REVIEW OF THE SHARE MARKET.

Press, Volume LVIII, Issue 17609, 11 November 1922, Page 8

REVIEW OF THE SHARE MARKET.

T'.e.v, have been no 'calLs on tho Cforistehurch Stock Exchange owing to the Carnival Week holidays, but a fair number of er.les bean reported on ■Qx other New Zealand Exchanges, in severd cases tho priccu showing improvement as compared with list week. Four nnd a half per asnt. War Loan, <ico m 1935, has been a little easier, end has sold at £9O l.'is, 10s > ""J 6s, j.b against business last week ifJ7 and £96 17s Gd. , Fiv« and a half pw Settler ient Luan. duo in 1-33, nas changed hands ut £f/i) 15s. this figure ijciug us better than sales at the end OI Bank of Australasia aha res eold at £l3, with furtherbuyers at £l2 19*;. but th«.« has since been repoi let! biwincas aL £l3 3s txl, wi later buyers at £l'3 2s Cd. , National J3ank off New Zealand shares have also advanced, and after a, number of recent salt-f. ut £G and £6 Is od, have changed hnn ds at £(> 3 s with subseniiont buyers 'at- iX' ~ s au d no clecfeircJ filers. Hank of Neir Zealand shares are a : shade easier with sales at 56s 9d and further buyerj at 56s Cd, nnd tellers at 575. Last week's reported business was at 57a. B in!; of No w South W ales shares are , in steady demand, and buyers are offer- ! ins £35 os v.ithout attracting declared sellers, as against sellers at that figure a week ago. A quarterly dividend of 10s per share is payable on these shares : at iiie end of the present month. After business last week up to £l3 : 10a. Uni<jn Bank shares have eased n little and are offered at £l3 7s 6d, with ' buvera dt £l3 Cs. i llere haa not been much demand for ' insurance shares, and the reported : buiiineai shows no change as compared i with last week. ' l)nlzcty nnd Co. have announced the \ reinstat-ernent of a bonus of o p®r cent. in addition to the usual dividend at the ; rate of 10 per cent, per annum. Shares i changed hands at £lO 10s at the end of j lost week, but no sales have since been j reported. ' Huddflrt-Parkere have) improved from ; (rales sit <>os 3d during lrst week to busi- ( fuss at 51s 3d and 51s Od 1 , and later buyI ers at 51s 6d and sellers at s'la. i No tmles have been reported of Freezi inn Company shares, but buyers have j offered 14a for New Zealand Hefrigeri ating Company contributing shares, as I oompared with previous business at 13s ; Bd. I Weetport Coal Company shares arc now cum a final dividend and bonus I totalling Is 9d per sliare, and have told j recently at 39s 6d,' as against earlier I sales at 92s 6d. I Wilson's Cement shares are wanted at 21s, as oompared with reoent sales at 90> Id, 90s 3d, and 20s 4d. This company has declared an interim dividend of 8d per shar?, payable on the 28th fast. Following on favourable reports from the .mines, "Waihi and Waihi Grand Junction ,shares have improved Airinsj-the week. Waihis have sold at 3k 3d, 31e, 315.3d, 31s 6d, 31s 9d, 325, •«dlßls Od.witii later buyers at 31s 6d. while Grand Junctions have changed ; hand* at Bs'M, ds, 9s 4d, 9s 6d, 9s'9d, 9fe lOd, 10b, lfo od, aitd lOs Id. REPIUGERATED FOOD CONFERENCE. XBpZEV MEAT W PH^NOE. J.;".' ' ' ' ■ " / ■ '■'■»"} ' * (Br / CMb Vttu AwwUtion—Copyrigiht.) aad N.Z. Cable Association.) ; . IfINDON, November 9. : jfUrTbKnoaßbbinson represented the . I^SKoodMo<m|eii ence ,«t Paris, ' where : ' experiments had j;r^^\ r cpot>~ of which will ,b»?horae?by the Tftriotie Governments. Qrnchronising with the M. fijid thus giving >:V; , the. JBhnpire's. conferred fith in the? import of •te'Sßlratefclii the war- and disouesed the. of toepihgv^livei; ; tfe poteniff Trance. Mach and *2. ■:-'lrdmd?^be c . glad to see v DAIRY PEODUCTION. <- > Npyember 10. ; 7HM ftmount of witter graded for erV M&jfrom Dunedin I in'Ootober and No--13.?27 boxes, With wgM..weeln'«till>to fun to pover a sii- ( . |i«? s pwi6d; tlii« year, - tho amount al- ; rin»ped/«nd 10,000 in store. This shows "Jitter prodaction due 'c' Frbm -what can be '' sitSfitoed tue cheese graded in 'Dunit and November of this qrMDr will be bbout {equal in amount to ';' m arjded in 'those ihontha in 1921, ' *: irirp three weeks yet : • iiiaSntevsifniltf . but liencer : - l fbrtrard the- cheese exports are likely " iok&ow r heavy , increases. There con 5 ; - b*'-«o doubt about the increase in the 4 dany bards-and their ; output compared '** irxtb. lasfe-yea*. SEWING THREAD PROFITS. BBPOICT OP J. AM) P. OOATS, LTD. I ... . • LONDON, November 9. The, jguoat report, of J. P. >: Go*te r lAd.! «hows net profits of P.' £9^370,912;. A of 6d a share was iltdiiadi for tiM.ye«r to':l7i ; per-cent. A ■y mm at withdrawn last jifM heeai nmrM v toi the dividend re-

BANKRUPTCY FIGURES. (FROM a SPECIAL CORKf.SrONDEXT.) WELLINGTON, November 10. There were 69 bankruptcies recorded in New Zealand in October as compared with 33 in the corresponding month ot last year. For the twa months ended October 31st the bankruptcies numbered S<JG as against 256 in the corresponding ten months of last year, an increase o 340, equal to 133 per cent. Of the bJ bankruptcies recorded last month W were tlioso of tarmej s, while ot the At registered in September 1(5 were farmers Hie bankruptcy tigures for each of tne ten months this year and last year compare as under: —

There were 148 bankruptcies in the first quarter of 'the year, 185 in the second quarter, and l'j)4 in the third quarter. Of the total bankuptciea in the ten months, eight groups accounted for 374 out of the 59G insolvencies. The figures are as under: —

Farmers have filed rather freely during the last five months, 111 bankruptcies bciiig registered during the period n.s against 64 in the first five months of the year. CHRISTCHURCH WOOL SALE. Th? Christchurch Woolbrokers' Association announces that the first wool sal© of the season will bo held in the Chojral Hall on Thursday next, commencing at 9 a.m. The following.s th? order of salesPyne, Gould, Guinness Ltd., N.Z. Loan and Mercantile Agency Co, Ltd., H. Matson and Co., National Mortgage and Agency Company of N.Z., Ltd., N.Z. Farmers' Cooperative Association of Canterbury, Ltd., Dalgety and Co., Ltd. "OVERTIME" SUBTERFUGE DISCREDITED. Into what devious uses'some of the strongest words in the .English language may bo thrown id* demonstrat- j ed by the employment of "progressive" and. "conservative" to distinguish the' two, factions within the. International -Typographical Union (says the New York "Fourth Estate," of September 16th). At the Atlantic City convention this week- the socalled "progressives" a stumbling block, in their path to union domination of employers in the form of the "conservatives," who. demonstrated that at least some of tho union membership realise that the other Earty to a contract of employment i entitled to have his rights resjpected. m : . , The term "progressive" as applied to president- McParland's supporters connotes for his faction a dignity and respect that is not fully deserved, the 48-hour Or the 44-hour week as a question of- employee welfare is one thing on; which; Mr McP ; arland' argues well; but the interposition 5 of a reduced' schedule of hours merely to create more" "overtime" —which is the result, if not the intent of such movements—-ir an economic .absurdity that never can and never will bo j us " tilled. ! ; Neither is the effort to arrogate to the unions the right to compel an employer to reinstate a discharged workman jp-the interests of true progress. This kind of legislation, Whether perpetrated in the halls of congress or m. the 'conventions of associations, is artificial, and will prevail only so long as might dominates right. It is despotism' in its most, subtle form, Testing toot on justice but on power.. A better name for Mr McParland's • coterie, it would seem, would be the "aggressives.'* : ' ■ - Plainly, the. time is. not propitious to attempt further invasion of the employer's rights, to say I;he least, and the . conservative element .'demonstrated that they realise it. That tho majority of the.',members agree with them was made plain "by the voting in several instances. ■' The cal union,. as a business organisation, must base its programme on the study off the.market,.which at. this time is sufficient to indicate that , a policy of "make h&stf slowly" 'is the best strategy. But to get back to the moot 44hour week, or is it the 48-hour 'week? Are we to understand that the " scientifically ; . calculated shorter .work day " that President' McParland advocates is desired solely "to build a continuing and enduring condition of nation and world prosperity?" ; The union leader says, and .apparently believes, that in the shorter work day will'be found " one solution, for many of our industrial and economic ills." "The shorter work day is demanded in thq interests of health, mental and moral development and the general of those who give service to the world," he says The United States is suffering from over-production, and under consumption, according to his analysis. Ho advocates -bringing production and consumption to a balance by lopping off the . former until it equals the Matter, which must be recognised as a remarkable recommendation from a man who calls himself progressive. It is a well-known fact that if the productive capacity of'the United States were t° be exercised only to. the extent required by home consumption, we would produce little more than half our present totals, and there follows the corollary of complete elimination of foreign trade 1 Insofar as the shorter week is in the interest of public health, employers find employee alike should support it. But it seems, to have fallen far short of its declared intent, for up to the present its adoption in industry has resulted in a surprising inclination among union men to work overtime. It would, seem that time and a -half or double time received for work "after hours'' could hardly take the place of the : fresh air and study : which the worker is supposed to crave, but hp Btays healthy enough to earn it.

GOVERNMENT* SECURITIES. The foOowin* ue the latest (raoUtioos for Government aecurities, with » comparison

BANK OF ENGLAND RETURNS. ,'By Cable—Prest Association—Copyright.) (Australian and N.Z. Cable Association.) LONDON, November 9. The Bank of England returns for the week ened November 9th, afford the following comparison with those of tho nrevioua week: - 1 Not. 2. Not. 9. £ £ Coin and Bullion .. 125,60.2,000 125,605.000 Beaerve ... .. 22,726,000 23,368,000 Proportion of Teserve to liabilities p.c. 18.83- 19.05 Note ciroluation .. 123,159,000 122,519.00> Government deposits 15,034,000, 16,192,005 Other deposits .. 108,845,000 106,425,C05 Government securities 50,665,000 49,091,00) Othw securities .. 68,190,000 07,883,000 Short loans, 1J per cent.; thTeo montns bills, 2J per cent.

FOREIGN EXCHANGE RATES,

(Br C»bl* —Pr»« AwocUttoß—ICopjrrifki.) 1 Copjrrifki.) (Auitr*Uan and N.Z. C»bl» AiwciationA I LONDON, Norember 9. t; The foreign exchange rate# »re as follows: Ti._xr._ a Q

•Determined by price of silver. ENGLISH MARKETS. DAIRY PRODUCE. . (By Cable—Preia , As soclati<m—Copyright.) (Auitwliin uid N.Zu Cftbl« Association.) (IWoeived November 10th, 8.35 p.m.) London, November 0. Butter The market is firm* Choicest New Zealand 212e to ai4s,■ to Australian 204s to 2065, unsalted 2<«s to 210s. Sefcond&ry sells very slowly. Ohe«e—The market ia very firm. New Zealand is cleared at 126s to 128s, exceptionally good making 130s. Australian is »n Strong demand at 122 a to 1245, and occasionally 120s. . GEAIN AND PRODUCE. (Received November 10th, 8.33 p.m.) ' LONDON, November 9. Wheat—Cargoes are easier owing to slackening of the milling demand. Quotations aTe "unchanged. Speculative holders parcels are inclined to realise. The epot trade is slow. Australian ia not offering. •. Flow—The market, is quiet, but steady. Australian, « stojo, 408. . Barley—The .market ift dull and' tending to be easier.. ■ . ■ . Oata-'-The market ia quiet but finnv. Beani and Peoa—The market i 9 quiet and prices are unchanged * Sugar—Granulated 52s ljd. BRADFORD TOPS MARKET. (Received November 10th, 8.85 p.m.) The Bradford wool market has a cautious tone atid little bufcinese is pawing. Sixtyfours 56d to 60d, sixties 54d, othere are firm and. unchanged. . ' ' hull WOOL SAIiES. - (Bioeived Novimber 10th, 8.86 p.m.) inaw LOiSI>ON, No\V:mber 9. At the Hull wool sales there was good general competition lor greaay merinoe at about five per cent, below London .dosing rates. Comfbacla and line were fitois &bd on a P»»" witb London closing rates. Bradford topmakew were the duel operators. METALS. . . •' ■ (Beceired November 11th, 12.fi a.m.) LONDON, November 9. Copper-Spot £BB 6s Sd, forward £64 8a 9d. Lead —Spot £26 10s, forward £25 Ts 6d. Spelter—.Spot £3B 2s 6d, forward £36 15s. Silver—33 7-16 d per ounce. t rRUIT FREIGHTS SEDUCED. SYDNEY, November 10. The oversea shipping companies have reduced the freight on fruit from 1«» Commonwealth to tha United Kingdom irom 6s to 5s per case. NEW SOUTH WALES STOCK BETUBNS. SYDNEY, November 10. • He New South "Wales ttock returns show that the horses in the Slate at the end of 1921 totalled 525,431, cattle 3,201,000, and. sheep 84,776,000.

January February March April May June July August September October 1922. ... 31 ... 43 ... 74 ... 42 ... «o ... C3 ... 74 ... 83 ... 37 ... C9 1921 11 14 1G 17 33 37 32 40 23 33 Totals ... 596 256

Farmers ... 175 Motor trade ... 51 Labounirs ... 48 Maoris ... 34 Storekeepers ... 22 Land agents ... ... 20 Builders ... 12 Bakeis ... 12 Total ... ... 374

with those ruling last week:— Laatweek. Thiaweelt. £ a. < i. £ ». a. 2i per oent. Imp. Con. 57 0 0 67 0 0 3J per eent. Imp. 'W«r 95 10 0 Loan, 1925-28 95 0 0 5 per cent. Imp. War Loan, 1929-47 98 16 0 98 17 6 3J per cent. Conversion Loan 74 7 6 75 0 G 5J per cent. C'wealth Loan, 1922-27, Feb.Aug. " 6 per cent. C'wealth 100 0 0 100 5 0 Loan, 1931-41, JuneDec. 104 6 0 106 0 0 N.S.W. 3'e, 1D35, Apl.Oct. 73 17 6 71 6 0 N.S.W. SJ'a, 1930-30, Jan.-July 76 17 6 77 0 0 N.S.W. 4'a, 1933, Jan..lUV 88 5 0 83 10 0 N.S.W. oj'a, 1322-32, Mjy-Nov. 101 6 0 101 15 0 N.S.W., C's, 1930-40, May-Xov. 103 17 6 104 6 0" N.S.W. Gi's, 1930-40. Feb.-Aug. 108 0 0 108 2 6 Vic. 5J's, 1930-40, Apl.Oct. 103 0 0 103 2 6 Vic. 3J's, 1921-6, Jan.July 96 0 0 96 6 d Vic. 3J'b, 1929-40, Apl.Octobcr 75 0 0 76 0 0 Vic. 3'», 1329-49, T«n..Tuly. 70 10 0 71 0 0 Q'land 6's, 1930-40, Feb.Aug. 104 17 6 105 0 0 Q'land 4's, 1924, Jan.July . 96 15 0 97 0 0 Q'land 3J'», 1921-30, Jan.-Julv 96 0 0 96 5 0 Q'land 3'b, 1922-47, Jan.July 65 15 0 66 10 0 N.Z. G"a, 1936-51, Feb.Aug. 110 5 0 110 5 0 N.Z. 4"s, 1929, MayNovember 93 13 6 93 15 0 N.Z. 3J'b, 1940, Jan.July 81 17 6 83 5 0 N.Z. 3's, 1945, Apl.-Oct. 73 2 6 73 2 6 S.A. 3's, 1930, Jan.July 62 10 0 62 10 0" S.A. SJ's, 1945 or after 70 17 6 71 5 0 S.A. 61's, 1930-40 103 0 0 106 0 0 Tas. aVs, 1920-40, Jan.July 81 10 0 81 10 0 Taa. 3's, 1920-40, Jan.Ju'v 73 0 0 74 6 0 Tas. 6J'*, 1980-40, Feb.Aug. 103 0 0 103 15c 0 WT.A. SJ'g, 1920-36, MayJuly •• •• 81 0 0 81 0 0 W.A. 8's, 1915-35, MayNovember 77 0 0 77 0 0 W.A. 6's, 1930-40, Jan.July 105 0 0 105 7 6 • ex interest.

1 London on Par. ,# Nov. 6. Not. 9. 69.75. '.°arisi fr to £1 Christ Jama, kr to £1 25.255 66.25 18.159 24.37 21.16 Copenhagen, kr to £1 Stockholm, kr to £1 18.159 22.12 18.189 16.60 22.15 16.65 Berlin, mark" to £1 1 5 ©.43 80,300.00 ao,5po.oa Home, lirf to £1 •• 22.22 j 1 107J lU5t 'Montreal, ctol. to £1 .. 4.86! 4.44J 4.46 New York, dol to £1 4.803 4.44} - 4.458 j Hong Kong, dol. to £1 • 29id 29*1 'Yokohama, et. to; yen 21.50 26 8-16d 26d 'Calcutta, at. to rpe. 10 to' Bold £ _ 15 11-loa a 5 u-ied