COMMCIAL ITEMS

Dominion, Volume 19, Issue 252, 8 July 1926, Page 10

COMMCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY'S BUSINESS AND PRICES At the morning call a sale of Wilson’s Cement sb ares at 345. 6d. was reported. At the afternoon call the sales reported were 5J per cent, bonds (1933) at £99 155., Bank of Australasia shares at «£l4> 10s.» and ellington Deposit at 9s. 6d. there was a good demand yesterday for Government stocks and bonds, with buyers of the 41 per cents, at £97 55., the 5 per cents.' at £9B 1.55.. and the 5-J per cents, at £99 10s. Wellington Gas Company’s debentures wore firm at £lOO. Bank shares were steady with a moderate demand. There were buyers of National Bank shares at £6 19s. cum dividend. Bank of New South Wales at £45, and Western Australian Bank at 58s. 9d. Sellers quoted £ll Ils. for Bank of Australasia shares, 625. 6d. for Bank of New Zealand and £l5 Us. for Union Bank. Goldsbrough, Mort and Co.’s shares were steady at 475. 9d., and New Zealand Guarantee Corporation ordinary shares were wanted at 9s. !‘d. Insurance shares were firm but yuiet. There were buyers of National Insurance nt 80s. 6d., and South British Insurance at 60s. 6d. Shipping shares were steady. Huddart-Parkcr shares were in demand, the ordinary at 455., a rise of Gd,, and tho preference, at 20s. 6d. Union Steam preference shares wore wanted at 20s. Id. Wellington Woollen preference shares were firm and unchanged at £G 9s. 6d. Brewery shares were steady, with buyers of Staples and Co. at 385., and New Zealand Breweries at 58s. 6d., a rise of Is. There were bids of 355. for Electrolytic Zinc preference, 16s. 9d. for Wairarapa Farmers’ preference, and 345. Bd. for Wilson's Cement. Yesterday’s buying and selling transactions were as under:—

SALES IN OTHER CENTRES By Telegraph.—Press Association Auckland, July 7. Sales: War Loan, 1938, £96 155.; Bank of Australasia, £l4 10s.; Union of Australia, £l5 10s.; Auckland Gas, 235. lid.; ditto (con.), Us. Bd.; British Tobbaco, 525. 6d.; Colonial Sugar, £54 55.; Taranaki Oil, 13s. 3d.; Wilson’s Cement, 345. Id.; Alburnia, 4s. B<l., 4s. 7d.; Kawarau, Ss. Id., Bs., 7s. lid., 7s. lOd.; Kuranui, 7d.: New Waiotalii (con.). Is. 6d.; Ohinemuri, ss. Od.; Waihi Grand Junction, Is. Christchurch, July 7. Sales reported: New Zealand Government 5} per cent. Bonds, 1933, £99 155.; Union Bank, £l5 10s.; Western Australian Bank, 595. 3d.; Wilson’s Cement, 345. (two parcels); Bank of Australasia, £l4 10s.; New Zealand Insurance, 435. Sales: New Zealand Government 5 per cent. Bonds, 1927, £9B 155.; Bank of New Zealand, G2s. (two parcels); National Insurance, 81s. 6d.; New Zealand Insurance, 435.; Canterbury Frozen Meat (pref.), £5 65.; New Zealand Refrigerating (con.), Bs. 3<1.; Wilson’s Cement, 345. 4d. (three parcels); Mt. Lyell, 255. Bd. Dunedin, July 7. Sales: Kawarau, 7s. 9<l. (five), 7s. lOd. Sales reported: New Zealand Insurance, 435. (two). TARIFF TREATIES PROTECTING PRODUCTS A comprehensive statement on tariff treaties was made by the Minister of Customs (Hon. W. Downie Stewart) in reply to a question raised in the House of Representatives by Sir John Luke. The member ior Wellington North asked whether the Government, having regard to tho unfavourable balance against New Zealand in her trade relations with Canada and the United States of .America, would approach the Government of Canada and the United States of America to open negotiations to adjust their Customs tariff to enable the primary products of the Dominion to bo admitted to their country on more favourable conditions to New Zealand than were now operating. The Hon. W. D. Stewart said that the New Zealand Government recently secured from Canada the benefit of her reciprocal treaty with Australia, and as a result our chief primary products were admitted into Canada either free of duty or at comparatively low rates of duty. It must bo remembered that in order (o negotiate tariff treaties it was usually necessary either to offer to reduce New Zealand duties or to indicate that these duties might be increased if our proposals were not agreed to. “The question of which course can bo adopted depends on the bargaining strength of each country," said the Minister. “With certain limited exceptions the duties in New Zealand are imposed to protect primary and secondary industries here, and a reduction in these duties might prejudice these industries. It must be remembered that the imports from Canada and the United States consist to a- considerable extent of articles of kinds not produced here. This is particularly the case with respect Io the United States. Tho total imnortations from that country during 1925 wore valued at .£’8.885,265. This figure included goods of kinds not produced hero. valued at £6,118.169. Thus, during that year, the importations from tho United Slates of goods of kinds produced hero were not more than £2.2.67.090. Tho exports from Now Zealand In tho United States during 1925 (mostly of kinds produced there) wore valued at £4.349.000. “Tho, value of tho primary prodimte imported info Now Zealand from Canada and the United States is very sme’l compared with the vabio of primary products exported from Now Zealand to those countries. If. on the other hand, we propose to raise New Zealand duties in order to secure a reduction of .American duties, wo must bo prepared for retaliation. However. tho Now Zealand Government is taking advantage of ovorv opportunity te increase the export of Now Zealand primary products. not only to Canada and the United States, but to nil other conntrir*’.** CUSTOM? KEVENUE. The Customs revenue collected' yesterday at the port of Wellington totalled £4675. J

UNION BANK DIVIDEND. London, July 6. The Union Bank annual report shows a dividend of 15 per cent., tax free; £50,000 is devoted to each of the ,new buildings, and a reserve is carried forward of £95,512. t CHICAGO WHEAT FUTURES. (Rec. July 7, 8.45 p.m.) New York, July 6. Chicago wheat futures: July. 1 dollar 362 cents; September, 1 dolar 36J cents; December, 1 dollar 39f cents. AUCKLAND POWIuR BOARD DEBENTURES. London, July 6. Tho Auckland Electric Power Board is offering £250,000 worth of 5 per cent, debentures at £97, redeemable at par in 1946. Of the issue £175.000 will be expended in Britain. TARANAKI OIL FIELDS, LIMITED. Taranaki Oil Fields, Ltd., report on their operations during the week ended July 3 as follows:—Tarata: Dismantling rig. East Ooast No. 1 well (VValapu): Drilled to 743 feet In blue shale. The 121-inch diameter casing is run to 727 feet. IMPORTATION OF OATS SPECIAL RESTRICTION UNNECESSARY. Suggestions were recently made by Mr. A. Hamilton (Wallace) that the Minister of Customs might issue regulations forbidding the importation of oats into New Zealand unless the importer could produce reasonable evidence that he could not get New Zealand-grown oats of equal quality at the same cost. Replying, the Hon. IV. Downie Stewart said that tho proposals were not considered practicable and could not therefore be adopted. Uuder the tariff agreement with Australia, oats produced in the Commonwealth were liable to Is. 6d, per cental Customs duty and 1 per cent, ad valorem primage duty. Oats imported from other countries were at present dutiable at the rate of 2s. per cental and 1 per cent, ad valorein primage duty. From inquiries which had been made it did not appear that there was at present any urgent necessity to take special steps to restrict importations.

Buyers. Sellers. N.Z. GOVT. LOANS— £• 8. d. £ s. d. 51 p.e. Ins. Stk„ 1933 99 10 0 99 15 0 5f p.c. ditto, 1930 .... .— 98 7 6 4J p.c. Bonds. 1941 .. — 90 17 0 4$ p.c. ditto, 1930 .... 97 5 0 — 5J p.c. ditto, 1033 .... 99 10 0 .— 5J p.e, ditto, 1928 .... 5} p.c. ditto. 1930 .... — 9S in 0 98 10 0 5 p.c. P.O. Ins. Stk., 1929 97 15 0 98 0 0 5 p.c. ditto. 1927 .... 98 15 0 99 0 0 DEBENTURES— Wellincton Gas 100 0 0 — BANKS— Australasia —- 14 11 0 National of N.Z. (cum.) 6 19 0 — New South Wales ... 45 0 0 —— Now Zealand — 3 Union of Aust — 15 11 0 Western Australian .. o 18 9 — FINANCIAL— Abraham and Williams (ord.) —— 4 1 0 Goldsbrough Mort ... O’ *7 9 — N.Z. Guarantee Corp. (ord., Ss.) 0 9 9 — INSURANCE— National 4 0 6 —. New Zealand (cum.) —— 3 0 South British 3 0 6 3 1 6 TRANSPORT— Iluddart-Parker (ord.) •» JI 0 —- Ditto (pref.) 1 0 6 — Union Steam (pref.).. 1 0 1 — WOOLLEN— Wellington (prof.) .. 6 9 6 —— TIMBER— National — 0 18 0 BREWERIES— Manning and Co 1 19 9 Staples and Co 1 IS 0 — N.Z. Breweries 2 18 6 —— MISCELLANEOUS— British Tobacco (Aust.), (ord.) ~— 13 0 Electrolytic Zinc (pref.) 1 15 0 —• Howard Smith —■ 1 13 9 Wairarapa Farmers’ (£1) — 9 0 in 6 Ditto (pref.) 0 Ifi — Wilson’s Cement .... 1 14 8 — MINING— Wai Id 0 IS 6 — Kawarau — 0 8 0