DOMINION'S TRADE AND MARKETS.

Press, Volume LIX, Issue 17809, 7 July 1923, Page 12

DOMINION'S TRADE AND MARKETS.

REVIEW OF THE SHARE MARKET. Although a fair number of sales have been reported during the past week, the Share Market has been comparatively quiet. War Lonn due in 1938 and 1939 has been dealt in at £97 5s and £96 15s, with further buyers at £96 10s, and sellers at £97, showing practically no change as compared with a week ago, when business took place at £97 ss, £97, and £96 15s. Five and a-half per cent. Soldiers' Settlement Loan due in 1933 has sold at £lOl 10s, £lOl 15s, and £lO2. Last week's business was at £lOl 10s and £lO2. Government securities generally have not been freely quoted. Bank of Australasia shares are easier, being offered at £l3 15s, without declared buyers, as compared with £l4 a week ago. National Bank of New Zealand shares are still cum a dividend and bonus totalling 8 per cent., and have sold at £7, at which price sales also took placo last week. Bank of New South Wales shares are otill in good demand, and business has been reported at £4O 10s, with further buyers at £4O, and no declared sellers. Previously reported sales took place about three weeks ago at £4O. Bank of New Zealand shares are still quoted cum the "rights" to shares in the new issue of capital, and are wanted at 61s 6d, with sellers at 61s 9d. The recorded sales during the week have been at 61b 9d, 625, and 618 9d, showing no change as compared with a week ago. The Union Bank of Australia has declared the usual final dividend of 7-} per cent., making the total distribution for the year 15 per cent. The Bhares nre now quoted eum the dividend, and sales have taken place at £ls, at which figure there was also business during Inst week. Becent sellers nave offered at £ls, with no; declared buyers. There is a steady demand for National Insurance Company shares, for' which buyers are offering 80s 6d, with sellers at 81s, but there have been ; no reported sales since last week, when 1 business took placo at 80s. j The New Zealand Insurance Company has 'declared a final dividend of I 0d per share, making a total distribution for the year of Is sd' per share, as compared with Is 4d for the previous year. It is also proposed to capitalise £160,000 of the reserve fund and make the Bhares paid up to 12s each. Similar amounts have been i capitalised in April, 1913, March, 1917, and June, 1919. At the beginning of last week these shares began to show an Improvement in price, and sales ranged from 80s to 31s 6d at the end of the week. Subsequent business was at 81s 9d, 325, 32s 3d, 32s 6d, and 32s 9d, afterwards easing to 32s 6d, 32s 3d,, and 325, with further sellers at 82s 6d, and no .declared buyers. South British Insurance shares were !' , dealt in during last week at 39s 9d, * and there has since been business at that figure and at 40s. Late sellers have'offered at 40s 9d, with no quoted buyers. Buyers of Dalgety and Company elares are offering £l2 17s, with sellers quoting at £l2 17s 6d, but no sales have been reported for some time. « Gddsbrovtgh Mort and Co. shares have changed hands during the week at 46a ex tto<9 recent dividend of 2s per share, and are offered by late sellers at 46a <kl, wiih no declared buyers. Lost week's. business was cum the dividend, and took place at 49s and 48s. No business ha 9 been reported for some time past in National Mortgage. , and Agency Co. &hares, but buyers are offering 46s 6d without declared sellers, as compared with buyers' quotations at. 43s a week ago. Howard Smith shares ore- easier, and there has been reported business at o3a Ud, with further buyers at that figure and no declared sellers, as compared with previously reported business at 64a 6d. Huddart-Parker ordinary shares have .changed hands at 43s 6d, with further buyers at 48s 9d and sellers at 465. The ■ TOported sales a week ago were at■.46V 30V448 9d, and 445. The market for New Zealand Refrigerating Co. shares is etill quiet, and ' up. to the time of writing the only reported business during the week lias beeam fully-paid shares at 25s 6d, at which price sales took place about a week ago. Later buyers have offered ' 3os with sellers at 26a. The partlypaid shares are wanted at 12s Sti with sellers at 13«ld, the last reported business being dunne last week at 13a lid Westport Coal Company shares Imve been_steady, and the reported business at 40b and 40s 3d shows no change as conriored with a week ago. There has not been much enquiry for Kniapoi Woollen Co. shares, but the ftdly-paid ordinary issue has sold at 23s 6d and the contributing shores have been dealt mat 11a 6d. Sales of these shares took place lost week at 23s 3d and lis 9d respectively. ©n the 30th ult., the Crown Brewerv company paid an interim dividend of 5 per cent and the shares haveohnngerf ■&/ tf i v^ 1 ** 1 * 51 * seUe » »* 54s and no disclosed buyers. There has been no reported business wfcff!L m M^ n ? ,n S and Co. shares, SrLfw 8t £6 10S - **» I"* »■ a?£6 1& «f" WaS 7iD h&i weck 4S 9 V M d Bh 2T- Hi* «° M at 4 &. 4&s Jd, 45a fld, and 45s 3d, with subset SSiSTw* T mesß in these fiharcs grin* last week ranged from 44s to +Jt£* ? f Wil 1 S01 ?' 8 Ceraat shores have taken place during the week at 97c cim *> « £&& S Wtt* 6 A nSi ?%? .?* & 6d, 25s M, and aftA 0 * Ml Grand' Junction »t SiSiJ \i W s ,ch figure th * shares changed hands a week ago.

GENERAL MERCHANDISE. GROCERIES, ETC. 0n» of iia outstanding movements of the •"•efc Insradea as unexpected rise in the Prt«» of lago tad tapioca in Singapore. «lo« recently wen very high, and a de--I" ja> ••*■• *»• laportoi* were looking for **« *»lw», •specially as th* Singapore •Mpp«« advised that Markets wer« falling to lowa* UTek. Xhia week cable inform*, tioa ttetas that an unexpected advance has ■•* », Md i»ricea are already up some £i a wospeot o£ t further wtmk*. Orders cabled now can only be ««Mpied subject to confirmation, and even wfaJl " " bifr chanco of them bein K Bsaril auto hav« made t, aabatantial ad-

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vane© in London, and purchases can be made locally at below replacement value. The prtine market opened in America at nominal prices, but at advanced. It is stated that no one got confirmation at opening prices. Since then values have up considerably. With the higher values for sago, a rise in the prioa of rice may be looked for. These articles generally move in sympathy. Preserved ginger is now being landed again. The cost of these parcels is fully 2d per lb over previous shipments, and merchants ha"e been compelled to advance prices accordingly. The price of 25's Aspro tablets has advanced 2s n dor as from July Ist. Several lines of packet tea have been reduced by 4d a lb, due to the removal of the duty. This disposes of suggestions put forward in the House that consumers would not receive the benefit of the reduction in the duty. NEW COMPANIES. Registration of the following new companies is announced in this week's "Mercantile Gazette.": Canterbury Boiler Flour Mills Co., Ltd. Regd. as a private company Juno 26th 1923. Capital: £5u,000 into 50,000 ordinary snares of £1 each. Subscribers: Christchurch—D. Wood 1500, J. L. Clarke 250, Peter ..ood 250. Ashburton—F. W. Tcidon 260, C. C. Roberta 250. Tinwald—W. Bryant 2150, K. H. Orr 250. Brookaide—G. Trapwell 250. Wfflowby— W. T. Lili 250. Objects: To purchase and acquire and to carry on the flour milling business lately carried on at Aah.burton by D. Wood and general. Roxburgh Fruitgrowers, Ltd. Regd. June Bth, 1923. Office, Scotland street, Roxburgh. Capital: £2OOO, into 200 shares of £lO each. Subscribers: Roxburgh—l. P H. Michelle, J. B. Gilmour, R. George, R. A. Parker, J. George, H. T. Kinaston: Dumbarton —T. R. Capon 10 shares each. Objects: To carry on the business of a fruit dealer and general incidental. Vernon Smith, Ltd. Rogd. as a private company, June 25th, 1923. Office: Corner George street and Moray Place, Dunedin. Capital: £SOOO into 5000 shares of £1 eaoh. Subscribera: Invercargill—V. C. Smith 4998, JC. Smith 1, R. J. Smith 1. Objects: To acquire and take over as a going concern the retail business of ironmongers, hardware merchants, now carried on by Laidlaw and Gray, Ltd., and to carry on Dusineasee >f Ironmongers, hardware merchants, crockery merchants, and incidental. Crooney's, Ltd. Kegd. aa a private company, June 29th, 1923. Office: 238 Cumberland street, Dunedin. Capital: £16,000 into 15,000 shares of £1 each. Subscribers: Dunedin—George Stewart 14,699, Arthur Pratt 1. Objects: To carry on all or any of the businesses of tannore, furriers, dyers, manufacturers of chemicals, furs, and clothing of all kinds, end incidental. F. and D. Edwdards, Lid. Regd. as a private company, June 2i!th, 1923. Office: Nelson. Capital: £9OOO into 9000 shares of £1 each. Subscribers: Nelson—F. G. Edwards 4300, D. R. Edwards 4300, V. P. "Webley 200, A. B. Kidson 200. , Objects: 'To purchase, acquire and talce over as a going concern, the lands, buildings &nd the business of land, finance and commission agents, sharebrokers and insurance agents, now carried on by F; G. and D. R. Edwards, and to carry on such business, etc. Dominion Radio Co., Ltd. Eegd. June 28th, 1923. Office: 288 Lambton Quay, Wellington. Capital: £IO,OOO into 10,000 shares of £1 each. Subscribers: Wellington—A. J. H. McClay 200, H. H. Cornish 200, C. D. Truebridge 200, J. R. Cooper 100, J. H. Garrett 100, H. Lloyd 100, C. D. Morpeth 200. Objecte: To acquire from Arthur J. H. McClay, Wellington, wireless technician tie business carried on by him, to import, assemble and buy (both wholesale and retail), hire, exchange, manufacture and deal »n radio, telegraph and telephone apparatus and general incidental. Paddington Properties, Ltd. Regd. a* a private company June 29th, 1923. Capital: £IOO,OOO, in 100,000 shares of £1 Subscribers: Auckland—A. M. Myers 99,998, A. S. Bankaort 1, A. E. Bollard 1. Objects: Deal in land and general incidental. Automatic Draught and Dust Stop Co., Ltd. Regd. June 23rd, 1923. Capital: £6OOO, in 12,000 shares of 10s each. Subscribers-: Auckland, E. P. Billson 200, J. Brook 200, J. A. Mossraan 600, T. C. Milllions 200, A. S. O'Connor 200, L. S. Piper 200, H. C. Savage 200, W. R. Thompson 600, D. B. Wallace 200. Objects: To acquire and deal with certain patent righto and general incidental.

ENGLISH-MADE MARGARINE. EFFECT OF PRICE-CUTTING. (raox ora owh cobeispondekt.) LONDON, June 1. Presiding at the fourth annual meeting of English Margarine Works (1919), Ltd., at Liverpool, Mx William G. Lovell, 0.8J2. (Messrs Lovell and Christmas) expressed regret that, contrary to his anticipations, a year previously, the company had not made sufficient profit to permit of the payment of dividends. Then it looked as if, and so it had, tne period of constant decline in prices of raw materials had come to an end, but what he did not loreoee was that a pricecutting campaign waa to be started among inulupie*shop companies, which rendered it necessary for this company to reduce their price in order to assist their customers to meet the competition; nor could he foresee that when this had at last been settled a similiar campaign would be started among the manufacturers. Unfortunately, this campaign still continued, in spite of an advance of from 20 to 26 per in the cost of raw materials. Since {he last meeting they were compelled to sell their cheap margarine at a reduced price. The loss thus sustained on a portion of their output was a serious matter, but there wa3 a much more serious aspect to this campaign in the harm which was being done to the industry, for undoubtedly this exaggerated cheapness was apt to create an unwarranted prejudice in the mind of a layman. In view of the wrecking policy which had held sway for some time, the position of the company was not unsatisfactory. At the close of the financial year in December their capital remained intact and they had made a net profit of £6025. The company's position towards the trade had never been better. Their turnover was constantly increasing, especially in the better grades. Brands like "Britto, "Silver Star," .and "Silver Line" were becoming more popular every day, and the consistency of their qualities waa being groatly appreciated by their customers.

WOOL AND SKIN SALES. The South Canterbury Stock Auctioneers' Association held a saloon Timaru this week of odd lot 9 of wool left over from the put season. The range of prices waa as follows: Fleece Wool—Merino, first combing 19id, second 16Jd. Haifbred, super 17d, ordinary Hid to 16id. Three-quarterored, first Hid, second 9Jd. Crossbred, 9d. Dead wool, three-quarterbred (first), 9id to 10i<L Crutchings—Haifbred, firat IOJd, ordinary Bid, second 6Jd- Three-quarterbied, 6id to 7d. Crossbred, 7Jd. Pieces—First, lid. Three-quarterbred 7Jd. Eye clips, 6Jd. Skins—Merino, short wool, faulty and dead, 7id. Haifbred, full wool, killed 14id, faulty and dead 12d, three-quarter wool, killed 18d, faulty and dead 10{d, quarter wool, killed lOd Tbrße-quarterbred, full wool, killed lOjd, faulty and dead 7d, half wool, killed, 9Jd. Crossbred—Full wool, killed BJd, faulty and dead 6Jd, three-quarter wool (killed), Bid.* Bhort wool, killed 7jd, faulty and dead <id. Hoggete—Haifbred, killed, lljd, thwequexterbred, killed, IOJd, black, full wool, sd, half wool 5<L Lambs—Killed lOgd, three-quarterbred, faulty and dead 7Jd. Pelf*—Killed 5Jd.

RANGIORA HORSE FAIR. There was an entry of 60 broken-in horses and 28 unbroken, at the monthly fair at Eangiora vesterday. Best broken-in draughts four to seven-year-olds made £4O to £SO, good draughs £2B to £3B, medium £ls to £25; aged sorts £5 to £l2, fnd backs £2 to £lO. The unbroken horses were a station line and they eold at from £lO to £33, according to age.