FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20086, 15 November 1930, Page 12

FINANCE AND COMMERCE.

SHARE MARKET.

WEEKLY REVIEW. With the exception of yesterday, when the Exchange was closed all day on account of Show Day, a morning call only was held daily during Carnival Week, and the volume of business done on the local Exchange, £S2BO, vyas. consequently below the average. Dealings for the most part were in Bank shares, Breweries, and a few of the other more popular Investment Stocks. . Government Issues attracted little business: 44 per cent. 1938 Tax Free Stock declined to £9B 17s Cd, market closing 7s 6d on either side; 4} per cent. 1933 Bonds eased to £99; Auckland Gas 6j per cent. 1935 Debentures changed hands at £102; Wellington Harbour 5i per cent. 1940 at £9B 10s; Mt. Eden Borough 5$ per cent. 1964 at £97 10s; Auckland Harbour 6 per cent. 1941 at £lO2 10s; and Cambridge Borough 6J per cent. 1932 at £ 100 10s. In the Bank Section Australian Bank of Commerce were easier at 19s 10Jd and 20a. Bank of Australasia, shares fell to £ll 2s 6d, £lO 16s, £lO 15s, and £lO 19s. Commercial Bank of Australia moved within narrow limits, ■with prices ranging from 17s to 17b 2d as against 16s lOd to 17s 6d to 17s last week. English, Scottish, and-Aus-tralian Bank cum dividend changed hands at £5 15s, £5 10s, and £5 12s 8d an compared with £5 12s 6d to £5 10s last week. National of Australasia £lO paid, which reached'SlS a week ago, aro on-offer at £l2 17s, buyers at £l2 10i; the £5 paid, which rata up to &G 7b (id, are available at £6 7s, buyers at £5 17s od. National Bank of New Zealand are wanted at £5 15s, but sellers are scarce—lasu recorded dealings a fortnight ago ranged from £5 lis to £5 ss. Bank of New South Wales are firm, with buyers at ££2, sellers at £32 17s Cd. New Zealand cum dividend advanced from 56s 6d to 575, and late buyers were offering 56s 9d, sellers at 57s 6d. Union Bank of Australia shares wore easier with ■ dealings at £9 345, and late sellers were asking £9 17s 6d, buyers at £9 7s 6d. Insurance and Loan and Agency. New Zealand Insurance shares advanced to 42s 3d and 42s 6d. South British hardened to 55s and 55s 3d, subsequent buyers offering 55s 6d, sellers at 56s 6d. National Insurance, in which last week's transactions wore 14s 5d and 14s 6d, had recent buyers at 14s 7d, sellers at' 15s. Goldsbrough, Moris ranged from 21s 3d to 22s 6d to ' 3d, as compared with 22s Sd to 23s 4A to 21s 7d last week. New Zsal.-vnd Guarantee Corporation shares -were slightly easier with dealings at 7s 4a and 7s 3d. United Building Society shares, in which last recorded business was at IBs 3d, had recent buyers at that priee, sellers at 16s. * v fHiiipytwff, Woollens, Goal, and Gas. * Northern .Steamship fully paid Were fractionally weaker at 14s. Huddait Parkers preference had recent unsupported sellers at 19s 9d, business last week •was' at 19s 6d. New Zealand Refrigerating Company fully paid shares appeared stronger during v the week with buyers at 8s 7d, sellers at 9s 2d—the 10s paid are available at 3s 3d, ttiyers at 3s—last week's dealings were at 3s 2d. Bruce Woollen Company shares realised 10s 6d, -Grey- Valley Collieries,' cum dividend, declined Is to business at 20s Cd, subsequent unsupported sellers asking 22s 6d. Taupirf Coal ordinary shares were easier at 235. Auckland Gas shares advanced to 23s 7d, 23a Sd, and 23s 9d. Christehurch Gas remained unaltered with . dealings at 258, tti&sequent sellers asking 25s 6d, buyers at 24s 10d.. Breweries. New Zealand Breweries shoved little variation with dealings at priced, ranging from 45s 9d to 4os to 45s 6d, with late sellers at 45s 9d, buyers at 45s 6d. Staples Brewery shares, in which last recorded turnover was at 395, had recent buyers at 38s 9d, no sellers offer* fag.* Tooths Brewery shares were re* leased at 25b Id (business a fortnight ago wu at 21s 9d), and' more , were offered at 25s Id, buyers at ~24s' 9d. ; Miscellaneous. In the Miscellaneous Investment Section, Australian Glass moved up to 27s euro dividend; Boath aa*, Company paid shares remained unaltered at ss; British Tobaccos ran .down to 32s Bd, but elated firmer at 33s lOd buyers, SSs sellers; Byerofta, Ltd., were a ." trifle easier, at 32s 8d; D.I.C. preference •hares realised 20s; Electrolytic Zinc Preference > recovered ■to 1 17s -9d; Farmers-?.T*ading ordinary advanced 3d to dealings- at 7-e. - Mllburu' Lime advanced" to at 30s; Mt. Lyells cum dividehd tefiaaged hands at 10s 9d,

19s7d, 19s 6d, and 19b 6d as com- i .pared with 20s to 31ft 0d to 19s 6d last iinalc. New Zealand Brags are wanted*t 40s but sellers are reticent; last week's business was at 61s'Gd. -Wilson's, . Cements cam-dividend remained unaltered at 40s. la tlWjMining Section, Cornish Point . 1» paid.'Ttfattaed ;3id ? , itahaklEawa .B*d and 9d; Okarfio' , 'Kandß at Jss Bd and m fid aft' against 6s 2d to 3s Sd last week; Walhi Grand Junction shares oovtd up si point to 2s 2d; Waihi Gold. Hiring AaVeawero fractionally weaker . at 13a 10dj Jting' Solomoh remained at SOjdL Dividends Payable. Anatr&ftaaGlass .(or#;), '3 per cent., IJeetmbpr Ist;"' Abot?ra&ftn.Glass (pref.), 4i.per cent., ■ OeMßbtf Ist. . . Jfjfcaki:**' New Zealand, Ift 4d, De- j earner. ' Btoa, *hilp, 5 per cent., November 15th. Dalgejty and. Company, 5, per . cent., November 25th. . Grey > Valley.; Collieries, 3 per cent., - Co-op.* pe» cent., DerGmto&r.fttb 3£fcmi Xlmjb'or, "} pep cent., December. Hftogug Wopjlent,.s per. cent,, NoV6tttb>o]r*»* * ,/ 3foant liyeil, Ja, Dccppiberl7th. . Morris, HodatrGJtt (Ord.), 3 per cent., BagJt of Australasia, 4J per ifftvettlbw 26th. . <• mtional Bank of .New Zealand, 6 je* «ent, January ?rd. National Insurance, Sd, November I ....Kliw JSftiU*bd Lain and Mercantile . («*&), .£ per, cent., Qeoeinber, , , Hew Zealand 'Paper Mills, 3£ per ' ee»t 7 November 20th. . Tanpiri Coal (ord.), Is, November "15th, • . Weatport Coal, Sd, November. i , WjUaon's Cement, Is, November 26th. 11; l " - - - summary. pas nnu Social Service.] fff "'i AUCKLAND, November 14. I ...J- To# Auckland Stock BxcKange closed

, iug a very firm demand. Any sagging .tendency which may have been Apparent in the market for Australian stocks a week ago, following reports of differences of opinion in Common weal tli political circles, disappeared early in the week, and the market generally over the pest few days has shown a slight rising tendency. The firmer tone at the Sydney Wool sales also proved a factor in helping to increase the buying strength for sound stocks. The gilt-edge" section on the' Auckland Stock Exchange has shown little activity during the week. The volume of business has Jiot. been heavy, although most issues of Government Stocks and Bonds, particularly taxfree issues, continue to meet witTi a steady demand. The section was active 011 a rather erratic market at the beginning of the week, but the daily volume of business fell away toward the close, sellers showing' a tendency to increase their ideas of valuo. So far as actual turnover has been concerned-the bank*ing group has experienced the quietest period for many weeks. One of the -features of business over the past seven days has been the in-, creased attention given to New Zealand shares. New Zealand Insurance shares liavo been quietly active on a very firm market, a ain i n K I s over the week. South British have been sought on a very firm market, the only Auckland sale ; being put through at 9d above the market of the previous "week. The miscellaneous section has been quiet, although the markot generally has shown a brighter tone, closing: this afternoon with buyers' ■ quotations for many of the more popular stocks showing a decided improvement on the previous week. Sales have been confined to small compass.

AUSTRALIAN SUGAR. FINANCING THE CROP. TJio proportion of Australian sugar which has to be exported reduces considerably the mill owners' profit,, as sugar sold abroad will riot net inore than half the cash cost of its production. This statement was made shareholders of the Colonial Sugar .Refining Company, Ltd., at their halfyearly meeting by the chairman, Mr E. W. Knox. He said that from Fiji thia year the company had no profit j despite the preferential duty in Canada and Britain. In . Zoaland the refinery had. been supplied with sugar from other sources,, and thus was working on normal lines. In Australia the present crop of sugar was taken under the agreement between the Commonwealth and the State of Queensland, which would come to an • end next August, and terms for a renewal. of that contract were now being discussed. The company had been asked to take part in the conversation, but had replied that it had not been consulted in any way about the prices prescribed in preceding agreements, go did not wish to be brought into the. discussion now. However, the company was showing that the margin of profit it received for handling, financing, and refining the sugar would not bear reducing, and the division of the profits between the raw ; Bugar producers, cane growers, and the of the sugar the company hbjjjed iWould- bo satisfactorily accomplished. To give some idea of'the' sum the board had to find to finance policy it. took out to cover the i ; aw sugar in the company's stores was for £6,250,000; the risk being divided amoa-z 72 comprnies. There waa no sign yet in the world's,market that the present selling price 6f sugar would shortly return to a paying level, and it was a strange feature ofthe position that almost every producing country" was still increasing its output. The sum Charged to the depreciation funj as a result of the December hurricane In Fiji was £ 6,000,000. The amount of the dividend, which was at the sanya rate as had been paid of* late, represented 4 per cent, per annum on the cost of the assets, and the payment could not be described aa unduly high. * | GRAIN MARKETS. DtfNEDIN. ■i • ■ 'pfgtttyb TO tltsa YliBSSj November 14there, is no milliflg wheat offering by grower* at this year's prices, which must - be considered favourable. Growers took an early Opportunity of disponing of their , 9yops. A fair "'demand exists tor'. -fowl,. wfceqt,.. and ■ stocks in local' stores' artf- small. ;The value to-day is 6a 3d per bushel ex truck Duuedin, MCkS extra. A limited enquiry in made trow the North Island for.oats, hoth A and B grade Gartons being enquired for. The notrtina) Value ot A grade to-day it 3s 6d per bushel, f.0.b., 8.i., with :B grade Id per bushel.leak. . Supplies of chaff at the present time are just sufficient for the demand. Merchants are generally prepared to oarry fairly . large stocks through the winter, and- early : spHnX, bat the stores are. jjeaerally, cleared at this time- of the year to mates room for ' wool." Good quality ehaff i# qulet-at £5 10b* pe* ton ex truck Dunedin, quality at correspondingly lower, rates. . "~ln regard - to potatoes,. values have fallen away, ntid it is difficult to 'affect sales. The nominal quotation !* £4 pat ton esc store Dunedin, bags in. for the beet.quallty. ..Agents hatred experienceda fair seasen In seeds,-and at prefect they are busy send' itig out orders booked' easier in the yeaik The wholesale market for ;ali seed lines .is qnlet, and there 'has been a -noticeable jack of orders Jttm 'the .North, Overseas business has also been b'y-"it# absence, and'-the only; enquiries>belag ?e»celved arr for ohewiMs ; feseue, hut . the aeas<m's.>o!HPtW,liaji already, beep disposed if.' SOUTHLAND. (etEciix. to taa i'afisa.) ! : IKVEftdAftditfi, November 14. Oatfi—The . market shows practically no ' improvement. . The value of A'b for shipment i« about 3a <d per nhd B'S 3s 5d per bushel,-f.0.b., but local merchants arenot telling at these' price*. Genera! quotations are 8i 8d fler bushel for A'g and Id per bushel legs .for &'«. There are uo offering* frow farmers," andapstt-frota stoek* stored for northern holder*, local stoaks are net heavy. - Whest—Business la -wheat la now eenftned tt> sales-for fowl, feed purposes. Values tor milling are nhminally froa 5b lOd per bushel lor Tuscan to Bs. 4d for' Velvet, but fowl feed lines are not worth morethafc 5s 7d, per bushel on trucks, country stations. Chaft—This:Market >l#:iyerj -dulU' and- the demand for shipment |tas eased off eonsid-. erably. The .value for shipment runs put "at £5 15s to £5 17s 8d per toil, fo.b., s.i.. for Road ; bright quality, and the ' prioe to farmers for this quality is £4 per ton on tiveks, dbUntry stations, ftyegrass—The demand for shipment in . fairly .steady, but local stocks are practical-' l}t exhausted. The shipolpg value runs from 6s ed to 7s 3d per biishel. At present there are lib offerings from farmers, and it i# difficult to forecast at the present sta«e at what Allure . the' new tieasdU'S crop la Hkjjly to op«n. Potato»»—The market for old potatoes It now drawing to a close. PficeS to farrtien run aboiit iS a ton "for Airan Chiefs ■ and up'ta» for feing Edwards.