COMMERCIAL ITEMS

Dominion, Volume 21, Issue 85, 9 January 1928, Page 12

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE BUSINESS RESUMES TO-DAY The stock exchanges throughout the Dominion resume business to-day after a holiday extending over sixteen days. Brokers generally are optimistic regarding the outlook, aud there is probably some justification for thia. One tiling is certain, and that is that there is not likely to bo the large number of new issues of shares which was the case last year. Nine banks called for new capital, amounting in the aggregate to .£5,981,000, and the issues of new shares were as under:—

National Bank of Australasia ... 1,400,000 Union Bank of Australia 1,100,000 English, Scottish and Australian 750,000 Bank of New South Wales 625,000 Australian Bank of Commerce 506,000 Commercial Bank of Australia ... 500,000 Commercial Bank of Sydney 500,000 Bank of Adelaide 350,000 Queensland National Bank 250,000 £5,981,000 In addition to these several Australian gas companies raised £762.000, and more than fourteen other companies raised £4,629,000. amongst these being Dalgety and Co., £1.000,000; Burns, Philp and Co., £125,000; Goldsbrough Mort and Co., £437,000; Holden’s Motor Body Builders, £484.000; Howard Smith. £250,000; and Barnett Glass Rubber Co., £125.000. The total capital of these industrial concerns is £4,629,0C0, and the aggregate of all the companies it £11,372,000. The issue of new shares in the current year is not likely to be on the same big scale—at all events not by the banks. The only bank that will make an issue of new shares is the Commercial Bank of Australia, which is to issue 500,000 new shares of 10s. each at a premium of 10s. With the curtailment of new issues the speculative demand will bo removed, and values are more likely to be on an investment basis. Ro doubt a fair volume of funds will find its way into Stock Exchange securities, but there is likely to be less activity in Australia, where money is just now scarce and dear. The economic outlook depends upon the maintenance of tho level of export prices, and a reduction of internal prices. New Zealand farmers have increased production, for' there is ample evidence that the outturn of wool this season will be greater, because of the increase in the flocks, aud for the same reason there is likely to be an increase in exports of frozen meat, particularly lamb. Dairy produce also shows an increase, and if prices are maintained at last year’s average then the farmers should show a substantial gain in income. WELLINGTON WOOL SALE BEGINS WEDNESDAY EVENING Tlio third sale of the 1927-28 season to lie held in Wellington will begin on Wednesday at 7.30 pan., and will be continued on tho following day. The quantity to be offered is 27,000 bales, as fixed by the Wool Committee, and ths offerings of the several brokers and the order of sale will bo as follow:— Bales. N.Z. Farmers’ Dist. Co 3,225 Wellington Farmers’ Co-op 2,417 Abraham & Williams & Wright, Stephenson and Co 3.644 Dalgety and Co 4,832 Murray, Roberts r.nd Co. and Johnston and Co 3,521 Levin aud Co 6,425 N.Z. Loan aud Mercantile 2,906 Total 27,000 The offerings at the January sales iu the previous seasons were as follow :— Bales, January. 1927 27,553 January, 1926 25.094 January, 1925 25,281 January. 1924 32,378 The market is expected to be steady, for notjiing has happened since the December sale to warrant the belief that, there will be any set-back in values. On the contrary, at the Christchurch sale last week values were steady, and at the Sydney sales there was firmness. AVERAGE WOOL PRICES The statistics relating - to the December or second wool sale of ihc current season held in Wellington are as follow:— Bales offered 25,868 Bales sold 24,683 Bales passed in 1,185 Net weight 8,836,3891 b. Gross proceeds £669,510/19/3 Average per bale £23,'1/5J Average per lb 15.389 d. Prices were not quite as high as in the November sale, but the difference was exceedingly small, for the average per bale at the November sale was £23 2s. 2d. Ser bale, or BJd. per bale more than in ecember, and the average per lb. was 15.689 d., against 15,389<1. in December, so that the decline in values was .3(Md. as compared with November. Wool growers gcitfrally are very well satisfied with current market prices. PRICES OF RAW MATERIALS. (Rec. January 8, 5.5 p.m.) London, January 7. Cotton.—Liverpool quotation for American middling upland cotton, February delivery, 10.39 d. per lb. Rubber.—Fine hard Para, 163 d. per H.: plantation first latex crepe and smoked ribbed sheet. 193 d. New Zealand Hemp.—Deeember-Fehiuar.v shipment, £33 10s. per ton. Copra.—January-February shipment, £27 12s 6il per ton. Linseed oil, £2B ss. per ton. Tuientine, 425. 3d. per cwt. CHICAGO WHEAT QUOTATIONS. (Rec. January 7, 6 im ) New York, January 6. Chicago wheat futures: March, 1 dc’’ar 30J cents per bushel; May. 1 dollar 31} cents; July. 1 dollar 27 cents. (Rec. January 8,2 5 p.m.) New York, January 7. Chicago wheat futures: March, 1 dollar 304 cents; May, 1 dollar 318 cents; July, 1 dollar 27.4 cents. NO CHANGE IN OSMORIDIUM. A.P.A. and “Sun.’’ (Rec. January 8, 5.5 p.m.) , London, January 7. Osmiridium is unchanged in price.