REVIEW OF THE SHARE MARKET.

Press, Volume LXI, Issue 18545, 21 November 1925, Page 12

REVIEW OF THE SHARE MARKET.

| The Share Market lias been brisk during tho week, and tho number oi ! sales recorded is above the weekly averago and ha.s been veil spread over the various classes of stocks dealt in. Tho \ market continues firm with good demand for the znoro popular investments. Government Stocks have been more freely quoted, but little business has been reported. Four and a half per cent, stock, due 1938, changed hands at -ss, showing little variation on last week's prices, '£96 7s Gd and £% ss, and subsequent, buyers offered £O(3, holders asking 10s 'more. Unsupported sellers of the Bonds, duo 1938, are asking £S(> 10s. Last reported business, a fortnight ago, was at £96 ss. Five per cent. Post Office Stock, due 1927, was on offer a. day or two ago fit £9B 10s, witi quoted buyers at ' £97 10s. , - For five and a halt per cent. Soldiers Settlement Loan, duo 1&33, which sol'l last week at £99 os and £99 7s (3d, ■unsupported sellers are quoting £IOO. Several transactions wore recorded in VN'.Z. Breweries 10 per qent. Bonds at 25s as against last weelc's sales from 23s IVI to 24s 9d, and 1 ate _ unsupported sellers aro offering at 255. - In tho Banking group Australasias were dealt in at £l4 as compared wick £l3 19s for the pa.st fortnight, and more aro on offer at £l4, buyers Is Tower. ; Australian Bank of Commerce shares "had business at 30s, an advance of T 6d on that done a fortnight ago, and 'late buyers aro offering 29s 9d, sellers 'asking 31s. National of Australasia., shares show improvement—tho fully paids -in ■which last recorded turnover was at £l7 2s now have demand at £l7 3s, ' sellers 4s 6d higher, p,nd the £» paids ' had business at £8 los, which v is 3s 6d above i>reviouslv reported transactions, with later sellers at £8 buyers 2s 6d lower. National of New Zealand were placed 'at £6 14s, an. advance of (3d on last greek's business, with further demand /ii. £6- 14s ;3d, sellers, at £G-17s. .< "fNifew South Wales, cum the qnar"terl.V' dividend of 2J per ■ cent., wero placed at £42. New Zealands were dealt in at 575, • 'sok _•9d, 5Gs lid, 575, and's7s 3d, as against 56s 9d last week, afid late buyers are offering 575. sellers responding at; 57s 6d. ' 1 ,'r" 6d, declared sellers at 365. ; Uni6n Banks changed hands at £l4 • ; 19s, £l4 175,-£l4 "18s. 6d, and 515, as ■ With business at the latter f last >yeek, and more are available at £15,. but buyers are reticent. : Victoria ordinary, which sold at £7 .'Ss»6d a fortnight ago, were in demand " a go at £7 10s 6d, sellers •^2s;6ajugher, Insurances, cuni a dividend ehare, were placed at 79s Gd. fe $8 agaaiist last week at 77s aiid 77s wic,New ; Zealands at 36s 6d iehfeuge .on that done . last and kte:-.buyers are quoting that without response. • '. th' British haye enquiry -at, 50s, ® figure at which business was re•OUOtmg. were turned over at 47s ' subsequent-buyers at 46s Gd, -Jio'decjared sellers. . , Goldsbrough, Morta improved from sales at ,45s 9d last week to 4Gs and a this week, and l more aro wanted J at sellers 9d higher. • The new also shows.improvement, and late c are quoting 46s 3d,- recent buyers 45ff 9d. # Mercantile ordinary ...'agjoek cfim dividend changed hands at as against-' previously ' recorded a few weeks ago at £92 10s, / more is wanted at £93 10s, but. a>e jeticent. and Itiver Plate shares are availat 225-3 d, with rcqpnt buyers ofsft*i»g 218 WL ......;. . v : 4-, -ln,the shipping■ group. no v sales have i, own reported for the past three' weeks, is little variation in the quo- ' •••• %*< rOafctcrbury Frozen Meat shares had Ajcntrtiiry during'the week at £ll 7s 6d, , did not quote below £ll 17s • ' She preference issue, with turiia fortnight ago at ,£5 3s, are sought at'£s 2s 6d; sellers at £5 7s 6d. Befrigerating* jfulljr-paids were fi jiplaqed at 16s 9d," an easing of 6d on •ibusiness a fortnight ago, and the marclowd with buyers,at 16s lOd, sell4d more. . S Woollens ordinary' have en- ,. «qiury. at 8s 6d without response, and no > have ■ been recorded for some 'weeks past. n-'Westport Coals were dealt in cum '■ diyidend of is 9d.per share at ;345, - compared with business at 31s 6d and 7d before tho announcement of the : : t Quotations for Gas Company shares show little change over the past fortanight. ' ' Crown Brewery shares had recent eni J #qiiiry at : 225, but sellers . earlier in the r i?(peek were asking 28s 3di V , Mannings are sought at :365, sellers M higher. Last recorded turnover . ii'fajrtnight ago was at 395. ■ - 1 ' ''"New Zealands were placed at 57s 6d, • Spe, :56s 3d, 57p, 58s, and 58s 2d, as com- / "pared wffh sales last week, at 61s, 60s, j "&t 585.5 d, buyers 3d lower. ' Staples changed hands at 44s 9d, 455, '4ss'3d, 445. lid, 455, 44s 9d, 44s 6d, and T 7 " t 44s 3d, as against'44s 9d Inst week. For Wards sellers are asking 70s 6d, , "%ith declared buyers at 775, and reportf business at 78s. VWilson's Cements cum dividend are enquired for at 34s 6d, with recent sell'%erfi quoting 355. Business at the close b£last week was at 33s 9d, 33s Bd, and 31s, and the previous week at 34s 9d. Kanri Timbers had recent enquiry at < 34s without response, and no business has ljeey recorded since that last week ■at 34s 3d. and Co. shares, which sold last 1 . week at t 33s n are now available at 32s • £ 6d, buyers 6d lower. ? n For British Tobaccos buyers this have quoted up to 43s 6d, bat ? sellers want 44s 9d. Colonial Sugars advanced 2s 6d, .to ' ' business at £SO 12s 6d, with subsequent '.Buyers at;£so 7s?€d, sellers at £sl ss. , Donaghy's Eope and Twine shares * placed at 345, later sellers ofFering «t 83s 9d, buyers 3d lower. Dominion Bubbers, show steady improvement, transactions being recordod "at 53s 9d, 54s 3d, 54s 6d, sas, 58s, 57s ;6d, and 595, as with those " last week at 53s and 545.. v '= Malays ordinaSy .were dealt in ' a t 41s, an advance 'of Is on a fortnight r ago.' ' Electro. Zinc preference shares were •' turned over ytt 32s 6d, 335, 3d, 33s Id, 33s ?d, and 33s Cd, as against business - ( at 32s 6d a fortnight ago. X'-ht. N.Z. Drug ■< Company shares, trero f at £7s *3j,, and late buyers are 66s fid tvifh: sellers asking. Is .in. Gfcarantee Corporaat 10s shows an advance of recorded.

Taranaki Oilfields, cum rights, remain unaltered with turnover at 23b. Whitcombc and Tombs cased to business at 695, and more are. available at 6i>s Cd, with quoted buyers Is lower. A large number of transactions have been recorded in Gold Mining shares at prices ranging from 7s 2d to 8s (id. Mt. Lyells cum dividend have improved demand at 243 9d, with sellers asking 2os 3d. GENERAL MERCHANDISE. GROCERIES. i | \\ lioJcsaJc merchants to jv-r J . business &s liiiik, Tvith a much better lone since Carnival Week. pczson's fi~s ;-ro now landing, and j tieiivpry should be macL? in tho town and country turiy next, week. Jordan almonds, [ now season's, are also landing next week. The samplo ia reported to be first-cliss. Imitation parchment r.aocr is in short sujipiv, and the advent of the butter-making season has caused an unusual demand for this line. Tho Zktefit report from ih.-> East ' slale3 that in respect to sago and tapioca the market is steady.' Prices we*o expected to advance H 3 neon as' the Indian buyers started operations ;n the Singapore market... Many lines of spices are running short, owing to the hold-iri of shipping in' .Australia. and tho Knst. (linger 13 getting very ecarce, and tho jxisitioii is likely to more acute in the near future, as the new crop \WII not arrive hero until i.'.out April or May. It is rather too early to obtain any reliable information regarding new crop Cochin ginger, but quotations -vviil be available in about fctx or eight weeks. As is customary at this time of the year, thero is a pood demand tor cocoa-nut. It is likely to be scarce during the next couple of months. A cablegram received locally from South Africa states that for dried apricots and dried ppachcs prices will advance, ;nd that the new season's pack will be somewhat higher in price than the present stocks. Poor crops the order of tho season, and packers contemplate being unable lo obtain sufficient fresh fnrit to execute their orders. Norway, tho home of the sild and bris'ing trade, commonly called sardines, is experiencing noor catches this season. Prices are normal "at the moment, hut will not long remain so if the poor catch i 3 universal all over Norway. - DEAR WOOL. MOSGIEL COMPANY'S DIFFICULTIES. - i • • '(SPECIAL TO "THE TRESS.") DUXEDIX, November 20. At the annual meeting of tho Mosgiel Woollen Company, Sir John Kobcrts (chairman of directors), in the course of his remarks, said:; — During the';lalter half' of the year we have - experienced' some difficulty in 'securing orders, as merchants were inclined only to order from hand-to-month, as there - r was great uncertainty., as to tho course the -woof market would take. The operations of the Lond6n wool market ■ seem to show that we have reached bottom in vahies, and a better demana.has set ,in- with .tho improvement in prices. I therefore look for an improved demand ' for! our" - manufactures during the now current year. . > "The • very . csircme value of wool in . the end of last year, while good—indeed, I may say, extremely good—for the woolgrqwgr, was not, 1 am sure,' in his ..best interest. Extreme values of any article used tor; manufacturing purposes invariably tend towards the useoorf r sbme' other article to take 'its place.. In this connexion I may. remark vthat. vegetable silk is sow being .used in. place .of wool in,.the manufacture, .of underwear, for .women, also for men. In order to meet, this; 'the company ! js* using a- cer-. tain .of this article, '• in conjunction ' with wool, in'the making of the finer quali- ' ties of underwear." { MORE CEMENT. NATIONAL COMPANY'S SHARE ISSUE.'; . }. .. The abridged proapeclus of ; tho National Portland; Cem«nt'Co., I/td., Is; published in this Jssue.'. The _ promoters have apparently-j spared no expense in obtaining expert re- ! ports .on their- project—two cement experts, an English mechanical and cement; engineer andean-Australian-wet process cement chemist,'havo been brought over from' Sydney especially .to - investigate the . company's options at Weatpprt. The . independent reX>ort3 i of these two, experts are fetated to" J have'exceeded all expectations, while a Ivew Zealand cement and, 1 mining engineer and tho director of New Zealand Geological Surveys have, previously., reported favourably on the suitability of, properties to be .acquired for low cost production of high-grade cement. Cement will bo manufactured by' wh»t is kgown as the modern wet "process, .tha plant for which' will be tho . only or® of' ita kind in New Zealand. IS ia claimed that the •wet process gives a'superior quality of cement at.a lower cost of manufacture. FARMERS* DISTRIBUTING CO. i ■ ' ■ Tho report and balance-sheet of the New Zealand Farmers' Co-operative Distributing Co., to be presented at the annual meeting at Masterton on Wednesday, show that there has been a great improvement in [ the company's position in the past, two years. i The liabilities hare been reduced by practically 10t,000,, as the following table will

' Commontmg on the accounts, the General Manager (Mr E. Hassall) says, ia a letter to shareholders: — . "The company has regained s sound position, and ia bound to progress if it is supported as it ought to b.e. by its own shareholders. During tho past two years share caiptal shows all increase of £25,575, whilst liabilities other than share capital have been reduced from £l-20,017 to £70,998, an improvement of £49,019. Working expenses, compared with September, 1923, show a saving of £6203 per annum. As the result of further investigations following our annual balance in 1924 it was found necessary to 1 provide a further sum of £2633 to cover tho j bad and doubtful debts incurred prior to I 1922. The bad debts for the past year amounted to £357." i UNITED INSURANCE CO. Tho annual report of the United Insurance Company, whose headquarters are in Sydney, shows an underwriting profit of £49,578 (as against £36,275 last year), while income from interest a l Dl *.. r ®J lt8 <> *41968 (£38.436). The übml drnaena oi 10 'per cent, absorbs £37,500 £IO,OOO « added to the reserve fand, and £BOOO to the reinsurance fund, making them respectively £165,000 and £133,000; and £IO,OOO is added to the reserve for. pension fund. In addition, the annual capitalisation of profits is made by distributing among shareholders 5000 £5 shares in the proportion of one share for 15, • making. the paid-up , capital £400,000. The .balance'of £1046 is transferred to contingent account. SOUTH AMERICAN MEAT. The New Zealand Meat Producers' , Board has received a. cablegram from its representative at Buenos Aires, • South America, advising the following ailments to the United Kingdom for the fortnight ended • November 12th 1925, from Argentine and Uruguay:— 184,350 quarters chilled ;becf, 17,085 <narters frown beef, 40,231 carcases frozen mutton, 97,999 carcases frosen limb. ■ Th 6 .Quantity shipped to the Continent of Knrope during the same period totalled: 8207 chilled beef. 116,580 quarters *»*ie.n beef, 5 10,027 carcases frozen mutton..

show: — 3923. 1920. £ £ Bank overdraft .. 55,036 21,359 Deposits .. 20,141 15,273 Debentures 9,830 7,094 Sundry creditors . . 84,582 .27,271 Bills payable V. 428 — £120,017 £70,996