COMMERCIAL.

North Otago Times, Volume CVII, Issue 17164, 22 March 1927, Page 7

COMMERCIAL.

JSpecial to Nortli Otago Times.]

revibwj of the share market.

TIMARU, Yesterday. Notwithstanding the interruption to business due to tiie Royal visit, a fair number of transactions were recorded on tbe Stock Uxclianges. lnterest was mainly centred in banking and financial stocks, whicli seem to. monopolise a gi-eat portion of investors'- attention. ,Tbe possibility of further mergers is remote, and new issues, tbougb eagerly looked for, do not niaterialise as frequently as anticipated It 6eems to be too often forgotten tbat unless the primary and secondary industries are m a flounisbing condition, tbe banks cannot of tbemseives mamtain a state of continued prosperity, Tbat there as a considerable amount of money avatilable for sound. investment is proved by tbe ready way in wbicb all new issues bave been taken up, and tbe bigb prices given for tbe rights to new shares, many of wbicb are allotted to sbarebolders at substantial premiums. Tbis state of affairs is due t otbe facttbat during the past twelve years, tbe banks bave made considerable profits and built up big resexwes, and bave thus been in a position to assist in tbe fostering of many industries wbicb bave taken root and promise to grow to fair dimensions. Experience bas taugbt our financial leaders how far tbey may prudently go dn promoting tbesa industries, and it is not improbable tbat periodical increases in, capital will be made to meet the demands to cope with these requirements. In the banking division, New Soutb Wales brought up to £49 10s, witb turtber inquiry. After the amalgamation with tbe Westraliari Bank, 31,250 sbares will be issued at par. Tbis will be allotted in tbe proportion of.one in eleven. Westralians are wanted at 59s 3d, with sellers 60s. A steady clemand bas set in for E.S.A. Banks, due doubtless to tbe idea tbat a new issue will be necessary to finance the purchase of the Royal Bank. Saies were made at £8 12s, witb furtheii buyers. Royals, wbicb do not participate in tbe May dividend of E.S.A. B^nk, but wiill receiVe the usual div. of ls, have been sold at 47s 3d, with a buyer offering 47s 4d (sellers 48s 3d). Tbe four pound issue has m'qved up to £9 6s, 'witb holaers quoting £9 8s. The demand for Austraiasians continues good, and transfers are being made at £14 15s 6d, with sellers at sixpence more. Unions are very steady. Hopes are enter.tained tbat a new issue is not far olf, and parcels cbanged hands up to £15 7s. Commercial of Sydney are firm witb' saies at £2 5s. A.B.G. Banks continue to incite speculation, as being one of tbe few banks likely to be absorbed. Tbey are steady. at about 36s 3d, saies at 36s 4d. Tbe National Bank of Australasia bas sent to shareholders particulars regarding the additional million pounds of capital. Eor every eigbt £10 shares, one new share at £14 is allotted, and two £8 sbares paid to £5 are to be issued at £7 eacb. Tbe fully paid are wanted at £18 15s, and tbe contribs are requireed for at nine guineas. National of New, Zealand have moved up to £7 2s, New Zealand still sell freely at 60s. Tbe mortgage shares are offered at 12s 4d, with response from buyers. Commerciial of Australia and Bank of Victoria show no cbange from last wp.fik's fio-nres.

Insurance shares bave not been the medium of many reported transactions New Zealand's are slightly weaker, with saies at 36s 2d and 36s 3d, and buyers and sellers within a penny of the last named price. Soutb. Britisb ai*e easier, and cbanged hands at 55s 6d ; buyers ready to operate at that money, sellers not quoting. Queenslands are strong, and are not available under £3. Pacific are asked for at 4s wuthojit repiy. A few transactions in loan and agency scrip indicate a .firm market. National Mortgages were quitted at 67s, and bave buyers at 65s, with sellers half-a-crown better. Goldsborough Morts changed hands at 50s 6d, and buyers and sellers are sixpence • on eitber side of that sum. N.Z. and River Plate bave come into favour witb inquiry at 26s 9d, but 27s is required. Wright Stephenson ordinary are wanted at 22s, and the prefs. are olfered at 17s without result. N Z. Loan and Mercantile show no cbange. Not a great deal is being done in shipping. Huddart Parker ordinary, 'improved to saies at 48s 6d. Further inquiry at 48s brought out a seller at 48s 6d. The prefs. are. up to buyers at 21s 3d. Nortbern Steam paids sold at 13s and 13s 3d. Howard Smith have moved up a little, 32s cum. div. being tbe middle price, witb saies at 32s 3d. P; and O. deferred stock is wanted at £250, but £260 is required. Tbe London Exchange quote is £255. Union Steam prefs. are slightly above par.. Burns Philps are strong at two gudneas. Transaction; in gas are reported mostly in Auckland, wbere paids realised 23s ld and contribs. brought 14s lOd. Timaru five pounds paid are wanted at £7 7s 6d. Tbe pound sbares should sbortly be on the market. Refrigerating shares are slow to move. New Zealand contribs. brought 6s ld, and the paid ups 13s 3d. Canterbury Meat, ordinary, bad sellers at £9, but a pound less was tbe buying limit. Southland are steady at 33s, and Gears at 35s. The price cutting in fertilisers is refiected in saies of Kemptliorne Prosser sbares at 67s cum. div, and New Zealand .Farmers' Fertilisers £5 paid at 75s, at whicb prices sbares are steady. A sale of Kaiapoi Woollen contribs. (7s paid) at 3s 6d, and one of Mosgiels at £6 2s, are tbe only notewortby transfers in woollen.

Coal mining sbares are not an attractive investment just now, ^ Westport are steady at 35s. Stockton ordinary are about lOd buyert seller ls 9d. Prefs. are asked for at ls 6d. Waipa Colleries realised 16s ; Taupiri ordinary are steady at about 22s, Tbe restricted output is telling its tale on rubber companies. Tbe Donunion Compaiiy's output for February was 36,0001bs. Shares are 45s 6d without buyers. New Zealand Malay are not tempting to investors at 40s. Bunlops are up a little, and 33s 6d is offered for tbem, with ninepence rjargin separafiing tbe seller. ... ,, A better tone is noticeable m tne market for breweries. N.Z. Breweries went up to saies at 51s 6d, witb more wanted at tbe same figure, bolders askino- 52s. Staples are firm at 37s. limaru's prospects for the coming year are stated, to be very good, and shares are sought at 15s on a bare market. Manning's still ' remain in the vicinaty of one pound' Business in mining bas been conhned almost wholly to Auckland, wbere the market is lively for speculative stocks, Moanataiari were sold from 4s 6d to 5s 8d. Lucky Sbot were disposed oi at up to 3s. Waihis are available at 17s 9d, with saies at 17s 6d. Nokoniais are now fully paid, and 36s is asked for them. Kawaraus are steady, about 3s 4d. St. Batbans are still verv wealc, with a buyer at lUs bcl discount. 'Taranaki Oils are' still saleable about 9s 3d. Electrolytnc Zmc prefs. brought 36s 3d, and are fiim at tbat figure. Mount Lyells are worth from 28s 6d to 29s. Mount Isa bave slipped baclc, and buyers are now offering only 34s 9d, sellers 37s 6d. Govemment Bonds are not quite so firm. The 1938 and 1938 U per cents. are easy at £96 10s.