COMMERCIAL ITEMS

Dominion, Volume 21, Issue 7, 3 October 1927, Page 12

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE

LAST WEEK'S BUSINESS AND PRICES

The number of transactions recorded on the stock exchanges during the past week was smaller than in the previous week, owing to the break caused by the holiday on Dominion Day. The prices, however, remain firm. Government securities were iu fairly good demand, but very little business was done. The 4) per cents, changed hands at £96 2s. 6d. and £9B 55., and the 5* per cents, at £lOl. The debentures of local bodies and join-stock companies were in good demand, but holders show no disposition to accept the current bids. Eastbourne Borough 4i per cents, were wanted at £B5, Wellington Gas Company's debentures at £99, and Wellington Racing Club (debentures) at £lO6 10s. Bank shares met with fair business, and sales were registered of Bank of Australasia at £l-1 165., Commercial Bank (ordinary) at 285., and preference at £6 17s. Gd. There was active trading in Bank of New South Wales shares, and prices showed a hardening tendency; sales of eleven parcels were registered at £43 7s. 6d. and £43 10s. Bank of New Zealand shares were quietly steady, changing hands at 58s. Although no business was done in National Bank of New Zealand shares, they were in firm demand at £6 17s. Gd. Union Bank shares were more active than usual, and sold at £l4 195., £l4 18s., and £l4 ISs. Gd. English, Scottish, and Australian Bank shares (Royal Bank issue) changed hands at £7 75., and National Bank of Australasia (£lO paid) at £) 35., and £5 paid at £8 10s. Financial shares met with a fair demand during the week. Goldsbrough Mort and Co.’s old issue shares sold at 455. 3d. and 4Cs. .’hi . and the new issue at 445. and 445. B<l., Dalgety and Co.’s old issue at £l3 Bs. 6(1. and new issue at £l3 and £l3 2s. fid. National Mortgage shares received a good deal of attention with bids of GJs. (id., but holders evidently expect higher prices. A moderate business was done in Gas shares, with sales of Auckland Gas at 235., Christchurch Gas (rights) at 4d. to Cd., and Wellington Gas (ordinary) at 275. 9d. Insurance shares are slow, owing to the high prices ruling. During the week there was one transaction In National Insurance shares at 775., and one sale of South British Insurance shares at 575. Gd. Meat shares remain dull, but should receive some attention in the course of a few weeks. New Zealand Refrigerating shares (10s. paid) sold at 7s. Cd. and 7s. 3d., and Wellington Meat Export (ordinary) at Bs. Gd. A moderate business was done in shipping shares, with sales of P. and O. deferred stock at £275, Huddart-l’arker (ordinary) at 4Gs., Northern Steam at 14s. 3d. and 14s. 9(1., and Devonport Steam at 235. Cd. Woollen shares continue dull, except Wellington Woollen shares, which have been In active demand, but the prices offered still lack attraction for holders. Kaiapoi Woollen (ordinary) shares sold at Bs. A little business was done in coal shares, with sales of Ilikuraugi Coal (preference) at Ils. 9d. and Cs. Sil., ordinary at 3s. 3d., Renown Collieries at Ss. Id., and Pukemiro Collieries at 595. Timber shares show no signs of revival, and during the week a single transaction in Kauri Timber shares at 245. Gd. was received. There was nothing doing in brewery shares. In the miscellaneous section sales were recorded of Auckland vAmusement Park at 17s. and 17s. 3d., Beath and Co. at 325. 9(1., Electrolytic Zine (ordinary) at 295. and 28s. Gd., preference at 305., Howard Smith at 28s. 3d., New Zealand Drug at C4s. Cd., Whitcombe and Tombs at 705., and Wilson's Cement at 3Cs. 3d. . Saturday's buying and selling quotations were as under:—

SALES IN OTHER CENTRES

BY Teleghath.—Pkess association

Auckland, October 1. Sales.—National Insurance, £3 17 s.; Auckland Harbour Board, 5 per cent. (1935), £95; AiK’kland City debentures, 51 per cent.. (1940), £97; Auckland Amusement Park, 17s. 3d.; Waihi, 225. 6d. Christchurch, October 2. Sales.—New Zealand Refrigerating (contrib.). 7s. 3d.; Christchurch Gas (ex rights), 225. 2d., 225. 3d. 'two parcels); Mercantile Finance Corporation (ss. paid), Is. 6d. Dunedin, October 1. Sale Reported—Auckland Amusement Park. 17s. 6d. HOWARD SMITH, LTD. The directors of Howard Smith, Ltd., recently acquired substantial interests in Southern Portland Cement, Ltd., with a nominal capital of £1,060,600 in £1 shares, and in Southern Blue Metal Quarries, Ltd., with a nomiual capital of £500,000 in £1 shares. Tho directors of Howard Smith, Ltd., have issued a statement to the shareholders setting out the reasons which actuated the board in acquiring tho interests mentioned. The directors state that after careful and deliberate examination of each of these companies, capitalisation, directorates, proved assets, situation and relation of assets to one another and markets, they were satisfied that their prospects of financial success generally warranted the acquisition of their ordinary shares and rolling agencies outside New South Wales. The directors have made an issue of 250.000 cumulative preference shares of £1 each of Howard Smith. Ltd., for tho purpose of the extension of the business of the company, and they invite tho shareholders to subscribe for the shares in support of an investment for their own indirect benefit as ordinary shareholders, apart from its intrinsic value as one of the soundest of the high-standard investments. It is stated that the Southern Portland area of 431 acres of freehold is well situated in respect of water supply and transport facilities; that the supplies of lime-stone are practically inexhaustible, that asays show its quality to be 98.80 per cent, calcium carbonate, that a large deposit of bauxite is available, and that there is an ample supply of suitable shale on a 60-acre freehold adjoining the works site. The columnar basaltic formation upon the Southern Blue Metal Company’s property is estimated to contain 80.000,000 to 100.060,000 tons of that rock. The same company’s land has been proved to contain the No. 3 seam of the southern coalfield of New South Wales.

PRICES OF RAW MATERIALS. (Rec. October 2. 5.5 p.m.) London, October 1. Cotton.—Liverpool quotation for American middling upland cotton, November shipment, 11.15 d. per lb. Rubber.—Fine hard Para. 14s. per lb.: plantation first latex crepe and smoked ribbed sheet, 16;d. Jute.—October-November shipment. £3O 17s. 6d. per ton. New Zealand Hemp—August-October shipment,, £35 per ton. Copra.—October-November shipment, £26 per ton. Linseed oil, £3O 10s. per ton. Turpentine, 375. 3d. per cwt. CHICAGO WHEAT QUOTATIONS. Chicago, September 30. AVhcat futures: September, 1 dollar 258 cents per bushel; December, 1 dollar 308 cents; March, 1 dollar 33i cents. (Rec. October 2, 5.5 p.m.) Now York, October 1. Chicago wheat: December, 1 dollar 291 cents; March, 1 dollar 32g cents; May, 1 dollar 34J cents. NATIONAL INSURANCE COMPANY. BY TELEGKAPH.—PRESS Association. Dunedin, October 1. Tho directors of the National Insurance Company of New Zealand have decided to recommend to the shareholders that the existing £5 shares bo subdivided into £1 shares. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington on Saturday totalled £2lBO.

N.Z, GOVT. LOANS— Buyers. £■ s. d. Sellers. £ s. d. 4A p.c. Ins. Stk., 1939 96 0 0 96 10 0 44 p.c. ditto, 1938 .... 96 0 0 96 10 0 5J- p.c. ditto, 1927/1941 —— 99 0 0 ■14 p.c. Bonds, 1939 .. 96 0 0 —- 4$ p.c. ditto, 1938 .... 96 0 0 51 p.c. ditto, 1933 .... 01 0 0 ——. 54 p.c. ditto, 1936 .... 01 0 0 —. 5 p.c; P.O. Bonds, 1927 99 10 0 ■ - DEBENTURES— Wellington Gas 99 - 1 0 — Well. Racing Club .. 10G 10 0 — N.Z. Breweries (stock) — 1 .3 10 Ditt (bonds) 1 8 G 1 3 10 Eastbourne Borough, 4| p c., 193-1 85 0 0 Betone/Lower Hutt Ghs L. Bd., 5J p.c.. 1957 99 0 0 Devonport Borough, 6 102 10 0 BANKS— Commercial of Aust. . 1 8 1 English, Scottish, and r* 0 National of N.Z 6 18 0 —. New South Wales .. —— 4.3 15 0 New Zealand 2 17 9 18 0 Ditto "D” shares (£1 p ‘lid) 1 6 <5 FINANCIAL— Goldsbrough Mort .. •* 5 9 7 0 Equitable Building .. — 9 o 0 N.Z. Guarantee Corp. (ord., 8s.) 0 8 9 0 9 1 Wellington Investment 0 10 4 Well. Trust, Loan ... — 6 17 0 GAS —• Christchurch (c.r.) .. 1 3 — INSURANCE— Wellington (pret.) ... 0 16 6 — ■ , IS 0 New Zealand — i 19 6 • • 17 0 IS 0 MEAT PRESERVINGN.Z. Refrlgerat. (10s.) 0 7 0 0 7 5 1 16 0 —. ■ TRANSPORT— Huddart-Parker (ord.) 2 6 0 — WOOLLEN— Wellington (pref.) .. 6 1 0 •— COAL— Taupirt (ord.) ....... 1 4 0 —— 10 ■■ .1 Westport-Stockton (pref.) 0 3 9 TIMBER— h.. — 1 5 0 National 0 13 9 BREWERIES— c. Q 0 5 0 1 1(J 0 4’tif 1 19 0 Ward and Co 2 0 0 MISCELLANEOUS— Colonial Sugar 53 15 0 0 9 .. — Electrolytic Zinc (pret.) 1 9 6 1 10 « Howard Smith 1 9 — N.Z. Drug (cum.) ... 3 3 0 N.Z. Paper Mills .... 0 15 9 0 17 0 Sh.irlaud A- Co. (ord.) 1 0 (I 1 1 3 Wilson's Cement .... .1 16 0 —- Holden's Motor Bodies 1 13 3 1 14 *> MINING— & »*-» 3