COMMERCIAL ITEMS

Dominion, Volume 20, Issue 19, 18 October 1926, Page 14

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE LAST WEEK’S BUSINESS AND PRICES There was a small turnover in slocks and shares last week, with bank shares most in demand. Government stocks and bonds were inclined to ease. The 4J per cents, sold at <£9(i 7s. Gd and were in demand at X9G at the week-end. The 5.1 per cents, changed hands at <£loo is. od Bank shares were firm Business was done in Bank of Australasia shares at <£l4 55., Bank of New South Wales at £-45 7s- Gd., Bank of New Zealand rights at 75., 6s. 9d. and Bs. 3d., with sellers at the week-end at 6s. Gd. Union Bank shares sold at £l5 45., Western Australian Bank at 575. 6d., and National Bank of Australasia (£5 paid) at £!) 4s Notwithstanding a good demand there was very little done in financial shares. Goldsbrough Mort and Co.’s share® sold at 50s. 3d. and 50s. 6d., and New Zealand Guarantee Corporation ordinary at 10s 5d., ex dividend. On Saturday there were buyers of Equitable Building at £9 2s. Gd. .Metropolitan Building at £l3, and Wellington Irust and Loan at £6 9s. In Gas shares business was done in Auckland Gas at 235. 9d with buyers on Saturday of Christchurch Gas at 235. 6d., and Wellington Gas at 265. 6d. A limited business was done in insurance shares with sales of New Zealand Insurance at 395. 3d., and Standard Insurance at 60s. New Zealand Refrigerating shares. 10s. paid, changed hands at 6s. 2d. There was a transfer of Northern Steam shares at 15s On Saturday there were bids of 20s. for Huddnrt Parker, preference. 20s. 3d. for Union Steam preference, and 275. for Kelburne Trm. Kaiapoi Woollen shares .17s. paid, changed hands at Ils., and Wellington shares at £6 10s. There were transfers of Tnupiri Coal shares at e’s 9'l , and Waipa Coal at 15s. 9d. Bartholomew Timber shares sold at 225. Brewery shares were steady with sales of New Zealand Breweries at 535., and Staples and Co., at 375. Gd. Tn the miscellaneous section sales were registered of British Tobacco at 51s. 9d„ and 51s. 6d. Dominion Rubber at 50s. 6d.. Electrolytic Zinc, preference, at 38s. Gd. and 375. New Zealand Farmers Fertiliser at 93s.’< and Taranaki Oil, at 75., 7s. Gd. and Bs. 9d. , Saturday’s buying and selling quota-

SALES IN OTHER CENTRES By Telegraph.—Press association. Christchurch, October 17. Salos reported: Union Bank of Australia £l5 45.: Bank of New Zealand (cum. right's), 6s. 6d.: Staples Brewery, 375. od.; Knwnrau, 2s. 6d. Sales: Allied Motors, 275. 6d. (two parcc's)' Aucklajid, October 17. Salos: Bank of New Zealand 6s 4<l.t New Zealand Insurance, 395. 3d.; Auckland Gas, 2.35. 9d.; Milne and Choyce (debenture stock), 245. 6:1.: Alburnla, 4s. 10(1.; Golden Age (contributing), 4d. SOUTH OTAGO FREEZING WORKS DIRECTOR’S OUTSPOKENNESS Dominion Special. Dunedin, October 15. Considering the position in which the South’ Otago Freezing Works Co. finds itself just now, the annual meeting at Balclutha to-day was a very quiet gathering. A stormy meeting was expected, but the directors completely disarmed the shareholders by stating that no apology was offered for (he balancesheet presented, which showed a loss on the year’s working of over 415000. Mr. James Begg, addressing the meeting, placed all the responsibility for their present plight on the shoulders of the growers themselves, who by their disloyalty to their own works, had brought them to within an ace of closing down. The rebate system he also condemned as a wrong policy. He stated that in advancing the growers every penny their stock was worth without recourse in the case of loss in selling, and extra in the event of profit, the company was giving them a far better deal than any other growers wore getting in the Dominion, and yet, that had been insufficient to keep them loyal. Unless the growers wore prepared to guarantee a greatly increased quantity of stock the company would have to close down. When the balance-sheet was put to the meeting for discussion not a son! stirred, and the meeting a few minutes later expressed its confidence in the directorate by voting a £25 per year increase in their honoraria. THE BUTTER MARKET New Zealand finest salted butter is now down to 138 s. to 1405., making the middle price 1395., which is the lowest level touched for many years. At the corresponding date last year the quotation was 2175. per cwt., so that in the twelve months there has been a decline of 78s. per cwt., a loss which will be severely felt by the dairymen. With the London quotation at under Is. 3d. per lb., the advances must be small. There is, however, some hope that the downward trend of prices has been arrested, for it is stated that there is a slightly, better demand at the reduced prices. It is obvious that apart from the holding policy the demantl for butter has been restricted, and this to a very large, extent haft

been responsible for the decline. The cheese market is dull and the current quotation is 81s., while a year ago the price was 120 s. and two years ago 945. (xl. per cwt. The hemp market has displayed a distinctly better tone during the past day or two; after a dull period extending over two or three months, London buyers are showing more interest, and their support is always valuable, as they do not confine tlieir attention to any particular grade. At the moment it cannot be said that values are quotably higher, but there appears to be every prospect of improvement in the near future, which is very welcome just now, as we are just at ’the beginning of the new season. EXCHANGE RATES. (Roc. October 15, 8.45 p.m.) London, October 14. Foreign rates of exchange on October 14, ns compared with par rates, or as averaged first half of 1914, are as follow:— Oct. 14. Oct. 11. Par.

CHICAGO WHEAT FUTURES. New York, October 16. (Roc. October 17, 5.5 p.m.) Chicago wheat futures: December. 1 dollar 41 cents per bushel; May. 1 dollar 45 cents. ,

RAW MATERIALS PRICES. tr London, October 16. (Rec. October 17. 5.5 p.m.) Cotton—The Liverpool quotation for American middling upland, November delivery, is 7.94 d. per lb. Rubber—Fine bard Para,-20id. per lb.: plantation, first latex crepe, 21 d.; smoked ribbed sheet, 21d. . Jute.—lndian native first marks. Octo-ber-November shipment, J-29 ;er ton. New Zealand Hemp.—October-December shipment. £3B 15s. per ton. Copra.—Bagged South Sea, NovemberDecember shipment, £25 ss. per ton. Linseed Oil.-£3O 15s. per ton, equal to 2s. 5Jd. per gallon. Turpentine.—63s. per cwt., equal to 4s 9Jd. per gallon. CUSTOMS REVENUE. ' The Customs revenue collected at tho port of Wellington on Saturday totalled £3302. Messrs. Dalgety and Co., Ltd., Masterton, report on their Greytown sale as follows:—A small entry of sheep and dairy cattle was submitted to a fair attendance of buyers. The sheep entry comprised a line of ewes and b.f. lambs, which met with v keen competition and realised Dairy cows made £6 to £7 12®. G<i.,- and springing dairy heifers Messrs. Dalgety and Co,, Ltd., Masterton, report on the Carterton sale as follows: —A good entry of sheep, cattle and pigs was submitted to a large attendance of buyers. Competition for sheep was keen, particularly for ewe hoggets, of which two pens of exceptional quality were yarded, these making 295. 3d. The demand for dairy cattle was bn a par with late sales, while pigs met with a dull sale. Following is the range of prices:—Ewe hoggets, 295. 3d., 215., to 195.; b.f. hoggets, 205.; dairy cow-, £9; springing daily heifers, £5, £4 55., to £2 155.; fat cows, £7; yearling dairy heifers, £2: Tamworth sows, 3gns.; Tamworth boar, 44gns.; store pigs, 325. Gd.; light draught horse, £2O.

{ions wore as under:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s. d. 41 p.c. Ins. Stk.. 1939 96 0 0 96 10 0 41 p.c. ditto, 1938 .... 96 0 0 51 p.c. ditto. 1933 .... —— 100 10 0 41 n.c. Bonds, 1038 .. 96 0 0 51 n.c. ditto. 1933 .... 109 5 <> 5'p.c. P.O. Ins. Stk., 98 17 6 ■ 5 p.c. P.O. Ponds, 1927 99 0 0 — DEBENTURES— Well. Racing Club ... 10b 0 0 — BANKS- > M ™ 14 6 0 Commercial of Sydney — 26 10 0 English, Scottish, and Australian 8 7 fl National of N.Z 7 0 0 7 16 New South Wales 45 9 6 N . Zealand (ex-rights) 8 0 9 3 1 6 Ditto (rights) — 0 6 6 Union of Australia ... •— 15 4 9 financial— Goldsbrough Mort .... 2 10 0 Eouitable Building ... 9 2 6 Metropolitan Permanent Building 13 u u New Zealand Investment 0 9 3 Wellington Investment 0 10 5 •—■ Well. Trust, Loan .... 6 9 0 Wellington Deposit .. —— 0 10 4 Wright, Stephenson Ditto (pref.) 0 18 0 GAS— Auckland (paid) 13 3 —•* Christchurch 13 6 Wellington (ord.) .... 1 6 6 —— INSURANCE— jin f X V South British ........ 2 19 0 ■ — MEAT PRESERVING— N.Z. Kefriporat (10s.) 0 6 2 TRANSPORT— Huddart-Parker (pref.) 10 0 Union Steam (prof.) .. 10 3 M— Kolb, and Karori Tram.. _ _ 1 7 U WOOLLEN— Kaiapoi (contrib.) ... 0 2 2 — COAT,— Westport 1 16 0 1 18 0 TIMBER— Levland-O’Bricn .... 2 3 6 National 0 17 0 BREWERIES— N.Z. Breweries 2 11 0 2 13 0 Staples and Co 1 17 0 MISCELLANEOUS— Electrolytic Zinc (ord.) 1 16 3 1 17 3 Howard Smith — 1 12 0 Walrnrapa Barniers’ (o 5) 4 5 0 Ditto (pref.) 0 17 0 MINING— Blackwater Mines .... —• 0 7 6 Wnihi Grand Junction 0 2 6 Kawarau ■ • • • 0 2 4

New York, dols. to £1 4.85 3-16 4.85 3-16 4.866 Montreal, dols. to £1 4.85} 4.85} - ■ 4.866 Paris, francs to £1 169.75 168.87 25.22} Brussels, francs to £1 172 174.75 25.224 Amsterdam, florins to £1 12.13 12.12} 12.107 Stockholm, knr. to £1 18.15 18.15 18.12 Oslo, knr. to £1 20.39 23.14 18.12 Copenhagen, knr. to £1 18.24 18.29 18.12 Berlin. Reichsmark to £1 .. 20.38 20.38 —— Rome, lire to £1 119.87 117.62 Yokohama, pence '24.48 to yen 23 31-32 24 Calcutta, pence to rupee 17} 17} 24 Hong-Kong, pence 24} to dol 24 24 Batavia, florins to £1 12.08} 12.0S .