FINANCE AND COMMERCE

Press, Volume LX, Issue 18195, 4 October 1924, Page 10

FINANCE AND COMMERCE

REVIEW OF THE SHARE MARKET. jK; " A good volume of busincs: has been -done on t-bo various Stock Exchanges during tic -wock. Tho tone of the market is j:ood, and prices on the v.hoic remain fairly steady vith an upward tendency in the cn.se of several stocks. Alt' ough there has been good demand for Government Loans very little busi'ness has been reported. Four and a-half per cent, stock dim 5n 1039 -was turned over al, £97 10a and £f7 JL's 6d as against business at the former figure last, week and late buyers arc offering £!)7 ."is without response. For the bonds due in I!'3S ■ holders are asking £97 los, buyers '■" at £97 7s 6d. Last week the stock in this loan chaDged hands at, £9B and £97 Ills 6d and the bonds at £97 10s. • ' The 5 per cents, due in 1927' have advanced from rncorded buyers at £9B 2s 6d at, the close of last, week to £9S 'ss this -week without attracting a declared seller. Five and a-half per cent. Soldiers' Settlement Loan Bonds due in 1933 changed hands at £lOl 12s tid, and subsequent buyers offered £lOl 10s for bonds and stock without response. Last week tho stock was placed at £lOl 10s and the bonds at £lOl ss, and £lOl 12s 6d. , Recorded business in New Zealand . .Breweries 10 per cent,, debentures at 22s shows no change on that previously reported. Bank shares have been freely quoted, .. but fho bulk of tho business reported Jras been in Hew Zealand's at prices ranging from 60s 6d to 60s, as against 60s 9d to 60s 3d last weok, and lato sellers aro offering at 60s with quoted buyers 6d lower. Increased demand has been shown for Commercial Bank of Australia ordinary aha-res, buyers now offering 30s 9d, an advance of 6d on business last week, with sellers at 31s 3d. National Bank of N.Z. shares were dealt in at £6 13s 6d as against last week's prices from £6 12s 6d to £6 . - 14b 6d, and moro are available at £6 ..... 14s, with declared buyers at £6 13s. ilfyw South Wales show Btill further improvement, Biles being recorded this "week at £4l 15s and £42 as comparod with, £4l 10b last week, and £4l 5s .a. fortnight ago, and laio buyers are t ..offering £> il 10s, with, iiolders asking £42 i, Union Banks with reported transactions at £l4 17s and £l4; 17s 6d show .; ail,, advance on thoso last week at £l4 16s and £l4 16s 6d, and subsequent buyers are quoting £l4 16s Cd, with sellers responding at £l4 ISs 6d. Bank of Australasia shares, ex tho dividend and bonus totalling S3 per share, have enquiry at £l3 7s 6d, with sellers at £l3 10s. Last week's closing- quotations, enm dividend, wcra buyers £l3 15s, sollors £l3 17s. New Zealand Insurances with business at 29s 9d show a rise of 3d on last week, While South British havo cased >■ from 43s 3d last week to 42s lOd.and 42s 9d this week, with subsequent de-' mand at tho latter figure, sellers at 435. ' Natidnals" are "available at 765, but buyers are reticent. Last recorded turnover a fortnight ago was at 76s and 76s 3d. There has been considerable acitivity in Goldsbrough, Mort shares, and * . have taken place at prices ranging from 46s 3d to 48s, receding to 47s ' fid for the old issue, and at'4sß 9d and k 478^ for the new issue. "Last reported budiztess, about three weeks ago, was 9d. and. ( 44s- 9d. rcspectiv.ely. National. Mortgage shares remain v ' firm-"with lecorded turnover, at 75s 6d. i ...Huddart Parker ordinary shares, cx \ the r©cent dividend, changed hands at „ •, 43s 6d and 43s 9d, as against transac- „ tions last week, cum the dividend, at 44s 9d and 455, and later buyers offeri'• ed 435, without response. Becorded business in P. and O. De'forred Stock at £3OO shows no change ,!■ •on that done last week. Canterbury Frozen Meats, for which "buyers have quoted as high as £l4 3s fid" tHia. week, are now in demand afc * declared sellers at £l4 9s. The preference issuo has demand at ..,£5 2s ,6d without sellers responding. Meats it.44a show an advance 9d on recorded turnover, last week, «nd.-. HtJS. Eefxigerating - partly-paid shares at 10s .3d, 10s 4d, and 10s 6d also show improvement. The fully . paidg have been turned over at 20s 6d and 21s, aa against business at the '. former .figure last week, with further-, demand at 21b, sellers 4d higher. . y Kaiapoi "Woollens, which changed .Aands last week at 9d and 16s, are on offer at the latter figure, with re-, buyers 6d lower. .. .: 3S T o business has been reported in Coal fcr Brewery Company shares. "Wilson's Cements remain unaltered With business at 29s 6d, and late sellers are offering at 29s 9d, with quoted fed buyers at 29s 4d. Kauri Timbers, which changed hands# last week at 30s 9d, were available at SCte 4d during this week, but unsupported sellers now want 31s. Leyland O'Brien's were dealt in at 44s 6d, showing no change on last reported turnover. Beath and Company shares, which Changed hands last week at 34s 3d, are atow on offer at 33s lid, with recent S buyers at 32s 9d. Burns, Philps have enquiry at 33s 6d, but sellers a day or two ago were frßkfng 34$ 6d. N.S!. Drug Company shares, in which the last recorded business a fortnight ago, cum the dividend, was at 68s 9d, have been placed this weok at 70s, and .subsequent buyers offered 69s 6d without response. The only recorded transactions in mining shares have been in Waihis at 28s.and 28s 3d, showing no change on . those .reported last week. Movements of Prices. This following are variations on last week's prices at a glance:— . TJT. "Bank of New South Wales 5s to 10s Gear Meats .. 9d N.Z. Insurance .. w 3d Befrigerating. (pd.) .. 6d N.Z.. Befrigerating (contj.) ~ 3d, "Union Bank of Aust. Is to 6d DOWN. ■ I Bank of New) Zealand ' od to 94' Rational' Bank -of >. Is South Insurance ». 5d to 0d DAIRY PRODUCE. ! I IHlfety sad Co., Ltd., have ieceiv/jd tin. , , lotk>wing cabl^run. from their London office, dated October! 2nd:— ■ "Butter—Market steady but quie/i. We quote Danißh 240 i& N.Z. salted 2225, for exceatioiial N.Z. brandß 224b, finest Australian . : Mted -SlOs, sod 'iinsalted 2145. / . "Qxeeee—Market eteady. W® ouote N.Z. at" 965;-; coloured Canadian c.i.f. •

DOMINION'S TRADE AND MARKETS. (BT ODE COMMERCIAL EDITOR.}"

GENERAL MERCHANDISE. GROCERIES, ETC. "Wholesale merchants report business to be much brighter during the last half of September than tire first part, The recent rain ciused a, much better frehng in the cruntr--, and thi3 kar. been rejected a little on Mis-ineE". As mentioned in this column recently, Parliament wi!l shortly look into the question of a. reduction in the duty oh tobacco. Meanlime holders aro keeping stocks, as low as possible. Bag figs are fcarc, and wi!l remain bp untifearly December, when the new season's Smvma :'ruit nhould be landing. The stocks of figs in boxes arc fast diminishing. A good sample of onions is now hard to obtain, and anything showing firmness and freedom from growth is eagerly sought after and commanding good prices. The local crop in now exhausted, and the market will have to be fed on imported varieties until January, when the first local-grown are generally available in a semi-ripe state. It- will be remembered that last December several shipments of Sicily almonds were condemnod and destroyed. It was thought that the trouble was over with this case, but as recently as last month a parcel of almonds were condemneu on arrival at Lyttelton and destroyed. The trouble is the Mediterranean fruit fly, which attacks almonds more readily than most other fruits. It. is the anxiety of the authorities to prevent the introduction of this pest into the Dominion that, is the oause -of a careful examination, and occasionally condemnation at port of arrival. There is a- fair demand just now for jam. The recent, fall in the vahio of sugar brought, out reduced prices on.all grades of jam and marmalade. Lower prices have stimulated sales, and jam-makers report excellent business since the new price list came into force. The reoent. of Singapore pineapple found a ready sale, and good business has been done,- retailers buying freely. As prices are still'on a par in Singapore with the cost of the Jast importations, local stocks should etiil be very gooid buying. NEW COMPANIES. Registration, of the following new companies i 3 announced in this week's "Mercantile Gazette": —■ Richard Newell, Ltd., regd. as a private company, September 13th, 1924. Capital: £700,. into. 7po shares of £1 each. Subscribers: Rangiora—Richard Newell 350; Chrietchurch—A. "E. W. Smith 300,' J. Bosomworth 50. Objects: To purchase and carry on the business of coal and produce merch-, ants, etc., lately carried on at Eangiora by R. Newell. Bell Cycle and Motor Co., Ltd. Regd. as a private company,' September 22nd, 1924. Office: Christdiurti. . Ce-pital: .£IO,OOO into 10,000 shares of £1 each. Subscribers: Christchnrch—Chas. Bell 9999,- Charlotte Bell 1. ' Objects: To acquire and take over as a going concern and to carry on .the business of cycle and motor-cycle.- importers and manufacturers lately carried on. at 110 Lichfield street, Christchureh under name of "Bell Cycle and Motor ' Co." Car Maintenance, Ltd. Regd. as a, private company September 25th, 1924. Office: 176' Hereford street, Christchureh. Capital: £lloo,' into 1100' share 3of £1 each." Subscribers: Christchnrch—A. N. Tebbg, 500 ■ f p., A. K. Firth 500, O.: T. J. Alpers 50, ] F. 1.. Cowlishaw 60.. Objects: To acquire, take over as a going concern, and to canty on the .business of motor-car maintenance and otiber work 1 in . connexion ' with motor-. cars lately' carried'on by A N. : Tebbs.' Oamaru AVool and Skin 'Buyers,' Ltd. Regd. -a? a private company. -September 6th,. 1904. Capital- £3OOO into 3000. shares cf £1 each. Subscribers: Oamaru—T. Hedges 260t), L.' Tweed-.400. Objects,: -,,T0- carry oi at or near Oamaru and 'at any "other place or places in or beyond tho Dominion, of New Zealand which, may' beconsidered expedient the business of dealers and workers in: wool, • skins, pelts, hides, fat, tillow, ■ and general incidental. ' > Circulators, Ltd. • Regd. _ September *.4 th, 1925. Office: Timaru. • Capitw: '£16,500 into 1C 500 shares of £1 each. Subscribers: Timarn—F.' F. A. XTlrich, R. L. Orbell, G. H. R. Ulrich, C. G. 8., Kiflg,, L. L. Miles, C. Mille, 0.. H. Andrews, "10 shares each. Objects: ..To act as merchants, distributors, and indefitors, manufacturers, engineers, and plumbers, snd incidental.' ' PojUßfiulft Motor Semcey Lta. Hcga. as a private company September 2ath, 1924tal - £2OOO, into ;9000 shares of £1 each. Subscribers : Dunedin—F. Vi Maloolm 900, G. S. Kirby ,500. Ob>f«te : To carry on the , business of motor omnibus proprietors and incidental. __ w • , ■ Southland Woollen Mills Co., Lt.rl.- Regd, September 12th, 1924. Office: G« r *- . Ca til- £200.000 in 200,000 • shares of ,/ £i each. Subscribers: Goro-F. . jun., J. Casey. A. S. . Fleming, J .Brownie, J. J. "Green,: MT. A. Morris, G-. ( Me f" gibbon; Dunedin—A. E. TTshertapod, A. F.lljs, H. Halliday; Invorcafgfll C. J. Brodrick. Objects: Woollen nuIMJ. Mataksna AfforeaUtion O®., Ltd- Regd. as a private company September 20th, 1924. Capital: £16,(1 JO. mto 32 of £SOO eaeli. Subscnbeai: Taurajaga SV (F£V.) ID. A- Ivory 1 B. H. Caaalet 1, .W. F. Sinclair 2, J Coe 1, C. J-- Bi/™n 1, Jnisjop 1, G.'w. Sinclair 1, M.- PhilhpDealing in lands and general incidental. ' /-■• WAIRARAPA FARES' CO-OP. f ' ' • l : (Sfßdil. .TO PK8»B.") . "WBLLING'TON, October 3The Wairarapa Fanners'" Cooperative Association has issued a, very satisfactory i*l-tnce-eheet for the Tear ended 3iet, and a dividend of 6 fler cent, is to be paid to both preference artd ordinary shareholders. The latter have had' no dividend since 1920, but the preference/ shareholders have been, paid all along. Th>i gross profit for the year, after making considerable provision, for bad and doubtful d?'bts, amounted to. £39,752. The expenses uny.er,. all heads, including depreciation of plant, etc.', totalled £21,428, leaving the net profit.at £18,524; which, with £8555 brought; forwerdt makes . available £26,879,- as compared .with £24,964 last year. The balance-s/ieet for 1923 disclosed a net loss of £9733,- so that a very great improvement in they affairs of the Association has. taken place during the past two years. The directors arf > unable to recommend a bonus on purchases, but point out that bonuses were paid 'up to and including 1922. The balance-sb/:et figures show that the bank overdraft /has been reduced by £13,286, fixed deposits I>y £3694, and .call deposits by £J6OI. Apparen/Jy ■ a.- special supervision has been . maintained over stocks, for these show the mibstanrtial reduction of £35,605. BUTTER PRODUCTION. , (smaii. TO "THE... mss.") AUCKLAND, October 3. : ■'The quantity of butter received for grading at the Auckland Fanners' Freezing f Jompany's stores this season to the end of /September totalled 184,963 boxes, compared , with 152,989 for the corresponding periotfl of ' last, year, an increase of 31,974. Tie quantity received for grading during September totalled boxes, against 92,566 redeived during September, u§23, an increase. of. 50,775 boxe3. • ' Cheese received at grading stores- fucr.-the season- -to the -end of . September tkntalled 8507 crates, compared .-with 6743 Deceived' during, the corresponding period <>f last year, a decrease of 256 crates. . RANGIORA HORSE SALE. There was an entry of -'7O ' houses 'at the monthly sale yesterday. • Best horees made £3B to £SO 10s, medium. £25 to , £35, agea £5. to £ls, and hacks aruj light horses' £5, to £l2.

HARVESTERS MAY STRIKE. THREAT IX AUSTRALIA. (*T CABL?—TR.TSS ASSOCIATION— CC?TP.JGHT) (AUSTRALIA* AKT) K.Z. CABLE ASSOCIATION.) SYDNEY, October 3. According fo a statement issued by •the president of the Australian ■Workers' Union, the organisation is considering a proposal to strike at the forthcoming harvest, which promises to be the most bountiful for some years, unless its claims for substantial increase in rates for all harvest -workers are granted. Attempts to negotiate irith <he farmers, the president states, have been fruitless, and Trill be discontinued and. direct action taken unless demands are conceded. Wheat-handling and shipping linr.s hare increased their rates for the handling of bulk wheat by lid a 100 bags. STOCK IN DEMAND, i. ——. (STECIAI. TO "THE PRESS.") DUNEDIN, October 3. There have been good rains throughout Central Otago, and this applies in some degree to Otago generally. The aspect of Straith Taieri has been changed all of a sudden from that of a desert to a garden, owing to a combination of moisture and a well-warmed ground. Seldom, if ever, has the Taieri Plain looked better at this time of the year. There has, in consequence, been an actual demand for stock, especially anything that will shear. The prospects in the fat lamb section are very good, and already a. few sales of lambs for forward deliv<%y have been made at high prices. Good bullocks have also participated in this demand on the part of graziers now able to face the feed situation 'with more confidence. Bullocks are -wanted particularly for the Taieri. Very few bul/ocks were wintered on that plain beranse of the failure of the last turnip crop, and now that the grass has come gSyay, the plain's carrying capacity has jumped again. Beef , is selling to-day at- prices -which are highly remunera/ ivo to breeders and fa.tteners. A.t Burn side values worked out at about £2 5a to £2 10s per 1001b. These levels look fike being maintained for possibly three njonths. Export buyers of fat lambs have been in evidence ■with offers, but, no, business, has resulted, tho freezing season being still too far distant. FRUIT MARKET. QHRISTCHURCH. , Vegetables- were in good supply throughout, tbo -y-'crk. All varieties met -,vi th a good demand and generally tho prices realised wero, satisfactory. Lettuces ware in big supply y,nd prices temporarily were low. Large supplies of cauliflowers were available arid prices for were also low, though it is expected that the majority of the uilopa will soon bo finished. Auckland new potatoes arc arriving in fairly large quantities and there were also a few locally growii on the market this week. Loyally grown apple# are scarce and dear whilst- cooking apples are practically unobtainable. Very tew peara wcro available thili week, and tho prices realised for tho lines that came forward were high. At present oranges and, lemons aro both in short stypply and dear. A shipment of Cook Island bj.nanae, which arrived in Christchui-ch during the week,' met with a keen demand and gealised high prices. A shipment of Fiji bananas, which was expected early next "week, was landed, at Auckland. Consequently -tho whole shipment was eold there, none conjing. south. U'he usual Sydney ehipment of citrus fruit, is duo in Christchurcli on Thursday, and on the same day a consignment of South Australian lemons and ;oranges ex- the Moeraki from. Melbourne is expected. Quotations, aro a 3 follows: Apple?, American, ! per case 20s; apples, local, per case up Aq 17s 6d; apples, cooking, .per caeo, up to 12s; bananas, Cook Island, per case, 245 ; ; ooconut3, per sack, 20s; lemons, Cook IsfaJid, per case 40s: mandarins, per case, ■- oranges, Cook Island, per case, 28s; ' granges, Sydney, per caae, 27s 6d; oranges, VaJencias, per case, 255; passions, Sydney, ger, "case, 235; pineapples, Sydney, per case, 26s:' pears, cooking, per case, •6s to* 7s; pears dessert, per lb, 4d to 4Jd; tomatoes, dessert, per lb 4b 2d; walnutß, per lb, 7d to 8d; asparagus, per dozen bundles, up to Is 6d; beet, per dozen bundles, Is;' cabbage?, ' per dozen, 9s; cauliflower, per dozen, f,s; carrots, per •dozen, 3d to 8d; celery,, per bundle, 41d; leeks, per bundle, 6d; Jettuce, per dozen 3a to 2s 6d: potatoes,- per small bag, 2s 6d to 3e; onions, locgj, per'email- bag, lOd; onions, per cwt, SOs; parsnips, per dozen, Is; potatoes, par sack, 10s to 13s 6d; radishes, per dozun, Is ■6d to 2s; rhubarb, per dozen, 4a to 6s; spring onions, per dozen 4d to la 2d; turnips, per dozen, Is; spinach, per dozen,', Is 6d; swedes, per small bag, Is, AUCKjLAND. (wicul TO 1 "TES PRIES.") AUCKLAND; October 3. Conditions at, tho markets underwent •little change this Meek. There was a fair supply of apples,. I'ielicious bringing up to 16s, and Doherty's; 10s to 12s 6d; cooking apples, 10s to 15s. ; >2\ T elis pears eold at prices ranging from 15s -to 18s for choice. P. ■Barry's -woro in fair supply at from 9s to 12s 6d. Tree tomatoes brought? from 6s to 9s. Other quotes were: Poorman oranges 9s, local lemons'3s to 30s, Cook Island tomatoes; 10s to £l, lc>cal hothouse Is 3d to 2s 3d per lb, coconuts 16s per sack, repacked oranges 21s to 22(3 per case, Sydney mandarins 12s to 22a, navels ]5-s, pines 15s to 24s Sydney passions' 16s to 245, bananas (ex Tofua) 21s to 25f. JDUNEDIN. (spitiix io "thi mss.") 1 DUKEDIK', October 3. Supplies o| eating apples have eased off considerably,, and al' sound lines a.re readilv placed. Cooking »ppl«3 are about finished. Supplies oi citrus fruit aro duo by the Moeraki. bomo nice lines of Winter Cole pears ooptinuo to arrive from. Christchurch 000 l stores. Latest wholesale prices are:—Apples: Stunners, best 12s to 14s, medium 10s: Lord Wolselev, 133 6d- Pears:, "Winter Nelis, half-case 8s 6d to 9s. Pines, Ste to 25s per ca3e. Tomatoes: Island, 163 to 18b per box. Coconuts, 25s per sack. Oranges: Adelaide 235, Navels 24s to 265. Lemons: Auckland cured 12s, Adelaide 23s to 23S 6cL Passions, 21s to 225. FRUJT CONTROL LEGISLATION. (PBISS ASSOCIATION Trr.re.aiv ) DUXEDIX, October 3. Strong exception t-o the passing of the Fruit Control Bill was mado by a, deputation of the Otago Province Fruitgrowers' Council to the Expansion Leapuo. Tho greatest objection to ' raised to iho representation* of Kelson by two mombers and tho rest of tho Dominion by three. The Bill was described as a Government sanction trust. One epeakcr Baid it hrould tie them hand and loot to a Board on which they shared one representative with Canterbury. It was decided to telegraph to tho Minister in charge of tho Bill, to Mr Massey, and to every member lor Otago and Southland, declaring unalterable opposition to the BUJA deputation from the Otago Fruitgrowers "Provincial Council appointed By the whole of the Otago Fruitgrowers' Association, waited on the Council of the Dunedin Chamber of Commerce to-day and urged the Council's assistance "in opposing 6ome of the .objectionable clauses in the Fruit Control Bill now before Parliament." The Council decided to agree to the request and whilst not desirous of killing the "BrtXl,- it was insistent on what was termed "objectionable features" being deleted from the measure. . It was decided to telegraph to tho Prime Minister and Minister of Agriculture, and the Otago and Southland Members of Parliamest urging them to oppose the measure as-it stood, i i