FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 8, 4 October 1929, Page 10

FINANCE AND COMMERCE.

STOCKS AND SHARES WELLINGTON EXCHANGE MARKET DEPRESSED There was again a quiet market yesterday. with* however, a more, extended inquiry for bank shares, but at lower prices. Sellers, too, have reduced their quotations except for Australian Bank of Commerce, which are slightly firmer. Present quotations for bank shares (buyer or seller), compared with last sales a week ago, are as under: — * Yesterday. Last week. £ s. d. £ a. d. Commercial Bank .... J 8 6 r 2 National Bank of N.Z. . 613 0 Gl6 3 Bank of Australasia -• 12 6 14 14 0 union Bank 14 9 0 14 16 •• Bank of N.Z. 3 1 0 3 2 4 Bank New South Wales 49 15 0 51 15 0 Insurance shares are also tending downwards. South British Insurance were in demand yesterday at 645. 9d.. while a few days ago they changed hands at 665. Od. Westport Coal and National Timber are Bt The're was no demand for shipping, .meat preserving, woollen, and brewery shares, while in the miscellaneous section, except for a sporting bid of 2s. 6d. for W airarapa Farmers’ ordinary there were no bids W Man'y' r of the industrial companies, such as Henry Jones Co-op., Holden’s Motor Body Bnilders. Australian Iron and Steel and Electrolytic Zinc, all Australian concerns are not quoted. Buyers appear to hesitate to put in blds in case shares go lower, while sellers are apparently asking more than they are willing to accept. YESTERDAY’S QUOTATIONS Buving and selling quotations at the final call on the Wellington Stock Exchange yesterday were as follow:— Buyers. Sellers.

PRICE VARIATIONS Movements based on yesterday's buying prices, compared with previous bids, were as under:— Rise. s. d. Australian Bank of Commerce .... 0 6 Fall. National Bank of N.Z d " Inion Bank -3 '• Goldsbrough Mort and Co U ? NEWSPAPER LOSSES Final stages have been reached in the liquidation of Victorian Newspapers. Limited. which published the •'Morning Post" in Melbourne. An Interim distribution of 4s. a share has been made, and the liquidator expects to pay about 2s. (Id. a share in a final dividend. The loss to shareholders will be approximately 13s. 6d. on each £1 share of the company's subscribed capital!. A total of £190.090 was raised by calls. The failure to establish the ••.Morning Post” Involved shareholders in a loss of approximately £123,500. MOUNT LYELL COMPANY The Mount Lyell Mining and Railway Comp'any has announced that the terms upon which the company's Victorian chemical works assets have been transferred to Commonwealth Fertilisers and Chemicals Ltd. have been adjusted, and as a result there will be allotted to Mount Lyell 283.031 7 per cent, cumulative preference shares and 506.255 ordinary shares, all fully paid up to £l. The directors of the Mount Lyell feel that it can only maintain the position which it has established In the superphosphate industry in Australia by retaining under its own control its Interests in other companies, such as Commonwealth Fertilisers and Chemicals Ltd., and Cuming. Smith, and Mount Lyell Farmers’ Fertilisers Ltd. (the West Australian Company). which it has obtained as consideration for the sale of portions of its general ehemlcal works undertaking. It is therefore not intended to distribute to shareholders any of these shares. FLAX EXPORT TRADE HEMP & TOW GRADINGS The total quantity of hemp graded at Dominion ports during September was 4571 bales, an increase of 2176 bales compared with September, 1928. The gradings were as follow, with the ligures for September, 1928, in parentheses:—Good fair, 257 (136); high fair, 1728 (1081); low fair, 1740 (731); common, 616 (232); rejected, 224 (214), Last month 1282 bales of tow were graded, an increase of 748 bales compared with September, 1928. Details were First grade, 00 (54); second grade. 837 (28-j); third grade, 290 (154); cond., 45 (21). A total of 71 bales of stripper tow (eight first grade and 83 second grade) were graded last month compared with 90 bales <lO first gradft and SO second grade) in September, 1928. Stripper shins graded (at Bluff) last month totalled 63 (13 second grade, 43 third grade, and 7 cond.), compared with 47 in September, 1928. STERLING IN MONTREAL Vancouver, October 2. Sterling exchange on Montreal la now 4.914 dollars to the £l. compared with 4.90 J dollars on October 1. 4.89 dollars on September 26, and par 4.866 dollars.

DEALINGS ON ’CHANGE

YESTERDAY’S BUSINESS DOMINION SALES The following sales were made on tbo Stock Exchanges of the Dominion yester-

NEW COMPANIES . A HASTINGS CONCERN The following private company has been registered at Wellington:—Naysmiths Limited. Hastings. Objects, to purchase ,as a going concern and carry on the business of baker, pastrycook, and confectioner carried on bv Robert Naysmith at Hastings. Capital, £260 in £1 shares. Subscribers: R. Naysmith, W, E. Grantham, bakers, of Hastings, each 100, and G, Ebbett, solicitor, Hastings, 60 shares. Four new companies, all of them private, were registered in Auckland on Tuesday. Details are as follow:—Cashmore Brothers, Limited, timber merchants and sawmlllcrs. Capital, £20,000 in £1 shares. Subscribers: Elon Jeffcoat Cashmore, Leslie Elon Cashmore, Alfred Eric Cashmore, and Walter Reece Cashmere, 5000 shares each. Sanltas, Limited, manufacturers and dealers In toilet goods. Capital, £2510 in £1 shares. Subscribers: John Thomas Russell Watson, 2500 shares; Joseph Solomon Emanuel, 10 shares. Broadway Properties, Limited. Objects: To purchase, construct, or reconstruct buildings. Capital, £5OO in £1 shares. Subscribers: Edna May Lovegrove and Alice Keturah Denney. 240 shares each; Robert Alexander Denney and Claude James Lovegrove, 10 shares each. Tung Kon Company.. Limited, market gardeners and fruiterers. Capital, £5OO in £lO shares. Subscribers: Henry Botir, Chnng Hon, Chung Meeehee, and Mok Yes Chay. 10 shares each; Ping Chee and William Yip, 5 shares each. LONDON MARKETS DAIRY PRODUCE e. The New Zealand Loan and Mercantile Agenev Company, 'Limited, have received the following advice from their London house, dated October 2. (last week’s figures In parentheses)Butter: New Zealand choicest salted, 182 s. to 184 s. per cwt. (182 s. to 1845.). Cheese: White, 955, to 965, per cwt. (03s. to 94d.). Coloured, 945. to 955. per cwt. (945.) . The market Is quiet

TALLOW VALUES Dalgety and Company, Ltd., have received the following cabled report on the tallow sales from their London office, dated October 2:—673 casks offered. 133 cask? sold. Prices unchanged except for good mixed, which shows a depreciation of Cd. The New Zealand Loan and Mercantile Agency, Company. Ltd., have received the following advice from their London lionise, dated October 2: — Wo quote present e.i.f.e. values for the following descriptions of tallow:— Fine mutton, 41s. per cwt. (last month, 41s. per cwt.). Good beef, 425. per cwt. (last month. 425. per cwt.). Mixed. 395. per cwt. (395. per cwt.). The market is dull. TIN SUPPLIES London, October 1. Tin.—Visible supply, 24,162 tons; spot, 898 toils; afloat, 2035 tons; deliveries. 2404 tons. WOOL SALES STEADY London, October 2. At the wool sales 9774 bales Were offered, of which 4708 were New Zealand, a moderate selection of merino, principally Continental style, and an excellent selection of New Zealand slipes and scoured crossbreds, The market was steady and prices unchanged. New Zealand slipe lialfbrei] lamb, Belfast, 21 Ad. PRICE OF WHEAT ENGLISH QUOTATIONS Australian Press Assn.—United Kervli'e London. October 2. Wheat.—Cargoes steady, despite lower quotations in America, but with firm Argentine cables, occasionally higher Mi-el; demand, however, quiet. Parcels, fairly active, fully late rates, sold Liverpool ex lllpenor. 435. 6d. per quarter; Calcutta, 1500 tons Australian, October, 495. (id. per quarter; United Kingdom basis. Futures; London. September. 51s. 2d. per quarter: October. 50s. Ild. per quarter; November, 51s. per quarter; January, 51s. lid. per quarter: Liverpool, October. 9s. 1 3-Sd. per cental; December. 9s. 6 3-Bd. per cental; March. 10s. 0 7-Sd. per cental: May. 10s. 4 7-Sd. per cental. CHICAGO FUTURES C'hloagro, October 1. Wheat futures—December. 1 dollar 34 cents; March, 1 dollar 40 5-8 cents; May, 1 dollar 441 cents. Chicago, October 2. Wheat futures: December, 1 dollar 35 3-8 cents; March, 1 dollar 41 7-8 cents; May, 1 dollar 45 7-8 cents. AUCTION SALES TO-DAY. Waitohu Valley Road. Otaki, 1 p.m.— Unreserved clearing sale (N.Z. L. and M.A., Ltd.) 8 Willeston Street. 10.30 a.m.—Sale of Chrysler car (E. Johnston and Co.) 13 Scarborough Terrace, 1.30 p.m.—-Sale of household furniture (E. Johnston and Co.) 8 Willeston Street, 11 a.m.—Sale of slightly damaged carpets (E. Johnston mid Co.) Woolworth’s Building, Cuba Street, 10.30 a.m.—Snlc of furniture (Silverstone and Co.) 91 Dixon Street, 1.30 p.m.—Snlc of household furniture (C. W. Pri-e and Co.) 98 Manners Street. 10.3') a.m.—Sale of household furniture (Rams/y Wilson and Co.) TO-MORROW. 20 Harold Street, Kelburn. 2 p.m.—Sale of household furniture (Doherty Auctioneering, Ltd.) MONDAY. Columba Road Yards. Masterton 11.30 a.m.—Spring rattle fmr (W.I’.L.A., Ltd. and Levin and Co.. Ltd.) Chief Traffic Inspector's Office, Cuba Street, 2.80 p.ra—Sale of street stands (W.0.C.),

N.Z. GOVT. A*s. d. £ s. d. 44 p.e. Ins. Stk.. 1938 100 2 6 100 10 0 51 p.e. ditto, 1041 ... 99 10 0 —- 5? p.e. Ins. Stk. ami Bonds. 1936 101 15 0 — 41 p.e. Bonds, 1041, 1939. 193$ 100 2 0 4$ p.e. ditto, 1930 ... 99 5 0 DEBENTURES— Napier Boro., 5) p.C., 1945 101 0 0 —■*“• N.Z. Breweries (inser. 19 9 Ditto (bonds) — 1 9 10 BANKS— Australasia — •14 12 C Australian Bank Of 1 12 9 1 14 0 Commercial of Aust. 1 S 6 1 8 11 National of N.Z 6 13 0 — National of Australasia 9 2 a 9 9 « Now South Wales .... 49 15 0 Ditto (Sydney regis- —■ 49 5 0 New Zealand — 3 10 Union of Australia .. 14 9 0 14 13 0 Ditto (Melbourne re14 10 0 14 14 0 FINANCIAL— Dalgetv and Co — 14 5 0 Ditto (Melbourne re- .■ ■- 14 6 0 Abraham and Williams - ... 4 12 6 Goldsbrongb Mort 2 3 9 — N.Z. Guarantee Corp.' (ord.) — •0 9 fl Ditto (pref.) 1 6 — INSURANCE— 0 J(» 9 New Zealand — 2 7 0 South British 3 4 9 — MEAT PRESERVING— N.Z. Refrlgerat. (£1) 0 13 fi Ditto (11)8.1 — Odd TRANSPORT— Hnddart. Parker (ord.) — 2 4 C WOOLLEN— Kalapot (ord.) —— 0 14 0 ■Wellington (ord. and pref i . ■■ b 17 0 COAL1 14 0 1 14 0 West port-Stockton 0 2 11. —— 0 4 U — 0 15 0 TIMBER— 0 7 6 (I 9 0 Le’.Taud-O'Brlen .... 1 12 C BREWERIESNew Zealand — 4 9 b Staples and Co — 2 14 0 MISCELLANEOUS— Burns. Philp, and <’o. —— 2 5 0 British Tobacco (Aust.). (ord.) — j-’ S 6 Pental anti Medical .. — d 11 0 Howard Smith (ord.) —■ 1 4 o NZ Drug Co. .; -—— n i.*» fl N.Z. Paper Mills .— 1 9 6 Taranaki Oil —— 0 5 0 Wairarapa Farmers 0 2 6 —— Wllson'a Cement .... 2 2 6 MINING— .—, *1 A 1 Waihi Grand .Tnnelion — . 0 16 •Cum. dividend. I fEx dividend.

la ' WELLINGTON. (1, Hauk of New South Wales .... 40 49 12 15 fl 0 Rank of Australasia ............ 14 10 0 N.Z. Guarantee Corporation (ord.) ♦0 9 8 N.Z. Refrigerating. 10s. paid .... 0 6 — •Cum. dividend. AUCKLAND. £ 8. d. Commercial Bank of Australia •• 1 8 9 Bank of New Zealand 3 0 9 Goldsbrough Mort 4 0 Renown, preference 0 3 1 Renown, new issue, fully paid .. 0 9 8 0 Whittome Stevenson, and to. .... 0 0 Mount Lyall (late sale, Tuesday) 4 0 0 12 0 CHRISTCHURCH N.Z. Refrigerating, 10s. paid (2).. fl Staples Brewery •2 0 Commercial Bank of Australia.... 1 9 0 Dal gety and Company Ltd. 14 5 0 Valgety and Company Ltd. . 14 2 fl Goldsbrough Mort (reported) .... 2 4 1* Mount Lyell (2 pels., reportedly 2 Q fl Inscribed Stock, 4>,i per cent. 1938 7 6 dvnedin. £ S. (I. Westport Coal (reported) 1 14 Goldsbrough Mort (reported) ...