FINANCE AND COMMERCE.

Press, Volume LVII, Issue 17247, 10 September 1921, Page 7

FINANCE AND COMMERCE.

REVIEW OF THE SHARE MARKET.

The market for Government btocn.3 has been comparatively quiet during the week, and there has been an easing in the prices of several investment stocks Four and a-half per cent, "ft ar Loan has changed hands at £B3 10s and £B3 7b 6d, with further buyers at £B3 03, and sellers at £B3 12s 6d, as compared with business at £B3 15s, during last Five and a-half per cent. Soldiers' Settlement Loan has sold at £9l 5b and £9l 10s, with further buyers at £9l 7s 6d, and sellers at £9l 15s. Bank of Australasia shares are cum a dividend and bonus totalling £- 12s per share, payable on the 30th instant. Buyers have quoted at £9O, and sellers at £9O 10s during the week, but no sales have been reported. . , . Buyers have offered £5 10s 6d for National Banks, with sellers at £5 12s, tlie quotations showing practically no change as compared with last week. Bank of New South Wales shares are easier than they were a , w f j ß ®°? and a small line has changed_ hands at £34, as compared with previous business at £35 ss. Further buyers are offering £B4, with sellers at £34 lUa. Bank of New Zealand shares have remained fairly firm, and have sold at 49s 3d and 495. with buyers at 48s yd and sellers at 49s 3d. . - Union Banks have also remained fairly steady, and have changed hands at £l2 10s during the week. _ National Insurances are easier, ana sellers are quoting at 61s 6d, with no declared buyers, as compared with dusiness at 63s during last week. Recent sales of New Zealand Insurances at 29b were threepence lower than previously reported business. Standard Insurances are now ex a dividend of Is 6d per share, ; paid during the week. Sales have taken place at 53s 3d and 53s cum the dividend, and at 51s ex the dividend, with further sellers at 52s and no declared buyers. Huddart-Parkere, have not shown much change, and have sold at 43s da and 435. The shares are still cum a dividend and bonus of 6 per cent., payable on the 15th instant. , New Zealand Refrigerating shares have improved, and the fullv-paid issue has changed hands at 31s 9d, as compared with 31s a week ago. Further Euyers axe offering 31s 6d, with sellers at 325. The partly-paid shares have sold at 17s 6d, as compared with business at 16s 6d and l?s during last We Westport Coal shares' have sold, at 27s 3d. 27s Id, and 27s 6d, as against business at 27s during the previous W The mining market is quiet, and little business lias been reported. f • Waibishave sold at 21s ana 21s 6d, Waitii Grand Junctions at 8s 6d, ond Mount Lyells at 13s 9d, 13s Bd, and 13s lOd.

GENERAL MERCHANDISE. OKOOEBIES, Eta - Business during the week, h&s bero;goo<t; The <finer weather experienced has, f in . » email iyay,\ assisted, by .' enabling . the publio t6. get about more freely, thus increaing' shop/sales.. •' ■ • " Cable advices received during the week from' London show that. Sicily shelled almonds are very . arm. Quotations named ior early shipment show that the landed cost here of the next arrivals will be qulto 2s V lb,- if not ft. little over that. It is ©sheeted that new season's almonds will not be here, until after Christmas. This fact h&a caused numerous buyers to operate at < ®?f'-s°. a . a to ensure eudicient supplies for u» Cmuat-. mas trade. , . A small shipment of Java eugaris cue 'to arrive in Lyttelton about next Wednesday. This ifl the sugar, which was mostly all sold, to arrive laat month. As far aa can be ascertained there is no more afloat, end there is not likely to be any further orders placed for. this article until the Government names the new price for coWtaial refined, sugar. Then, again, the advance In the price ot Java sugar at the port of shipment ia a matter that has to be considered. Tlu» sugar was some time ago quoted well below tne . local manufactured article, but, owing to substantial advancaa mSfc quotations cannot now be obtained. _ witn the hardening of tl>e Java sugar.price it is expected that the New -Zealand;-. Govern-, ment will not now name such a, low pnoe as was expected last month. The general impression was that ; sugar would drop some £lO a ton. A drop of this extent was forced more or leas onthe Government by the faJl■ in Java sugar. Now that the Java article has recovered, it is anticipated _ that the authorities will stiffen up' the price of NewZealand refined sugar, and that when the new price does come out it will not be euch n drop as was anticipated. Should this eventuate, it will be seen that the Government, by holding off naming the new piioe, haa been able to'take advantage of the increasing . market rates. The new prices are waited for most anxiously. _ , Advioe from the British makers of Colman's mustard is to the effect that there is •no chance of a drop in the prices of mustard for several months yet, and importers are told not to even then anticipate lower prices. It appears a3 if there will _be no" downward move in mneta-rd for neariy miother year. , Small shipments o{ Brown and Poisons cornflour landed this week on a very bare market, owing to increased oosta in gow. The local pricee of this shipment ar® higher than formerly, being as high, if not higher, than it has ever landed at before. Small supplies of Morton's Epsom Salts, which have been on the light side, are due* to arrive before the end of the month. This week's cable from Colombo states that good quality teas were in strong demand, end prices well maintained. Tile cable ®dvises that there will not bo anv further auctions until about the end of the month, as the markets have closed" for the holiday season. Buyers anticipate that when the market re-opens, there will be excptionally strong competition, which will mean a corresponding increase in prices _ ail round. Packers here are now awaiting_ with _ noemail amount' of ahxietv the opening prices at tho next auction. Should prices firm as anticipated an advance in the price or local packet teas must come in the near future.

HABDWABE. Trade for the week has approached pre-war activity to a greater degree than for same time past. Sales have been fairly numerous and ol.an extensive character, and enquiries from different directions are coming in. Ine cause of this* is escribed to a general belief that stocks arc shortening on account of tie cessation of importations einco the beginning, of the year. JCkia position points to a fulfilment of our prediction some time ago that prices would Harden before the end of the year. Merchants, however, express the hope that there will bo no need to increase prices, as it is probable that sooner or later an easier standard of values will set in. A fairly - keen demand has been experienced in the retail trade. Heavy lines of "bar iron have been moving fairly well at previous quotations—on a £io Basis. Bar and structural steel meets witiil very little demand, and heavy girders are also selling slowly, indicating a restricted condition of the building trade generally. Advices received from England .after a settlement of the ooal strike indicate a much ttorq hopeful outlook for the iron and steel trade. Orders are ooming in much Better, and many mills are again at work, although not up to their full capacity. The general opinion amongst Hnglish manufacturers and export houses is that price# will <Mo in the near future, but this is unlikely to be re: fleeted in the Dominion for some time aft-:_r. However, the outlook for 1922 is distineUy of a hopeful character, inasmuch sa merchants believe that a lower standard of prices will create a healthier demand. There is no alteration in prises as last quoted.

DOMINION'S TRADE AND MARKETS. (*r on comtiacm. ontoa.)

NOTES FROM WELLINGTON.

(FROM A SPECIAL COEBESPONBENI.) WELLINGTON, September 9. The Government having acknowledged that it has been found practically impossible to get in tho balance of the discharged soldiers' settlement loan, the quotations for the storks and bonds issued liave improved, and buyers are now offering £9l 7s 6d. There is a fair demand for the shares of banks and insurance companies, and some of tho industrial concerns are also iu favour. Business, however, is slack, and sales are few. It seems probable that mining will again attract speculators. For some time past there has been a difficulty in obtaining labour, but this is passing nway, and some mines on the West Coast have resumed operations, and are turning out gold. The problem of unemployment may be partly solved by the engagement of suitable men in prospecting work. Discoveries .of new reefs would send a thrill through old' miners, and would j-esuit in much useful development work being put in hand. The Civio Leogufi here is appealing to the people to contribute one day's pay towards the unemployed fund, but those in work, and particularly the salaried classes, are not viewing the matter kindly. It is pointed out. by_ n?any that only a year ago the overpaid .firemen in our coastal and intercolonial .shipping were arrogant and merciless m the extreme. Firemen thought nothing of holding up a ship because they objiected to the colour of the coos s whiskers; miners refused to hew coal and were callous as to the sufferings or the children and the sick ; the watersiders wore incessantly holding up the work of the port on trivial grounds; yet all three classes, but • particularly the seamen and witersidere, are now_ looking for the sympathy of a community that they harassed and scourged a few months ago The position of tne watersidere, it is contended, cannot bo so very bad when it is possible for them to forfeit half a day's work to hold a stop-work meeting, principally to. pass resolutions, of sympathy with k communists .and those engaged in circulating seditious literature. The response to the appeal of" the Civic League is not likely to be very encouraging, for the very good reason that those m worK are struggling to. make ends meet.

' A COMPANY OF TWO, (JRE99 ASSOCIATION TJMfQBAM.) AUCKLAND, September 9- _ The Bank of New South Wales petitioned in the Supremo Court For tho j compulsory winding up of th© Overseas gales Agency, Ltd., Auckland. Tho liabilities are. statefl to he £75,000 and the aespts £7OCO. It was alleged that the compa ny was indebted "to th© bank for £37,232 in respect of a bill of exchange accepted by th© company ana wihich had been dishonoured since August 20th, 1921/ It Was further alleged that tKe only two shareholders of th© company were Robert Frederick Wilson, formerly of Auckland, merchant, and Daisy Wilson, his wife. These two shareholders, at Sydney, held a in eating on August 10th,. and passed a resolution to wind up tho cbippahy which; petitioners "contended \va4 not in th© interests-of 1 the Whole of the creditors. Mr Justice Adams made an order winding up the company on the gounda that it could not pay its debts, e stated that the withdrawal of the charges of fraud-was only . for the purpose of th© petition, and not an admission that imer© was no fraud." BRITISH TRADE RETURNS.

DECREASE 117 IMPORTS AND EXPORTS. (By Cable—Press Association—Copyright. l (Australian and N.Z. Cable Association) LONDON, September 8. The value of imports into Great Britain during August decreased by £64,762,295, exports decreased by £63,557,028, and ; re-exports by £3,370,568, as compared with the corcesponding month of. last Year. The principal decreases were:— IMPORTS:' ' • ... Grain and Flour ... 10,352,542 Dutiable Food and Drink ... 473,778 Wood and Timber ... 8,489,001 RAW Cotton ... 7,264,004 Raw Wool. ... 4,624,527 •EXPORTS: £. Iron and Steel and Manufactures < ... 8,367,663 Cotton Yarns and Manufactures > ••• 24,811,863 Woollen Worsted Yarns and Manufactures ... . 7,982,143 Apparel . .••• , 3,114,460 There was an increase in the imports of meat of £2,480,977. SOUTHLAND COUNTY COUNCIL'S LOAN OVER-SUBSCRIBED. (fEESS ASSOCIATION TEI/EOBAM,) INVERCARGILL, September 9. The Southland County Council's temporary loan of £25,000, was oversubscribed within 2-1 hours, and within a week more than twice the' amount re•• j quired was offered.

SPECULATION IN GERMANY. BOOM IN TBADE. (3y Cable—Preea. Association—Copyright.; (Australian and K.Z. Cable Association.) BERLIN, September 8. Owing ld> the fever of speculation on the Stock Exchange, tho directors have decided to keep the .Exchange closed, so that business can only be transacted on two days a week. For tho present tho banks.announce that it'is impossible to cope with the tremendous bulk of busincse, and they decline to be responsible 'for the quick" and accurate execution of orders. Tho newspapers warn the public that a crash is inevitable, but the warnings thus far hare been without effect. Tho frill in the value of the mark was responsible for a wild rush, though many speculators belong to a class which did not knojv of the existenoe of the Stocty Exchange before tho war. Tho I'russiaa Ministry of Trade reports that the manufacturing boom in all branches, owing to the. fall of the mark, is attracting large foreign orders for clothing, cutlery, locomotives, boots, shoes and chemicals, and all trades are flourishing.

SALE OF JERSEY CATTLE. 7 (Received September 10th, 5.5 p.m.) LONDON, September 9. Lord Blythe's herd of Jersey cattle was sold by auction. The Sing bought one cow for 52 guineas, and two for 40 guineas each. Forty-five bead averaged £ift esrix