COMMERCIAL ITEMS

Dominion, Volume 20, Issue 43, 15 November 1926, Page 12

COMMERCIAL ITEMS

WELLINGTON STOCKEXCHANGE LAST WEEK’S BUSINESS AND PRICES There was very little business done during the past weeK, notwithstanding a good general demand. There were a lew sales ot Government stocks and bonds, the 4j per cents, changing hands at £96 12s. 6d., and the per cents, at £IU6 10s.; on Saturday there was a good demand for both these stocks. N.Z. Breweries 10 per cent, bonds sold at 245. 6d., und were in good demand at the price. Wellington Racing Club debentures were in steady demand at £lO6. Very little business was done in bank shales. There were sale ot Bank of Australasia at £l4 ss. 6d., Bank ol New Zealand at 60s. 6d. (four parcels), and Bank of New Zealand Rights at 6s. 6d. and 6s. sd. At the week-end there were buyers of National Bank at £6 19s. 6d., Bank of New South Wales at £44 155., and Union Bank at £l5 ss. There were no transactions in financial shares, but there was a good demand for them, with buyers t,f N.Z Loan and Mercantile, ordinary, at £95, N.L and River Plate at 225. 9d., N.Z. N.Z. and River Plato at 22s 9d., N.Z. Guarantee Corporation, ordinary, at 10s. 4d., Equitable Building at £9 2s. 6d., and Wellington Trust and Loan at £6 9s. Gd. A little business was done in gas shares, with sales of Auckland Gas at 235. Bd., and Gisborne Gas at 10s. 9d. Insurance shares were slow, and the only salo recorded during the week was that of N.Z. Insurance at 395. 3d. In meat shares there were transfers of Gear Meat at 375., and N.Z. Refrigerating. 10s. paid, at 7s. Shipping shares were quiet Sales were registered of Northern Steam at 155., and Devonport Ferry at 255. 3d. Woollen shares were neglected. Waipa Coni shares changed hands at 15s. 6d., ami there was a sale of Kauri Timber shares at 30s. Brewery shares were in good demand st the week-end, with buyers for N.Z. Breweries at 515., Ward and Co. at 425. 6d., and Staples and Co. at 375.. with sales during the week at 375. Gd. In the miscellaneous section, business was done in British Tobacco at 51s. Gd., N.Z. Drug at 70s. 9d„ Electrolytic Zinc, ordinary, nt 365. 5d., preference at 38s. Taranaki Oil at Bs. 6d., 9s. 4d.. and 9s. sd„ WelIngton Cordage 17s. 6d., and Wilson’s Cement at 335. 9d. Saturday’s buying and selling quotations were as under: —

SALES IN OTHER CENTRES Bv TELEGRAPH.— Pbf.ss association Auckland, November 13. The following sales took place:—Gohlsbrough Mort, 505.; Auckland Gas. 235. 9<i.: New Zealand Drug, 70s. Gd.; Taranaki Oil, 10s. Gd.; Albumin, 4s. Gd.; Moanataiari (con.), 2s. Cd. Dunedin, November 14. Sales: Westport ,Coal, 375. Gd. (two). THE BUTTER MARKET A survey of the world’s trade in butter shows’ several, changes that are of more than passing interest. Within lhe past twelve months two countries that have been occasional importers have raised their Customs tariffs sufficiently to almost absolutely bar imports. These countries are the Uniled states and Germany. The United Slates has been a fairly good customer for Danish and Canadian butters, while Germany lias taken largo quantities of Danish butter, and the operations of both importing countries liavc at. times forced up the market prices. Now'Camilla is able to supply lier requirements instead of 'importing from Australia, and iu addition has a little surplus for export to Britain, ami the whole of the Danish surplus has now to be marketed in the United Kingdom. At one time South Africa found it necessary to supplement the domestic supply with imports from Australia, but now the (5 butter factories scattered throughout the Union are able to feed the population and provide a small quantity for oX ft°seeins that nil exporting countries have now to rely solely upon the British market, anij at a time when the purchasing power of the consumers there is "really reduced. Another factor is that supplies are tending to increase. The following figures showing the imports into tile United Kingdom from foreign countries and from British sources (excluding the Irish Free State), taken from W Weddel and Co.’s reviews of the imported butter tiade, are instructive;—

While supplies from British sources have fluctuated, those from foreign sources show steady expansion, and the tendency is for a further steady increase; oualitv "also tends to improve. 1111 the pre-win year IM3-14 the imports of but.

ter into the United Kingdom totalled 213,431 tons. Siberia has not yet reached the pre-war producing level, but is steadily moving that way. The greatest development in dairying appears to have taken place in -the Argentine. Before the war the Argentine Republic took sixth place amongst foreign suppliers. It is now second only to Denmark. From a modest contribution of 2358 tons in 1913-14 the production has so expanded that last year the quantity exported totalled 24,685 tons, and the quality is being improved each season. The competition for the butter trade of the United Kingdom promises to be very keen in the near future, and under such conditions quality will bring its reward. NATIONAL INSURANCE CO. The statement of accounts issued by the National Insurance Company for the year ended September 30 shows that the fire, marine, and accident premiums, less reinsurances, amounted to £215.251, against £205,827 in the previous year. The losses totalled £109,725, against £86,242, and the expenses, including taxes and amount written off for bad debts, totalled £90,816, against £88.954, leaving the underwriting profit at £14,910, against £30,630. To the underwriting profit must be added the amount received in interest, rents, etc., £32,193, and profit on debentures £166, and the amount brought forward from the previous year, making a total of £79,401. The dividend for the year of 3s. 3d. per share, of which Is. 3d. per share was paid as an interim dividend, absorbs £32.500, a sum of £15,000 is added to the reserve fund, and the balance of £32,192 is carried forward. The items of the balance-sheet, with those for last vear in parentheses, are as follow: —Liabilities: Capital paid up. £300.000 (£300,000); reserve fund, £325.000 (£310,000); reinsurance reserve, £86,937 (£84,846); sundry creditors, £12,126 propriation for lo=ses unpaid, £l/,789 (£16,506): investment fluctuation account, £4458 (£4458); taxation reserve. £3085 (£5000); balance, £51,901 (£52,332). Assets: Loans on mortgage, £111,387 (£127,762); freehold properties, £76.181 (£26,800); debentures, £123,618 (£120,986); war loans, £343.531 (£355,201); money on deposit, £61,000 (£70.000); accrued interest, £lO,OlO (£11.064); branch and agency balances, £35,749 (£32.780); remittances in transit, nil (<£1000); shares N.Z. and S.S. Exhibition, nil (£500); balance at bankers, £39,820 (£39,115); totals, £801,296 (£785,208). NEW ZEALAND FARMERS’ UNION SOUTHERN HAWKE’S BAY. The executive of the Southern Hawke’s Bay provincial district met on Thursday afternoon, when, in the absence of Mr J. Livingston, the president, Mr. E A Ransom, M.F., presided. Mr. C. J. Reilly, of Porangahau, wrote stating that a meeting of farmers in that district would shortly be called, ir order to get block support for the union, in its endeavours to further increase the usefulness of the organisation. The Dominion secretary sent forward the following matters to bo dealt with: Women’s division, the replies of the Cabinet Minister concerned, in reference to remits, dealing with fertiliseras, railway <matters, education, rural mail deliveries, agricultural economics. The information was fully discussed, and recommendations submitted of usefulness to the farmers. The information regarding the “outlook of wool” shows that determined agitation on behalf of the sheep farmers is necessary to safeguard their interests in connection with ,the woo) market. The secretary reported on the rallies held at Weber, Otahwao, Porangahau, Horoeka. Pongaroa, Ashley-Clinton, and Hatuma. Mr. MclCullocb, the inspector in agriculture, attended each cne, and the field work during the day, and the lantern lectures in the evening were greatlv appreciated. .In each, centre those present spoke in terms of the highest appreciation of the good work which the Southern Hawke’s Bay Union is doing for the farming community. At the request of Mr. G. E. Morrikan. of Hatuma, it was decided to make active inquiry into the variations of price, received for different breeds of lambs. Mr. George Harvey, of Dannevirke, was sincerely thanked for his donation, of a complete set of the “Journal of Ag’ riculture,” Lt was reported that much useful co-operation had been received from the Immigration Department during the month, and many immigrants had been placed in employment in the district. It had been hard .to satisfy the demand for labour on dairy farms. The union had also actively co-operated with the War Relief Association, and other kindred societies, in regard to. unemployment in the district. Mr. R. H. Meade, M.R.C.V.S., wrote agreeing to visit Dannevirke. and de, liver a lecture, as soon as his services are required, the question of a suitable date being left to the secretary to arrange. It is hoped also to be able to get the Dominion president, Mr. W. J Ponson, to bisit the district shortly. Mr. Aris, veterinary surgeon, has made a good start with his work in the centre, and farmers generally are availing themselves of his services. The Pig Club suggested that a subcommittee be formed from the executive ,to control the interests of swine husbandry, in the district. This was agreed to, a strong- committee, being set lip, and in due course an itinerary will be arranged for Mr. K. W. Gor-t-inge. of the Agricultural Department, instructor in swine husbandry. Mr. C. D. Blakiston was added to the executive to represent the pig breeders in the district. , i- > The secretary reported that the ladies rest room was being largely availed or, and a further meeting of the ladies committee would lie held shortly. It was reported that the 1 armers Union herd testing scheme , wa s well under wav for the season, although tlje returns were not yet. at a maximum. Mr. Ransom again spoke of the urgent necessity, of getting an experimental farm for this district, and spoke r-t the excellent results being obtained m Taranaki. The meeting decided tn take the necessary steps to.have, a lull report furnished for consideration. The seriousness of the freezing work.* hold-up was discussed. Major McDonnell, emphasising the necessity of the farmers being actively organised to combat the trouble. A resolution was carried, requesting the delegates on the executive, in each district cchvass and get the names of any eligible mej' for service in the works tn Hawke s Bay. and also the date when they would bo able to go on duty. Major McDonnell. in strong words, commented on the laxity of the farmers in looking after their affairs, anil ho considered that al! should support the union in its endeavours to show slaughtermon that the farmers were determined not to have their stock held up.

Buyers. Sellers. N.Z. GOVT. LOANS— £ 8. d. £ s. d. 41 p.c. Ins. Sth-., 1938 96 10 0 96 15 0 5J- p.c. ditto, 1933 .... 100 10 0 100 15 0 51 p.c. ditto, 1936 .... 100 10 0 —— 4} p.c. Bonds, 1939 .. 9(1 10 0 44 p.c. ditto, 1938 .... 90 10 0 44 p.c. ditto, 1930 .... 97 5 0 p.c. ditto, 1933 .... 100 10 0 —” 54 p.c. ditto, 1936 .... DEBENTURES— 100 10 0 —— 106 Well. Racing Club .. N.Z. Breweries (stock) 0 0 —— 1 5 6 Ditto (bonds) 1 4 5 1 L> 0 BAiNKS— National of N.Z New South Wales ... 6 44 19 15 6 0 45 2 6 3 0 3 3 0 9 Ditto (rights) 0 6 4 0 6 5 i Union of Australia .. FINANCIAL— 15 o 0 15 G 6 Equitable Building .. 9 6 —- N.Z. Guarantee Corp. (ord., 8s.) 0 10 4 — Ditto (pref.) 1 0 6 N.Z. Investment 0 9 3 •— N.Z. Loan and Merc. 95 Agency (ord.) 0 0 N.Z. and River Plate 1 2 9 —— Wellington Investment 0 10 6 Well. Trust, Loan ... 6 9 6 6 15 0 Wellington Deposit .. — 0 10 4 Wright, Stephenson. (ord.) • •—— 1 4 6 Ditto (pref.) •— 0 17 6 GAS— Auckland (paid) 1 4 0 Gisborne 0 12 0 Wellington (ord.) .... 1 b 4 0 16 3 •— INSURANCE— National (cum.) 4 0 0 New Zealand 1 19 G MEAT PRESERVING— N.Z. Refrlgerat. (10s.) —— 0 7 3 TRANSPORT— Huddart-Parker (ord.) —— 2 7 9 Union Steam (pref.) .. P. and 0. def. stock 1 0 3 — 251 (cum.) «—• 0 0 Kelb. and Karori Tram. (ord.) 1 6 6 — WOOLLEN— Wellington (ord.) .... 6 10 0 —— COAL— Westport (cum.) — 0 TIMBER— Levland-O’Brlen (cum.) — 2 3 0 Taringamutu •— 1 8 0 — 0 17 0 BREWERIES— Crown 0 19 6 Manning and Co —— 1 1 6 New Zealand 2 11 0 Staples and Co 1 17 0 1 18 0 Ward and Co 6 MISCELLANEOUS— Burns. Philp, and Co. —• 1 19 9 Electrolytic Zinc (ord.) 1 16 0 1 16 6 Ditto (pref.) — 1 17 8 Howard Smith 1 11 9 1 13 0 Milburn Lime and Cement — 1 11 N.Z. Purer Mills (cum.) —— 1 0 0 Scoullar Co — 1 2 9 Sliarland & Co. (ord.) —— 1 9 Ditto (pref.) •— 1 3 0 Taranaki Oils 0 9 0 — Walrarapa Farmers’ (£5) 4 0 Ditto (£1) 0 1a 9 Ditto (pref.) Wilson's Cement (cum.) —— 0 17 0 1 14 0 —— MINING— Kawarau 0 6 Alburnia — 0 5 0

Year ended British Foreign Total June 30 Tons. Tons. Tons. 1P22 97,987 90,891 188,781 1923 .... .. 104,334. 121,727 229,061 1924 .. 77,838 110,171 224,009 1925 ., 130,478 117,410 277,898 1926 .. 99,881 157,077 256,961