s Id. closing at 18s 6d Mt. Lyells, cum dividend, jumped from 20s Id at the end of last week to dealings at prices ranging from 21s 2d to 23s 2d. rat later slid back to 20s Id. Oil were released at 4s. New Zealand Farmers' Co-op. 6i per cent.. 1940 stock, had dealines at £76. Farmers' Fertiliser were slightly stronger at 16= 3d. Wilson's Cements, cum dividend scored a rise of Is. with business at 41s, and there were further buyers at 40s 3d. sellers at 41s Cd. In gold mining stocks, Cornish Point. Is paid, eased to 2d. Mahakipawa were firm with dealings _at Bsd and 9d. and Okaritos had deaiings at os Cd. os. and os 9d. as against 5s 9d and 5s fid a week ago. Waihi Gold Mining were fractionally firmer at 13s lid and 14s.

YESTERDAY'S TRANSACTIONS. There was a good volume of business on call yesterday, with heavy trading in Bank shares, Breweries, Tobaccos, and Lyells, and prices of several showed an easing tendency on recent rates. Transactions, exclusive of vestibule business, included: — £•100 N.Z. Govt. 5$ per cent. Bonds, 1933. L'OO Aust. Bank of Commerce. 1450 Comm. Bank of Aust. •45 Comm. Bank of Sydney. 4 Bank of Now South Wales. 150 Baiik of New Zealand (cum div.). 50 Standard Insurance. 100 Grey Valley Collieries i'cum div.), late sale -oth. (550 New Zealand Breweries. 100 Tooths Brewery. 100 Australian Glass (cum div.). 550 British Tobacco. 600 Mt. Lyell (cum div.). £2OO N.Z. Farmers' Co-op. (0i per cent. Stock, 1940). 100 Okarito Mining.

New Zealand Government 5i per cent. Bonds, 1933, changed hands at £99 17s Od. Australian Bank of Commerce were fractionally weaker with dealings at 19s 7d. and further sellers at that figure, buyers at 19s 3d. Commercial Bank of Australia shares on an active market were released at 17s 3d ajid 17s 2d, market closing 17s 3d, sellers, 17s 2d buyers. Commercial Bank of Sydney shares changed hands at £l7 10s and £l7 15s. and more were offered at the higher figure, buyers at £l7 9s. Bank of New South Wales shares realised £32 7s 6d, buyers staying in at that price, sellers at £32 17s 6d. Bank of New Zealand were firm at SGs 9d, market closing 5Gs Sd buyers, 57s sellers. Other Stocks. Standard Insurance shares realised 50s and there were further sellers at that price, buyers at 49s 7d. Buyers of New Zealand Refrigerating shares moved up 9s, sellers at 9s B<l. A late sale of Grey Valley Collieries 011 Thursday was reported at 20s Cd, and there were further buyers at 20s, sellers at 225. New Zealand Breweries shares on tho morning call changed hands at 44s and 44s 6d, and on tho afternoon call at 43s 2d, business later being reported at 44b 4jd. Tooths Brewery shares were easier at 24s sd, closing quotations 3d on either side. Australian Glass cum dividend were weaker at 26s 7d, closing quotations 26s 3d buyers, 27s sellers. British Tobacco had dealings at prices ranging from 33s 3d to 32s lid, market closing 32s lid buyers, 33s sellers. Mt. Lyells cum dividend were fractionally weaker with dealings at 20s 2d and 20s Id and there were further sellers at 20s id, buyers at 20s. N.Z. Farmers' Co-op. 64 per cent., 1940 Stock changed hands at £76. Okarito Gold Mining shares were firm at 5s 9d, market closing 5s lOd buyers, no sellers.

AUCKLAND SUMMARY.

[TUB PKEBS Special Servlc#.] AUCKLAND, November 21. A most erratic tone was recorded in the market. The volume of business in the banking group has been below normal, buyers displaying a slight hesitancy in placing firm offers. Commercial iianks have met a fluctuating market which saw sales at up to 17s 9d on Monday, but fell back to 17s 2d to-day. English, Scottish, and Australian, which sold- at £5 12s a week ago, failed to attract buyers to-day after sales the previous day at £5 9s. New Zealands also lost ground, selling at down to 56s Bd, compared with 57s early in lhe week. Insurances have been quiet, New Zealands being the only shares to change hands, showing a drop of 3d. Little movement has been shown in the loan and agency section, but any general movement has been toward lower price levels. New Zealand Breweries have registered a decidedly weaker tone since the announcement of the date for payment of the interim dividend without any indication of the amount. From firm sales at up to 46s 3d the nlarket dropped to 445. The market for Australian industrials closed this afternoon with prices slightly under those of the previous Friday. New Zealand industrials, on the other hand, have met with a steady demand.

MEETING OF ASSOCIATION. I.PBESS ASSOCIATION TKLEGBAIi.) WELLINGTON, November 21. The annual conference of the Stock Exchange Association of New Zealand concluded to-day. Mr F. E. Graham, chairman of the Christchurch Exchange, was elected president, and Mr Smith, of Dunedin, vice-chairman. The increased stamp duty imposed last session, more especially in regard to investments in Australian banks and companies, was discussed, and the meeting confirmed the action taken by the special Committee last July in its attempts to point out to the Government the unfairness of the double taxation on the New Zealand investors. CUSTOMS TARIFFS. MANUFACTURERS AND MR AGAR. Asked yesterday for his comment on ♦he remarks made at the annual meoting of the Canterbury Manufacturers' Association, Mr C. P. Agar, past president of the Associated Chambers of Commerce, said that the appointed speakers for the Manufacturers' As«ociation had stated that the tariff collected on importations was for revenue purposes, and not for the protection of secondary industries. If this were the attitude of • the Manufacturers' Association, then he was In accord with their viewpoint that tariffs should be collected for revenue purposes, and should be imposed upon the ability-to-pay principle rather than on an uneconomic and unsound basis.

The position was now open for primary producers, workers, and others who would benefit by a reduction in overhead costs and a lowering of the cost of living to approach the Government and ask for future revenue to be raised on the principle of ability to pay rather than on the principle of protection for secondary industries. Mr Agar added that he was glad that the suggested breach between the Chamber of Commerce and the Manufacturers' Association had beeu healed. He was particularly pleased that he found the Manufacturers' Association and himself now in agreement. FROZEN MEAT. Dalgrety and Company, Ltd., have received the following cablegram from their London office, dated November 20th: Frozen Heat —Market: dull » n d weaker tendency