REVIEW OF THE SHARE MARKET.

Press, Volume LIX, Issue 17815, 14 July 1923, Page 10

REVIEW OF THE SHARE MARKET.

ih-j share market has been comparatively quiet during the week, and the number of reported sales lias not been large. Prices havft been higher lor 4 J per '.t-nt. War Bonus due in 1938 and ILW than for tho Inscribed .Stock in the satna loan. There has been business in the iStmds at £97, and in the i-.ock at £O6, 5s and £9o 10s, wliilo further buyers are offering £ l Jb" is lor ».ock, with sellers at i--J,\ and tharo ;-.;•<* buyers of Bonds at ii'jt, with sell-c-.-i ai £'J' ~3 yu ". These prices do •"i sho ; ,y much change as '.■oinparou with a week a^o. ,"> i per cent. .Soldiers' Settlement jyjan "due m 1933 has changeu iianua «.!. £lOl 10s, witn lurtlior uuyers or mock at £lOl lUs ou, and .bonus at, £io.l 16s, without declared sehers. Last Muck's nu-siness was at -tiUl 10s, £iui 15s, and i:im. lyjverai sales have been reported during the week at £9/".10s of oj por.ceut. inscribed .Stock clue at the option of the Government in 1927 or JD-ii. Bank of Australasia shares are easier, s:.d hnvo sold at £l3 lis, with late buvers at £l3' 12s G'd and sellat £l3 13s 6d. At the end of Jti'ji week they were offered at £l3 16s, •.i'ithout declared buyers. National Bank of JN ; ew Zealand shares .■•re now, ex a final dividend and bonus, totalling '8 per and )u-..v0 soJa at £6 lis, with subsequent buyers at £6 12s 6d, and sellers at £6 17s Gd. Cam dividend business was reported :ast week at £7. There is still a very good demand for Bank of New South Y\ ales shares, and ■sides have been reeprded at £4O 10s tad £4O 15s, with later buyers at £4U £.s, and no declared sellers, last week's business being at £4O 10s. Bank of New Zealand shares cum the rights to shares in the new issue of capital, have sold during the week at GU 9d, 623 9d, and 62s 6d, with late buyers at 625, and sellers at 635. The recorded sales during last week were at Cls 9d, 625, and 61s 9d. Union Bank of Australia shares are still cum a final dividend of 7-J per cent., and are offered at £ls, with buyers at £l4 15s, showing little change ae compared with the end of last week. There has been a little improvement in tho price of National Insurance shares, business being done at 81s 3d, as compared with previous sales at 80s. Lato buyers have offered 81s, without sellers qtioting. New Zealand Insurance shares are stilt quoted, cum a final dividend of 9d per-share, and there has been reported business at 31s 6d, .with subsequent buyers at 31s 3d, and sellers at 325. Last week's business ranged from 31s 9d up to 32s 9d, and down t0.325. As announced last week, tho company proposes to capitalise £150,000 of the reserve fund, and make the shares paid up to 12s each. South British Insurance shares have improved, and have been dealt in at 40s 3d, 40s 6d, and 40s 9d, and 41s 3d. with further buyers at 40s 9d, and sellers at 41 8 6d. Last week's business was at 39s 9d and 40s. There has been no reported business for som<j timb in Standard Insurance shares, which sellers are offering at 4Us, without declaredi buyers. About a week ago Goldsbrough, Mort tnd »Co. shares changed hands, at 46a, itnd there has since been further business at the same figure, with later buyers _at 45s 3d and sellers at 46s 6d. No business has been reported for Borne time past in National .Mortgage and Agency Co. shares, for which buyers were offering 86s (5d at the end of last week, without sellers quoting. An interim dividend, at the rate of %} per tent, has since been paid, and buyers uro now offering 82s 6d without attracting sellers. There has been reported business in Howard Smith Bhares at 545, as compared with 53s 9d about a week ago, and buyers are offering 53s 9d, with sellers at 55a. Huddart-Parker ordinary shares have shown an improvement, and have sold Ht 455, as compared with 43s 6d about a week ago, and later buyers have offered 445, without attracting further seller*. Canterbury Frozen Meat Company shares are now, ex an interim dividend of 4 por cent, on the ordinary shares and 3 per cent, on the preference shares, but no sales have been reported for some time past, nor have tho shares been freely quoted. Tho only reported business in New Zealand Refrigerating Co. shares lias been in the contributing shares at 12s 9d cum an interim dividend of 2£ per cent., payable on the Ist proximo. The last reported business in these shares took place about a fortnight ago at 12s lid, and late sellers have offered at 12a 9d without buyers quoting. The same company's fully-paid shares are quoted by sellers at 25s 6d cum dividend, but no buyers are offering. Westport Coal Company shares ha/ve remained steady, and the reported business during the week at 40s 3d shows no change as compared with last week. Tho market for Brewery Company shares has been fairly quiet, the largest number of reported sales being of Ward and Co. shares, which have shown an improvement. Sales havo been recorded at 465, 46s 6d, and 475, with later buyers at 47s 3d, and sellers at 47s 6d>, as compared with sales during last week at 455, 45s 3d, and 45s 6d. Crown Brewery shares have changed hands at 54s and 54s 6d, with subsequent buyers at 545, and sellers at 555, Knowing no change as compared with a week ago. The only reported business in Manning and Co. shares has been at £6 10s, at which figure further sellers are offering without declared buyers. No sales of these shares were reported last week, but about u fortnight ago there V.S& recorded business at £6 12s 6d. Up to the time of writing no official announcement has been made regarding applications for Debenture Stock and shares in New Zealand Breweries, Ltd. The application list closes in Wellington to-day. "Wilson's Cement shares have improved a little, and have sold at 26s 9d, 27b, and 27s 6d, as compared with last week's business at 275. New Zealand T>rug Co. shares are wanted at 645, with sellers at 665, there having been recent business reported at 655. The market for Mining Company shares has been quiet. Waihi have 6old at 25s sd, <£oa 3d, and 255, with further buyers at 255, and sellers at 25s 6d, showing practically no change as compared with last week. , j The only reported business m Waihi ' Grand Junction shares at 6s 6d also shows no change. EQUITABLE BUILDING SOCIETY. 11» newly fomed BjuitaWo Stan Bowfett Building Society held ita ftwt draw for a £IOOO free loan in the Canterbury Automobile Association's rooms. Mr J. * v - " ea ": l ß nd presided over a larp ■Wholdcra. Marble number 30 7" *»»£ the ahares represented being held by one •iaueliolder.

TLMBER PRICES.

THE GENERAL OUTLOOK.

/ Mr A. Seed, secretary of* the NoV ] Zealand Sawmillers' Federation, informed a "New Zealand Times" reporter on "Wednesday that a rise in prices of dressing heart matai had just been made at a meeting of millers on the. Main Trunk and Kotorua lines, this step (lie explained) was taken not to secure increased prices to the product, but purely tor the purpose ef inducing builders and architects to accept neart nmu, which makes an equally gooti joo lor iloonng or weatner uoardj uig/iusieail oi liean or matai as it lias | oeconie tne cusujm to specify, 'inere is snupjy not tne quuiiuty of' heart matai available at tne mius to supply tne present uomana, and if bunuers and arcuitocts will speciiy for flooring., and weatner boarding an alternative or heart matai or Heart rmiu it may be poasioie to reconsiuer tne position a I liitie later on. I Mr Heed' stated that while up north I iie found ail the -North island nulls j fully :.\cupiyd with orders in hand, and that the general outlook for the timber industry at the oresent time is exceedingly b'ri-hi. "The only part of New 'Zealand where a complete recovery in the timber industry has not been made from [ the recent slump is on the West Coast, j where tiie- nnlis are still working at j about half their'normal capacity. This is largely due to slackness of the timber trade in Australia, where inferior foreign timbers have displaced our lower grade rimu and white pine for boxmaking and similar purposes. It is clearly evident that this state of things is largely attributable to the timber export restrictions imposed by the New Zealand Government, for tiie Australian users have been forced to seek other. sources from which they can count upon continuity of supply. j "The slackness of trade on the West Coast is also affected to some extent | by the public of Canterbury holding back from building operations in anticipation that with the advent of railborne timber through Otira tunnel there may lie a reduction in prices. Their hopes in this direction are hardly like]j\ to be fulfilled, for to secure timber direct from the miHs for building i means that it must be dry, and for the Canterbury purposes it is impossible to dry timber on the West Coast where the conditions *are so wet and humid. Consequently, although there may be some disorganisation of the trade at the commencement, it will ultimately be found that the- West Coast timber will require to go through the present channels, and be dried in the timber merchants' yards in Christchurch before it is in a fit state to us© in dwellings. "None of the West Coast millers . is equipped with the necessary drying kiins, planing machines, and yard facilities to deal direct with the builder or the user," said Mr Seed. "If these things have to be provided by the miller to meet the trade, the' cost of production will rise proportionately, and the user will find by that time that the timber will have cost him as much as if he had got it from the merchant. There is also a mistaken idea abroad | that the cost of timber is responsible fo- the recwat prices of building; but when it is-realised that the actual cost , of timber in a modern dwelling only constitutes approximately one-fifth of the total cost, it would take a considerable drop in the price of timber to accomplish a material saving in the cost of the house." v TARIFF RECIPROCITY. AUSTRALIA-CANADA NEGOTIATIONS. (BT CABLE—PKESB ASSOCUTIOJT—COPTBIOXT.) IMJSTBAUAJJ AHD K.2. CABU ASBOCIATIOH.} MELBOURNE, July 13. In the House of Representatives the Prime Minister, Mr S. M. Bruce, in reply to a question, said the negotiations for a reciprocal -tariff agreement with Canada were still progressing. The treaty in regard to Australian dried lruits was tho most important part of the proposed agreement, and the Canadian Ministry would not settle the question of dried fruits apart from . a. general trade treaty. The Commonwealth Ministry could not accept all the demands made by Canada, bus there was a hope that a compromise would be reached. In reference to the negotiations the "Sydney Morning Herald" says it is known that Canada definitely offered Australia free entry for her dried fruits. In exchange Canada wants | free entry for her timber. She is also probably seeking preference "on tinned salmon. BRIGHT OUTLOOK IN HAWKE'S BAY. (PBES3 ABSOCIATIOJT TBLBOBAM.) NAPIER, July 13. Present indications point to more prosperous times in tho near future for Hawkes' Bay farmers. It is stated by those in a position to know that the wOol clip in the spring will produce one pf the best yields ever experienced in the province. Tho moist winter experienced, together with the warm temperatjire, has resulted in the sheep producing much wool of excellent quality and good length, and when' shearing operations start these indications should be realised all over the district. la is expected, although lambing has not yes started, that there will be a good percentage owing tfo tlje favourable conditions and plentiful supply of good feed. The high prices now ruling for sheep and cattle have ". given many farmers much encouragement. Cattle were formerly hard to dispose of at from £3 to £l. Steers in poor to medium condition are now bring up to £6 10s, and somo sheep owners are refusing as much as 35s for ewes. The general feeling is that the country is once again in for a prosperous time. METALS. (Received July 13th, 11.80 p.m.) LONDON, July 12. Copper—Spot £66 2s 6d, forwaid £66 13s 9d. Lead—Spot £24 12s 6d, forward £24. Tin—Spot £193 la 3d, forward £lB4 2a 6d. Spelter-Spot £29, forward £29 103. Silver—3oJd per ounce. FROZEN MEAT MARKET. t DaJftrfy wd Co., Ltd. have received the following cab-egi-iup from their London office, da.t*d July 12th:—"Frozen meat market disorganised owing to heat wave and strike at docks and Siaitiineld. No reliable quotations available. Prospects of men rotxirning in e, few dapa."