DOMINION'S TRADE AND MARKETS.

Press, Volume LVIII, Issue 17645, 23 December 1922, Page 10

DOMINION'S TRADE AND MARKETS.

RF.VIEW OF THE SHARE MARKET. The Sharobroking year ended yesterday, when the Stock Exchanges throughout. New Zealand and Australia closed for th-3 Christmas and New Year vacation until tho Bth prox. The market has fluctuated considerably, but tho year has closed with a better t-ono in evidence than at this iinio last year. Government Loans provide a fairly reliable index of the state of the share market, and the figures are therefore interesting. Last year closed with 44 p.c. "War loan duo in I'J3B selling at £36 15s, and prices have improved all through the year, the same loan now standing at £'JO 10s. 5i Soldiers' Settlement Loan due 1933 has recently reached par, as compared with £92 lijs Cd at the end of last year. Bank shares have been in favour as investments, and the majority have improved in value. Bank of Australasia shares have sold recently at £l3, as against £ll. at the end of last year, National Banks at £6 10s, cum a dividend of 6 per cent., as compared with £5 14s, cK'in a similar dividend,, and Sank of New Zealand shares at 56s ex an interim dividend of Is 4d per share, as against 40's 9d ex last year's interim dividend of Is 2d per share. Bank of New Zealand shares rose sharply last week prior to the half-yearly meeting of shareholders and sold up to 59s 6d and o9s 9d cum dividend. Possibly this rise waa due to an anticipation of an announcement regarding an issue o? new shares, but no such announcement was made. Immediately after the meeting prices eased, and sales were reported at 55s 6d and 56s ex dividend. Union Bank shares eold on 'Change yesterday at £l3 lis, as compared with sales earlier in the week at £l3 10s, and at this time last year at £ll 16s. ' Insurance shares have not been much in demand lately. South British Insurances sold early in the week* at 365, and there was also reported business in New Zealand Insurances at 28s 6d. Dalgety's shares have been quoted by buyers during the week at £ll ss, sellers asking £ll 15s. A year ago these. Bhares were quoted at £9 15s, but the Company has paid 10 per cent, only for the year, 'as compared .with 15 per cent, for the year which has just closed. The demand for Huddart Parker shares has improved a little, and buyers have offered f 535, with no sellers quoting, as compared with last week's business at 52s 6d. There has been ari"improved demand during the past few days for N.Z. Refrigerating Company shares of both issues. The fully paid shares have sold at 27a 9d, with further buyers, at 27s 6d, as compared with sales at 27f 6d last week. The contributing Shares have changed hands at 14s, lis 3d, 14s 6d, and 14s 9d, with later buyers at ' 14s 9d and sellers at 15s 9d. . Sales of Goown Brewery shares took place Jfist week at 375, and there was reported business yesterday at 37s 6d and 38s.- About a fortnight ago shares changed hands at 35s 6d. Wilson's Oement shares have been iteady. with recorded sales at 21s lOd •0 : . and 225, and later buyers at 22s and ; sellers at 22a 6d. Buyers have increased their offers for ~ N:!S. Drug Co. shares to 55s 3d, and sellers have quoted 575, but no sales have been reported recently. . The Mining .market has been fairly quiet during the week". Waihis have sold at 34s and 33s 6d, and Waihi <v . Grand Junctions at 10s id. NOTES FROM WELLINGTON. l " " THEfYEAB'S bauebuptoies.. '' Jl SPECIAL COBKESPONDffifT.) " * WELLINGTON, December 22. - The number of bankruptcies this year exceptionally large, totalling 669 as vcompared - with 322 last year, an in- , crease of 347, eqW to nearly 107 per . The bankruptcies for December - numbered 29, as against S3 in Decem- »' ■ ber, 1921, a decrease of four, which may- be an indication that, the worst is ; over,' or that there is to be a lull to see <• what, effect the"; improved trade condiwill have. -The bankruptcies-registered"- during > each month' this year and last year show v/ as under: 1922 1921 . ' January ... .31 11 February ... 43 , -J.' 14 , March . ... 74r v 16 April ... 42 - 17 ■ , t May . ... 80 33 June ... 63 37 July . ... 74 32 » August ... 83 40 September ... 37 23 , . October ... 69 . • 33 - November ... 44 33 \, i-' ' -December ... 29 33 / Totals ...-669 322 -< The record was established in August / . in 'Aoth years- The principal sections -- or 'groups contributing to the year's y"bankruptcies were as tollowa: f -" Farmers ... ... 193 Motor Trade ... 54 '• * Labourers ... ... 51 ■ Maoris ... ... 35 . 1 Storekeepers ... ... 23' x ; Land Agents ... ... 20 Builders . ... ... 16 Bakers 1 ... ... 15 . These eight groups account for 407 . bankruptcies- or not far short of two- . of the total. • - During the present month 45 sales were recorded on. the Wellington stock exchange, which appears very good in -view of the fact that there were only .' nineteen business days in November. , . Forty-seven sales were recorded in October, 66 in September, 60 in Aueust, .54 fin June, ana in July 51, making 314 • rsalea in the half year. During this v: month there 4 were 13 sales of Governr T I; ment securities as against nine in November. There was. a small business . done in bank shores, only six sales , .being recorded as against ten last month. Prioes generally, show a re- . . markable finnness and if the economic conditions improve, as aeems likely : more money will go into shares in the New Year. DAIRY PRODUCTION IN THE , SOUTH. .<• • (special to "xhb PBBSS.") i »• .DUNEDIN, December 22. Shipments dairy produce so. far this v. . leason lndicste . increased production in Otsgo and Southland. The amount graded for export at Donedin in September-January - ■of- la«t season was 37,666 boxes of butter, •nd 13,834 crates of cheese. This season • thore has been shipped so far and space - allotted to. up to. the end of January 40,174 boxes of butter, and 12,768 crates of cheese. The Bluff figures are 22.447 boxes of but- .. ter and 65,461 crates of cheese. Oraded in i: <: September-January of last season, and ship- -: -,ped this season or allotted space to the end >... January 28,500 boxes of butter and 59,000 • crates of .cheese. This year's increase of shipped - more than counterbalances - the decrease .of cheese, a rough method of v t ••tunating: butter-fat production being to the lb of butter equal to 211b of eheese.

(at ocr* oonfuonL raraox.)

TIMARU WOOL SALE. LATE RATES MAINTAINED. ! i ! (special to '' the press.") j TIMARU, December 22. { The first wool sale of the season for South Canterbury was held in Timaru to-day, and was a great success. In all 8391 bales were offered and 95 per cent, of the offering was sold. The sale was held in the Theatre Royal before a full bench of buyers, representative of Bradford, America, Japan, Germany, Belgium, France and New Zealand mills. The sale started at & a.m. and finished at 12.30 p.m., the auctioneers getting through their respective catalogues expeditiously. Inbuilt of. the wool was threequarterbred and crossbred. _ For these there was spirited competition, and prices were about a penny better than those obtained at tlho recent Christchurch sale, while they were about on a par with those of the Dunedin sale. Only a small lot of merino wool was offered. Comparatively little of this has come to hand so far from the back country. The halfbred wool submitted was not so attractive as that offered at the Christchurch sale. It was heavier in condition and carried about hvo per cent, more weight. Very few or the best halfbred clips of the district were forward. Taken as a whole the wools j were brighter tills year than, last, no I doubt owing to the fine weather and the absence of dust storms, but some | of the wool from sheep which had been turnip fed was a little earthy. On occasions in the past the buyers have found fault with the classing, but there was not such fault found this year. On tho contrary, the buvers said the wool was much better classed at Timaru than at any other place. This is attributed to the fact that tile brokers here have adopted the practice of reclassihg and inter-lotting. In Gome catalogues there were no "star" lots, and in the others these single bale lot 3 were reduced to a minimum. It has been customary in the past to hold the first sale of the season for South Canterbury* in November,' but this is considered too early, and so the November sale was cut out this year. There was a sprinkling of old wool throughout the catalogue, and though this was somewhat off colour the prices obtained for it paid growers handsomely for having held it. To illustrate this the returns of one grower who declined to accept the prices offering last year may be quoted. His halfbred ewe, which was passed in last year at 10Jd, brought 17-Jd to-day. Fine three-quarterbred, passed at 9d last year, realised 16(1. Fine crossbred ewe, previously passed at 6jd, was sold at IOJd. Crossbred ewe, passed p.t 6sd, found a, buyer at llid, and first crossbred hogeet, passed at 7|d last year, brought lljd. Some growers in South Canterbury haveth"ee years' wool now to dispose of. The fact that halfbred Wool at today's sale did not sell, to the same ad--vnntage as halfbred at Christchurch sale, is attributed to two main causes: (1) South Canterbury halfbred is never quite so attractive as Nqrth Canterbury halfbred. Being heavier in grease there is more shrinkage in it. (2) At the Christchurch sale the woollen mills, were in short supply and had to buy without price limits. ■ Now they have sufficient to keep them going, and are buying more carefully. 'A fair comparison with this class of wool cannot therefore be made between to-day's prices and those obtained at the Christchurch sale. Merino brought top price to-day, Mr Frank Smith's (Wara- , tah) clip being passed in at 24d. • A feature" of the market was the very keen competition for any choice lines of fine halfbred pieces, which made up to 21d in the grease. Following is the ' range of prices:— ' . Merino— d d. ' Super ... • ... ... 24 Average ... ... ... 20 to 23J. Fine .halfbred— . Super ... ... ... 22 to Average ~.. ... ... 18 to 21$ Inferior '... ... ... 15 to 17j Medium Halfbred — ./ "• Super ... • ... ~:20 to 21Average ... ... 18 to 19 Inferior ... \... ... 14£ to 17| Coarser Halfbred—- . Super - ... ... .17 to"19 Average ... ...: . ... 15 to 17 Inferior ... ... ... 12} to 14J Corriedale — / . Super J.. ... ... 22- to 23 Average ... " ... . ... 18 to 22 Hoggeta ... 21 Pieces ... ... ... 18$ to 20J Fine Crossbred — Super ... ... . ... 14 to Average ... ... 11 to l 4 Inferior ... ... 9 to 11 Medium Crossbred—. Super ~. * ... ... v 11 to 13. . Average .1. ... , ... x 9to 11 Inferior ... 7$ to 9 Coarse Crossbred — Super ... ... .... 10 to 12 Average ... 8i to 9J Inferior ... ... ... • 7 to 8 Bellies and Pieces— : Merino, good to super 18 to 231 ; Merino/ low to medium 14 to 17£~ Halfbred, goo,d to super 17 to 21 Halfbred." low to medium 9 to 15 Crossbred, good to super 8 to 12J Crossbred, low to med. 3J to .8 . Crutchings— . Medium to good ... 7, to 8i Inferior and seedy ... 4 to 7 Halfbred ... 6 to V Crossbred 4 to 5 NEW COMPANIES. Registration of the following new companies is announced in this week's "Mercantile Gagette", Matthew Park and. Co., Ltd., . Registered as a private company December 15th, 1922. Office: 292 Cashel St., Christchurch. Capital : £IOOO, into 4000 shares of £1 each. Subscribers: Christchurch—M. S. Park 1000, F. W. Taylor 1000, A. C. Diciinsim 1000, H. Christmas' 1000. Objects:. To carry on business of tasi proprietors, undertakers, embalmera, general carriers, and motor contractor an£ general. Parkinson, Ltd (N.Z.). Registered DeI cember 11th, 1922. Office: Inveicargifl. Capital: £IO,OOO, in 10,000' shares of i!l each. Subscribers: Xnvercargill—J. L. Gilkicon, L. G. Bryden, A. fi. Gilkison, X. F. > Gilkison, D. Cuthbertson, F. Parkinson, A. Parkinson, G. W. Edwards,- and "W. Y. ; H. Hall, 1 share each. Objects : Electrical, engineers, etc.,- and in .particular to-act .as agents for or representatives of F..and A." Parkinson,'electrical engineers, England. Majestic. Gold Mining Co;, Ltd. v Registered December 14th, 1922. - Capital.;' £75,000, in 800,000 shares of Eo each. Subscribers: Auckland—H. R.* Mackenzie 1000, P. N. Kings well 1000, R. G. Clark 1000 J. R. Hill 1000, E. A. Craig 1000, G. F.' Coates 1000, G. A. C. Bennett SOU. Civil Service Pharmacy, Ltd. . Registered as a private company December 12th, 1922. Capital: £SOOO, in 5000 shares of £1 each. Subscribers: Dunedin—M. P. Murray 2500; Auckland—R. J. Capper 2500. ' Objects will be given late®