FINANCE AND COMMERCE.

Press, Volume LXV, Issue 19724, 14 September 1929, Page 14

FINANCE AND COMMERCE.

SHARE MARKET.

WEEKLY REVIEW. The volume of lmair;>.">* tione on the Metropolitan Exchange* during the tiaat week shows a considerable increase .« that for the previous week, firm mill active conditions generally prevailed. and in nearly all sections of the market the recorded dealings exceeded laat week'*. The turnover on the local market exceeded 127,000. The outstanding feature wai the rapid rise in New Zealand Breweries, which a week ago were celling at nrices ranging from e)4a 9d to fc'Sa, and are now in demand at 90a, sellers at !>4s. Government lames.— Four and a half per cent, tax ire* stock, due 1938, changed hand* at £IOO 2s 6d and £IOO sa—the 1039 atoek realised £IOO 2s (3d. Four and a half per cent. 1038 Bond* war* taken at 1100, ae against £IOO and £IOO 5a last week. Four and a half per cent, bonds, due 1930, had business at 199 7* (3d. Five and a half per cent. Soldiers* Settlement Loan Stock, due 1033, hardened to £lOl IDs.

New Zealand Breweries 10 per cent. debentures have »hown steady improvement, moving troin '2B» tki to 21)8, as against 2Ws 3d and 2t*s 4<l laat week, market cloning unuer with buyers at •A 10d, sellers at 31s. Mount Albert Borough 6J uer cent. 1963 debentures were released at 1105, and Dargnville Borough o| per cent. IIHUi at 11UO lite. Basks. In this section the local turnover was £BO6B. Commercial of Australia held pride of place for popularity with inventors, and there was a large turnover at prices ranging from aChs 3d to 80s. 'lhe new issue partly fiaid share* realised 24s 3d. Australia of Commerce were steady with dealings at 30* and 36a lid, and more are on offer at 3rjs, buyers at 35s od. Kngliah, Scottish, and Australian show improvement with transactions at prioee ranging from £8 0s 3d to £8 10s, ae against £8 8s and £8 9s tid last week. National of Australasia fully paid at £lB 13a fld were le below last •reek's highest figure— the £h paid sold a| 19 13s 3d and £9 13s 0d as computed with £0 13s to £9 14s aweek ago, and more are available at £» las OdV buyer* at £9 12s. . New South Wale* reached * new high level with tranaactioas at £52 6s and 152 is M, tnarket dosing at .£s2,which was peak orice laet wet*. New Zealand* ahowad little- movement with dealings at 63s •Id and 08a 6tl. Queensland National 'realised £9 14s, and there are t*™** l.uyers at that hgure, sellers at £9 16s lid* Union Banks were placed at 115 2s fld, £l6 2s, and £ls as against £ls 2a and £ls 3a last week. Insurance.- Nationals were fractional!* firmer with dealings at IdsM,.and further buyers at that price, saltan at 17*. New Zealand* changed hand* at m ed and .Hs 3d. and late unsupported teller* want 48* 6d. .Q«««» were idaoed at 62* 9d, and more are wanted at ttto, »e»lera asking Is more. South British, which have shown an Z3h tendency of late, were.turned over *t 06s and Wis Od. linaupported seller* of Standards are offering at and A.W--TU M te£ over in this section was £2230. « olt »! hrous)>, M«rts attracted, the |>»lk .« the biwineHs in this Motion awl, witn dealing from 47s 3d to «. d, show » eoO.ule.able easing on last week ■ price* from 47s 0d to efl* 9d. UnSorted Nllin, of J*~ "JJJ i,,g nt last week'* burinem *!*••; **• ■»„ 'Sow Zealand Guarantee Corporaihin were tirm with p*"™*"™" I .*} 7,1 and 9s *l. New Zealand an and Mereantite (ordinary stock eh ged hand, at £125 10*. l'n>te<« »«"[ d "g Society cum dividend ?"»"*«{.*, jf thl. and mere »re wanted at 15a iw, de.l hu«ne«* i these sections shows T falKoff Devenport Ferry shares .coredla ri« <>* >•» » ltfc b ™ lmU A \* >i»* Hudclart, Parker* were released at 4h id P. and O. Deferred Stock, buyers at 57s 3d, seller* at Mi..Om* Meats were slightly *aaicr at 43a M. New Zealand LfrW«««. 10 » *** had dealings at 6. lid and 6.. 9d .and then are further sellers at the lower pride, buyers at 0* Bd. Canterbury ordinary have improved demand at £8 ••.but recent sail*" wanted *S los-lest week they sold at AS» «•• Woollens, Coal, and « a «--^ al »^ ordinary fully P*« ••• * vid T* W, I! fraatlenally weaker with buaines* at 13* Hd- ex dividend quotes are: aellert 13* od, n» buyers. Grey Valley Collieries, which were placed at 27* last week, opened this week at 28*. and lumped to 30., closing at 29* Id,, «• lOd and 29s 3d. Pukemiro* showed ro«itviry with dealings at 74s 6d and 75a. iteaawn (ordinary) eased to 15* 6d—i lie weferenee showed little variation ut U I lid and 3s. Waipa were firm at Ms »d. Went port* were 3d down at ;4a 9d and late unsupported seller* are Hiking'a»* ad. Stockton pre*erenee were turned over at 4* 6d. Auckland Oaa fully paid were Arm at 24s <Sd, and the partly paid at 18s 3d. Christchurch fully paid recovered to 86* 2d, and closed atronger at 26s 3d buyers, no sellers, .«-..» a Brewwrie*.—Carlton* sold at 48s, ana more are wanted at that price, sellers nt 48s Id. New JSealands scored a notable rise with dealings at 85s 6d, s«la 8«« 3d, 87s 3d, 87s sd, 87s 6d, and K9a, as against 84« 9d to 85a last week. Staple* weakened to 53s and 52s 4d, and mora are available at C2s, buyer* «t Sis 7d. Tooths were easier at 54a 114, 54s tfd, and 64s id, market closing 54s 3d sellers, 53s 4d buyers. Miscellaneous.—l« this section business was well spread, and the local turnovKi exceeded £5500. The following transactions were recorded, figures in parentheses Indicating previous business: — Amalgamated Wireless (14s paid) 23i od. Australian Iron and Steel (pref.) and 00. <!• P*M) »• Md (9s M, »• l«d). _,, x rn _ British Tobaeeo (eum nlv.) 50s od, «)• 9.1 (49s 3d to 51s). Broken Hill Propty. 31* (31*). Barns, Philp 48s fld (47s 9d). Colonial Sugar £57 IS. «d (£57 "Electrolytic Zinc (ord. ex 4lv) :S7s «d. Farmers* Trading 9* M (9* 7d). farmers' Co-operative Auetioneering "B" pref. 17s fid. n^ B*»ry JonM Ml, »»• " d ( 83, i? d >- Uylaud. O'Brien Timber 31* od. Ham* Pipe £o* lOd. Mount Lyell 46* to 44* »d to 48* 3d (43* to 45s lOd). N.Z. ParmeW Co-operatlT* Aaeociation "A" pr«f. cum dlv. 71*, TO* fld. N.Z. Farmer** Pertillaer 28* 7d (22a to 81!* fld'). (Jnill, Moni* 15s (Id. Hanford, Ltd., 18* 5d (18s sd). Hbarland (ord.) 21s »d. Taraaakl OU 4s 9d (4* fld, 4* 3d). Victoria Nyaaaa Sugar 4fl*, 4o* 2d, 4Hs 44 (4«s Id). Gold Mining.—The market wa* dull and the turnover small. Ohinemuns wv.rm sa«i«. with dealing* at 10a 3d and ins M. WaUki* were placed at 13s fld and 13* 4d, a* against 13a Id to 13s fld laat week; Winding Creek la paid ■saved between 1* and Is 9d, a* compared wttfc U m to * § v«fc Age.

YESTERDAY'S TRANSACTIONS. Market* were more active on call yesterday, and there was a good volume of business, particularly in the banking section. The chief item of interest was tha audden jump in New Zealand Breweries shares, which closed with buyers at 90s, sellers at 945. Transactions apart from vestibule business included:—

£SOO 4} per cent. Stock, 1933. £IOOO 4J per cent. Bonds, 1030. 125 Australian Bank of Commerce. 900 Commercial Bank of Australia. 8 Bank of New South Wales. 10 tin ion Bank of Australia. 500 N.Z. Refrigerating Co. (10s paid) 500 Grey Valley Collieries. 100 Staplea Brewery. 300 Beath and Company (Is paid). 00 British Tobacco, cum dividend. 100 Henry Jones Co-op. 200 Quill, Morris. 200 Winding Creek (la paid). 300 Goldsbrough, Mort. JOO Mt. Lyell.

N.Z. Government 4$ per cent. Stock, 1938, was firm at £IOO ss; 4} per cent. Bonds, 1980, had dealings at £»9 7s <sd. Other Government issues were firm at lute rates. Buyers of New Zealand Breweries bonds advanced their limits to 29s lOd, sellera at 31s. Australian Bank of Commerce shares were fractionally weaker with business at 35s lid. Commercial Bank of Australia shares were active at 30s, an isolated sale was reported at 30s Id, market closing 30a buyers, 30s *d sellers. National Bank of Australasia fully-paid shares were unaltered with business at £l9 13s 6d. Bank of New South Wales shares were released at £52, sellers staying in at that price, buyers at £sl 15s. Union Bank shares dropped to £ls, and there were further buyers at that figure, sellers at £ls Is.

Goldsbrough, Mort* showed slight recovery with business at 46s 4d. United Building Society shares appeared stronger with buyers at 15s lOd, sellers at 16s 2d. N.Z. Refrigerating Co. 10s paid shares were firm at 6s 9d. Grey Valley Collieries shares eased to dealings at 29s Id, 28s lOd, and 29s 3d. Staples Brewery shares declined to 52s 4d, and there were further sellers at 525, buyers at 51s 7d. Buyers of Ward's Brewery shares advanced their bids to 30s without attracting *ellers. Beath and Company Is paid shares were firm with dealings at 9s Id. British Tobacco shares were steady at 49s 9d and more were offered at that price, buyers at 49s Bd. Henry Jones Co-op. shares were fractionally weaker with business at 33s lOd, market closing Id on either side. Mt. Lyells showed recovery with business at 45s 3d, market closing 45s Id buyers, 45s 3d sellers. Quill, Morris shares were released at 15s 6d, closing quotations 6d either way. Winding Creek Is paid shares had business at Is lOd, and more were wanted at that price, sellers at Is lid.

GENERAL MERCHANDISE. GROCERIES. Business in the wholesale grocery trad* is itaady, with volume steadily increasing. Tha present plentiful supply of egg« is asutlng tae market to weaken, and in lome eases holdera in the Oity are finding it hard to obatin an outlet. » Cheeae is very firm, and supplies are meagre. Any lines showing quality are •acerlr competed for. and to addition there la • {air demand (or dairy cheese from the North lalaad as well as irtm tho South. The steamer Narbado, from Singapore, is now discharging at Lyttelton. Storekeepers who have purchased sago, tapioca, and pineapples for arrival ex ship due August, will receive their goods out of this steamer, as she is a trifle later than expected. She did not reach New Zealand waters until this morn in*. Latest news from Singapore states that tlfe sago and tapiofa market is stationary, but with a firm tendency. This is reflected in a slight rise of 3d a cwt in prices. Pineapples remain as before, with not much business doing, whilst pepper is weaker, some lines falling Id to id lb. This market (pepper) is still far too high for general Operating purposes, and importers are only buying from hand to mouth. The new crop is now coming in, and so far the market ha* not fallen as was pred'^t^d. The local agent for a British cornflour house advisss that his firm has dropped prices of bulk cornflour" by £1 a ton. There will be a fair demand this year for British bulk cornflour, as it is far superior In quality to the American article. Lima beans arriving are costing considerably more than was anticipated, and recent shipments are being quoted at lncressed prices to cover the extra landed cost. Booth African . dried apricots, Just to hand, show good value, and are worth the tttentlon of grocers. Sales of all dried fruits are now Increasing weekly, and the present low value of eggs has stimulated the demand for currants and sultanss. This is no doubt due to the housewife making rakes, etc., with cheap materials, and for the time being ceasing to buy the readymade article. At last wosk's Colombe tea sales 1,900,0001b were offered. The market was firm, with last values fully maintained, in addition to 8.0.P. advancing fid to Jd per lb. Quality iB improving slowly, and the quMity rise this season is later than usual. The New Zealand agent for a London house shipping cream of tartar advises that the market !• steadily advancing, and that it is expected to remain fery firm until Christmas.

NEW COMPANIES. Iho "Mercantile Gasetta" records the registration of the following new companies: louth Olago Newspapers, Ltd- Registered August 30th, 1929. Capital: £SOOO, in 5000 aharea of £1 each. Subscribers—Balclutha. 1). G. Algie 1000, J. Guest 500, R. J. MiUis 500. I>. Sinclair 500, D. McK. Henderson 800, W. Twaddle 500. Kaitangata: T. M. Espie 500, V. Carson 500. Dunedin: A. H. Jamieson 500. Objects: To carry on business aa proprietors and publishers of newspapers, Journals, periodicals, etc. National Tobacco Co., Ltd. Registered in Auckland. July 17th, 1923. and transferred to Napier on August Ist, 1929. Capital: i-30,000 in 30,000 shares of fl each. Subscribers—Auck'nnd: T 2 ™, t L„s«w Longuet 150, Enos Bond '2OO, G. P. Bloomfleld 200. Hastings: G. P. Roach 100. Napier: P G. Wooa 100, H. W. Amner 100. Objects? The growing and manufacture oi w bacee in all its branches. Increase of Capital. Ilolt, J., Ltd., Wellington. Capital increased to 180,000 by the creation and issue of 10,000 new preference shares of £1 eacn, to be called "C ' shares. Registered beptember sth. BROKEN HILL. Addressing members of the Millions Club. Mr 0. J. Emery, president of the Broken Hill Mia* Managers' Association, said that in l»iu the ore reserve forecasted by tho experts at Broken Hill totalled only 13,083,000 Sine* then more than 23,000,000 tons had been mined, and ore reserves to-day were at least equal to, and probably greater than, the flrurea gltea in 1910. Australia produoed one-tenth of the world's output of lead •nd was therefore the third largest producer. Ons of Broken Hill's most serious competitors was th» Sullivan Mine (8.C.). where 1.605.580 tons of ore were mined last year, being 500,000 tons greater output than the combined output of all the Broken Hill mines. Op to the end of 1928 ore worth 2140,881,319 had been extracted at Broken Hill. VICTORIAN MARKETS. (nrrrao rasas association—»t bukcwc TELBG3M>H —COPTBIOHT.) , MELBOURNE. September 13. Wheat—6s 7id a bushel. Flour —Jtfia 10s to £l2 15s a ton. Bran — £7 10a a toa. Pollard — £1 15s a toa. Oats —ts to 4s Id a bushel. Barley—English, 4s to 4s Id a bush*]. Malic —6s 4d to 5s id a bushel—Australian fim Ajaoeiattee.