COMMERCIAL ITEMS

Dominion, Volume 20, Issue 50, 23 November 1926, Page 12

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

YESTERDAY’S BUSINESS AND PRICES

At the morning call yesterday sales were reported of Union Bank shares at £l5 ss. 6d., and Auckland Gas al 235. Bd. At the afternoon call the sales reported were 5 per cent, stocks ut £99, and Wellington Gas ordinary at 265. (id. There was a good demand for Government stocks aud bonds, with buyers of •1J per cent, stocks at £96 10s., 4J per cent, bonds at £96 12s. (id., 5 per cent, stock at £9B 17s. 6d., 5 per cent, bonds at £99, and 5£ per cents, at £lOO 10s. Wellington Racing Club debentures were in demand at £lO6. and N.Z. Breweries 10 per cent, bonds at 245. lid.- Bank shares were steady. There were bids of £7 os. 6d. for National Bank of New Zealand shares, £44 17s. 6d. for Bank of New South Wales, £3 for Bank of New Zealand, 6s. fid. for Bank of New Zealand rights, and £l5 ss. for Union Bank. Loan and Mercantile ordinary stocks were in demand at £95 155., cum. dividend, N.Z. Guarantee Corporation ordinary at 10s. 4d., and Wellington Investment at 10s. 6d. Gas shares were steady, and there were buyers of Auckland Gas at 235. 6d., and Wellington Gas preference at 16s. 3d. N.Z. Refrigerating shares were firm, the £1 paid at 14>s. 3d. and the 10s. paid at 6s. 7d. Union Steam shares were in demand at 20s. fid. There was good inquiry for Wellington Woollen shares at £6 10s., and the new issue, calls paid in advance, at £0 6s. Westport Coal shares were steady at 355. 3d., Leyland-O’Brieu Timber at 405., and National Timber at 14s. Brewery shares were firm, with buyers of Crown Brewery at 19s. 6d., N.Z. Breweries at 51s. 3d., and Ward and Co. at 425. 6d. Wilson’s Cement shares were in demand at 345. 6d., cum. dividend. Yesterday’s buying and selling quotations were os under:—

SALES IN OTHER CENTRES BY TELEGBAPH.—FEESS ASSOCIAIIOb Auckland, November 22. Sales.—lnscribed Stock (1938 k 4J per cent., £96 155.: Bank of New Zealand (rights), 6s. Bd.; Aucklaad Gas (contrib.), 13s.- Milne and Choyce debenture stock, 245.: Moanataiari (contrib.), 4s. 10d„ 4s. lid.. 55.. ss. Id., is., 55., Cs. 2d., ss. Id.; Lucky Shot (contrib.). Is. 2d., Is. 3<1.; New Zeehan Consolidated. Is. 35.; Mount Lyell, 283. 9d. LONDON MONEY MARKET The more favourable turn taken by the coal strike appears to have had some influence on the money market—at all events the gold reserve of the Bank of England was increased by £960,069 during the past week, bringing the total up to £151,458,000. In July there was some concern as to whether the reserve was large enough to enable the bank to meet the autumn demands. In April last the gold reserve was £145,073,000, whereas in April. 1925, when the gold standard was restored, it stood at £153,906,000. Thus the second year of the gold standard began with £9,000,000 less of the metal in the possession of the central institution. Still the bank has managed to meet the autumn demands, and show a satisfactory gold reserve. But the Bank of England, though holding the main gold reserve of the country, is not the only holder of the yellow metal, for it was known that one of the “Big Five” banks was holding a fair amount of the metal which in case of need would no doubt have been made available to the Bank of England. The fact that the rate for short loans was last week reduced by 2s. 6d. per cent, to 4 per cent, shows that the position is quite satisfactory. The bank rate has been maintained at 5 per cent, throughout the year. The New York rate was raised to 4 per cent, on January 7, and reduced to 31 per cent, at the end of March, at which rate it still stands. Should there be no further labour troubles if is probable that British trade will revive, and money in London should ease slightly in the New Year.

MEAT FREEZING INDUSTRY

Prices for New Zealand frozen meat on the Smithfield market are very much lower than they were a year ago. The weekly quotations issued by the British Incorporated Society of Meat Importers for parcels fairly representative of tho bulk of the shipments on offer, show that North Island crossbred wethers and maiden ewes, SC-fifll>.. were quoted at sjd„ while n year ago the quotation was 7?d., n drop of Jfd. per lb., or about 25 per cent. North Island selected is quoted at 51d.. against Sd., a. drop of 21d.; North Island light. 18-sfilb.. now 5?d.. a-year and 7Jd.; ewe mutton. tS-tillb.. 3Jd., against 53d ; Canterbury lamb, light. 10!d., against 113 d.: other selected brands, light. 9ld„ against 11'.d.: North Island lamb is not quoted, but the. mice ruling .last year was Ifild. for firsf quality. Last week (lie lamb market was reported weak, and the demand limited, while (he mutton market was also weak, and the demand poor. Obviously the consumers are unable to purchase as freely ns j]i PV would probably like to. and Io keep stocks moving prices have had (o be reduced. Tho freezing industry cannot stand nnv increase in opcratim.’ expenses without incurring further heavy losses. CUSTOMS BEVENHE. The Customs revenue collected at the p->rt of Wellington yesterday totalled 25032.

SYDNEY WOOL SALES LAST WEEK’S RATES WELL MAINTAINED. By TBLBGKAI-H.— l-ur.faS ASSOCIATION, (Rec. Nov. 22, 10.15 p.iu.). Sydney, November 22. At the wool sales the market was fully equal to the closing rates of last week for all descriptions. There was good general demand, all wools possessing hneness being in special request. Tull and satisfactory clearances were made. Greasy merino sold to 2l)d. per lb. THOROUGHBRED YEARLING SALE STRONG SUPPORT BY BREEDERS. About ninety entries had been received up to Eriday Horn breeders in all parts of the Dominion tor the urst bi the annual yearling sales to be held at Trentliam on the ou’-day ot the Wellington summer meeting. The sale premises being erected by Messrs. Wriguf, btephensou and Go. Ltd., are now being pushed ahead, and will be ready for the accommodation of the yearlings well in advance of the sale. It is intended that the youngsters will be on view at least for one week prior to the sales. Auckland entries are substantial, and it is hoped to arrange for a special train to convey these direct to Trentliam. Northern’ breeders who have so far made entries comprise Mr. E. C. Ring, yearlings by Valkyrian (imp.) and Potoa; .Messrs. J. and J. Paterson, yearlings by Surveyor; Dr. E. It. B. Milsom, by Catmint (imp.) and Romeo (imp.); Air. R. C. Wallace, by Catmint and Valkyrian; Mr. B. O’ilrien, by General Latour and Nassau; and Dr. Ring, by Valkyrian, a total of 21. Mr. G. Currie, Wanganui, will be the largest vendor, with thirteen nominations, the progeny of Absurd, Limond and the first of Thespian’s gets; another Wanganui supporter is the Westmere stud-master, Mr. J. Donald, with youngsters by his imported horses, Chief Ruler and Tonbridge, and a colt and filly by Archery (imp.). Messrs. T. H. Lowry, W. G. Stead, A. J. Toxward, and J. 1). Ormond, Hawke’s Bay, have made substantial entries representing the imported sires, Grandcourt, Psychology, Leighton, and Lord Quex, and in the case of the latter two breeders. Tea Tray, Chief Ruler, Tonbridge, Paper Money, and King Mark'. The Eiderslie Stud. Oamaru,, is also represented by colts by Kilbroney, Paper Money, and Tea Tray. Mr. lan Dunean? who annually hold a sale of Waikanae and later of Eiderslie yearlings, at Wellington in January, has also cancelled this fixture in order that the big New Zealand sale may secure the undivided attention of breeders at that time. The Eiderslie Stud sires will be represented by some other notable youngsters, representing breeders in both islands, including Messrs. W. R. Kemball, Masterton; Alan Cambridge, Dunedin: S. Gibbons, Marton; and W. E. Bidwill, Featherston. The latter breeder has also two nominations of Elevation, and Mr. W. R. Kemball has made three nominations of yearlings bv Ilymestra. Anol her important nomination from the Wairarnpa is that of probably the only Martian colt in the Dominion to-day. a handsome youngster from Kildce, foaled nt the. Kinlo'k Stud, Little River, ami owned by Mr. A. McDonald. Mr. J. I-’. Buchanan, the Little River studmaster, has himself nominated three colts by Paladin, and this sire is well represented in the entry lists, while the southern sire, Solferino, will have a youngster claiming full relationship to Count Cavour, among his representatives.

Mr. K. Austin, a well-known Australian authority, associated with Messis. If Chisholm and Co., will arrive in (lie Dominion early in January, and will submit tho yearlings to auction.

Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 44 p.c. Ins. fcstk., 193C 96 10 0 M.* 4* p.c. ditto, 1938 .... nt; 12 o ww. 54 p.c. ditto, 1933 .... 100 10 0 MM 54 p.c. ditto, 1936 .... 1(10 10 0 MM 44 p.c. Bonds, 1939 .. 96 12 <; M— 44 p.c. ditto, 193S .... 0(1 12 (i —— 54 p.c. ditto, 11)33 .... 100 10 0 MW 54 p.c. ditto, 1936 .... ioo io o _M 5 p.<>. P.O. Ins. Stk., 1927 98 17 6 99 5 0 5 p.c. P.O. Bonds, 11)27 01) 0 0 BANKS— National of N.Z. .... 7 0 G MM New South Wales ... 44 17 6 45 2 C 3 0 0 3 10 Ditto (rights) 0 G li 0 6 7 15 5 0 15 6 0 FIN A NCI Air— Goldsbrough Mort ... 2 11 0 N.Z. Guarantee Corp. (ord., 8s.) 0 10 4 0 10 8 N.Z. Loan and Merc. 95 15 0 Wellington Investment 0 10 G MWell. Deposit & Mortg — 0 10 4 Wright, Stephenson (ord.) »' 11 .1 4 6 Ditto (pre£.) 0 17 0 GAS— Auckland (paid) 13 6 —— Wellington (ord.) .... —— 17 0 Ditto (pref.) 0 1G 3 MW I 1 5 0 0 INSURANCE— —V 3 18 0 1 19 6 South British — 2 17 0 MEAT PRESERVING— N.Z. Refrigerating (.£1) 0 14 3 MM Ditto (10s.) 0 G 7 TRANSPORT— Iluddart-Parker (ord.) —- 2 7 0 Union Steam (pref.) .. 10 3 MW P. and O. def stock.. —— 250 0 0 WOOLLEN— Wellington (ord. and pref.) 6 10 0 —w Ditto (new issue) ... 6 6 0 6 11 0 COAL— Westport 1 15 3 1 1G 3 TIMBER— Leyland-O'Brien .... 2 0 0 2 3 3 Tarlngaiuutu 0 14 0 1 8 0 0 15 0 BREWERIES— .. Crown 0 19 6 W w Manning and Co. .... — lie N.Z. Breweries 2 11 3 W.W -. 1 18 3 2 *2 G MISCELLANEOUS— Electrolytic Zinc (ord.) m» 1 17 0 Ditto (pref.) — 1 17 6 Howard Smith mm 1 13 0 Wairarapa Farmers’ (£5) - 4 2 6 Ditto (pref.) w-~ 0 10 11 Wellington Cordage.. m— 0 18 0 Wilson’s Cement (cum.) 1 14 G ■■ ■ ■ MINING— Waihl Grand Junction —— 0 2 8 Kawarau 0 3 0 —