FINANCE and COMMERCE.

Dominion, Volume 23, Issue 32, 1 November 1929, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES WELLINGTON EXCHANGE CONTINUED DULLNESS The dullness ot the share market was again strongly in evidence yesterday, aud the dividend announcements of six companies failed to Improve the position. There were very few buyers, but numerous sellers, and it is difficult to say what is the market price for practically any class of shares, particularly bank shares. Government securities have been quiet, and sales are effected occasionally. There was a transaction yesterday in the per cents. (1933) at £lOl ss. .The.si per cents. (1941) continue l in demand at £99 10s. Wellington Gas debentures were wanted at £lOO 55., and New. Zealand Breweries bonds were unchanged at 275. 9d. Commercial Bank of Australia (ordinary) were wanted at 255., against sales at 265. on the previous day, and a bid of 265. 9<l. last Friday. Bank of New Zealand at £- 19s. Gd. were unchanged, but Union Bank were up Is. at £l4 6s. There were some reductions in the selling prices. The quotation for Commercial Bank was reduced Gd. to 255. 9d., and English, Scottish, and Australian Bank, and National Bank of New Zealand each had their selling prices reduced by Is. Wellington Investment were wanted at Ils. 3d., but it is a considerable time since these shares svere in demand. Gas shares were steady and unchanged. Auckland Gas at 245. Bd. and Christchurch Gas at 265. Wellington Gas preference were wanted at 18s. Id. Meat shares were In fair demand, unchanged. Gear Meat were firm at 435. 6d. National Insurance were on sale at 16s. Bd. cum. dividend, but there were no buyers, and other insurance shares were not-quoted. Shipping aud. woollen shares were dull; • without any change in the selling quotations. Except for a small inquiry for Hikurangi Coal there was nothing doing in coal shares. National Timber shares were not in demand, but sellers still hold out for 10s. Sellers of New Zealand Breweries lowered their quotation by od. to 88s. (id.,'arid a sale was registered nt 88s„ the same as previous sales. Staples and Co. were steady at 525. 9d. There was scarcely any demand for shares in the miscellaneous group. Sellers of Burns, Philp, and Co. have come down in their price 6d. to 445. fid. cum. dividend, and sellers of British Tobacco have done likewise. Electrolytic Zinc shares were on sale at 345. 6d.. or fid. less than on the previous day. Newton King preference changed hands at 12s. 3d. or 3d. better than a sale made in. Auckland the previous day. Sellers of Taranaki Oil were willing to accept 4s. 6d. or Is. less than on Wednesday. The shares of Farmer and Co., a big drapery company of Sydney, were on sale . at 275. 3d. YESTERDAY'S QUOTATIONS

PRICE VARIATIONS Movements based on yesterday's buying prices, compared with previous bids, were as under: — Rise. 1 s. d. Union Bank 1 0 Fall. Commercial Bank 1 9 N.Z. Guarantee Corporation 0 1 DIVIDEND LIST Company. Per cent. Period Payable Australia Iron and Steel (pref.) ... 32 Half-year To-day Waihl , Gold Mining Is. per share To-day Bank of Adelaide 5 Half-year Nov. 0 Sharland and Co. (ord, and pref.) 4J Half-year Nov. 7 Abraham & Williams (LtdJi'Ord. .... 2} Half-year Nov. 11 Fariners’,Co-op. Auctioneering .... 8 Year Nov. 12 Queensland Nat. Bk. 2J Quarter Nov. 14 Burris, Philp & Co. 5 Half-year Nov. 15 National Bank of Australasia ... 5 Half-year Npv. 27 Australian Glass , 5 Half-year Dec. 1 LONDON QUOTATIONS

EXPORT OF N.Z. GOLD (Rec. October 31. 9.50 p.m.) London, October 31. Tho Bank of England has received 375,000 sovereigns from New Zealand. Thia is the first portion of the £500.000 In gold coin shipped to London by the Bank of New Zealand. The balance of £125,000 Is now a fortnight on the way to London. PRICE OF GOLD London. October 30. The price of gold ie Sis. 11 S-Bd. per CMBMb

DEALINGS ON 'CHANGE YESTERDAY’S BUSINESS DOMINION SALES The following sales were recorded on the Stock Exchanges ot the Dominion yes-

BANK SHARES The movements in the values of bank shares during the. past week or ten days have been somewhat erratic, and in some cases shares have sold on the same day at varying prices. Thus on Wednesday Bank, of New South Wales shares sold in Wellington at £47 155., and at Auckland at £47 17s. 6d.. and a second sale was registered later in the day at £47 10s. Values of all bank shares have eased and the returns from them show anomalies, for such institutions as the Australian Bank of Commerce and the English. Scottish and Australian Bank, which cannot be doing the volume of business as. say, the Bank of New South Wales, the Union Bank and the Bank of Australasia, give a smaller return than the big banks. Tn the table appended the market prices of bank shares

FRUIT EXPORT GUARANTEE RENEWED Cabinet has agreed to the continuation for the coming season of the Government guarantee on fruit exported from the Dominion, according to an announcement made yesterday by the Minister of Agriculture (Hon. G. W. Forbes). The guarantee is at the rate of Ils. a ease for extra fancy aud fancy grades, and 7s. a case for good grade apples and pears. During the past season 932,998 cases of apples and 59,111 cases of pears were exported. AUCKLAND PROSPECTS Dominion Special Service. Auckland. October 31. It is expected that there will be large exports of fruit from the Auckland district during the eomlug season. This is due to the promise of a heavy crop and to the natural expansion as a result of the good prices obtained this year for the fruit exported. '.A total of 81,000 cases was exported from Auckland for the 1929 season, and it is possible that 150,000 cases will be exported during the coming season. Only one claim under the guarantee was made during the 1928 season, the returns for which have been completed. An improved realisation was made for the export season from February until May. 1929, and it is not anticipated that there, will be any claims. The average gross prices realised was 10s.. ss. above the guarantee. So far as Auckland is concerned "extra fancy” and "fancy” grades are the only ones exported. TALLOW MARKET London, October 30. At the. talluw sales 880 casks were offered aud 240 were sold. Prices showed Gd. decline. Quotations: Mutton, fine 40s. 9d. per cwt., medium 365. 6d.: beef, fine 41s. t medium 365. 6d. According to a cable message received by Dalgety and Co., Ltd., from their head office. London. 880 casks of tallow were offered at the sale and 238 were sold. Prices were 6d. per cwt. lower. The market is dull, says a cable message received by the New Zealand Loan and Mercantile Agency Company, Ltd., from their London house, who quote present c.i.f. and e. values for the following descriptions of tallow:—Fine mutton. 40s. per cwt. (40s. 3d.) : good beef. 40s. Gd. (415.): mixed. 38s. (305.). The quotations are more or less nominal, and the previous week’s prices are given in parentheses. The Bank of New Zealand produce department has received the following advice from its London office under date October 30:—Tallow: Demand is rather quiet. Current quotations: Good mutton, 38s. to 395. per cwt.: good beef and mixed, 38s. to 38s. Gd. per cwt.; gut. 345. to 355. Gd. per cwt.

Buyins and selling quotations a the final call on the Wellington. Stock Exchange yesterday were as follow:— Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ fl. d. p.c. Ids. Stk.. 1933 L01 i) 0 uj p.e. ditto. 1941... 99 10 0 — BEBENTUBES— Wellington Gas Co. .100 ft 0 — N.Z. Breweries (bonds) 1 7 9 1 8 8 BANKS— - 13 17 6 Australian Bank ot . — 1 11 3 Commercial ot Aust. (ord.) 1 5 0 1 5 9 Commercial Banking Co. (Sydney) —- 20 5 0 English, Scottish, and 18 0 National of N.Z — 6 15 0 National of Australasia ■ (£5) —— •9 0 0 New South Wales ... —— 48 0 0 New Zealand 2 19 6 3 0 0 Union of Australia .. 14 6 0 14 9 0 Ditto (Melbourne register) 14 6 6 — FINANCIAL— Goldsbrough Mort .. —— 2 3 8 N.Z. Guarantee Corp. 0 8 3 0 S 11 GAS— Auckland (paid) 1 4 s —• 1 6 6 Ditto (contr.) 0 13 2 — Wellington (ord.) ... ,.. ___ 1 14 0 Ditto (pref.) 0 IS 1 0 19 0 INSURANCE— •0 10 8 MEAT PRESERVING— 2 3 6 ■ N.Z. Refrigerat. (10s.) 0 5 9 — Well. Meat Exp. (ord.) 0 7 0 —— TRANSPORT— Huddart, Parker (ord.) D 3 8 P. and O. def. stock.. —— 2 17 0 WOOLLEN— Wellington (ord.) .... —— 6 13 0 COAIr— Hikurangi (ord.) .... 0 1 9 — Ditto (pref.) 0 3 6 0 5 3 TJMBEK— 0 10 0 Leyland-O'Brien — 1 12 0 BREWERIES— New Zealand —— 4 8 6 Staples and Co 2 12 9 13 9 Ward and Co 0 12 9 — MISCELLANEOUS— Burns. Philp, and Co. — ♦2 4 0 British Tobacco (Aust.) (ord.) • ' — 2 4 6 Dental and Medical .. (i 11 0 Electrolytic Zinc (pref.) —— 1 14 6 Howard Smith (ord.) ■ — 1 <» 9 Newton King pref.) 0 11 9 — 3 16 0 N.Z. Paper Mills •1 0 (i Sharland 4 Co. (ord.) ■. — •1 2 6 Taranaki Oil . — 0 4 0 Wairarapa Farmers’ (ord.) 0 2 9 Ditto (pref.). ....' 0 10 6 Wilson’s Cement —• 2 9 Strand, Ltd.’ 1 4 0 — Farmer and Co. — 1 7 3 MINING— Mount Lyell — 2 2 9 Waihi —— •0 13 8 1 ‘Ctim. dividend.

London. October ' 30. £ s. d. Hauk of Australasia 13 3 1J Bank o£ New South Wales 4G 7 6 Union Bank of Australia 13 15 0 National Bank of New Zealand 0 11 3 Bank of New Zealand, 4 p.c. . •111 0 0 Bank of New Zealand shares .. 18 0 N.Z. Loan and Mercantile, first mortgage, 4 p.c. debentures 71 10 0 N.Z. Loan and Mercantile ordinary stock 117 5 0 •Ex dividend.

14 Ibe dominion, FINANCE and COMMERC :i I STOCKS AND SHARES DEALINGS ON 'CHANGE WELLINGTON EXCHANGE YESTERDAY’S BUSINESS CONTINUED DULLNESS DOMINION SALES The dullness of the share market was again strongly in evidence yesterday, aud The following sales were recorded on the Stock Exchanges of the nonunion yesthe dividend announcements o£ six companies failed to Improve the position. iciuuj . WELLINGTON. s. d. There were very few buyers, but numerous sellers, and it is difficult to say what is the market price for practically any class of shares, particularly bank shares. 51 per cent. Government stock 101 0 0 4 8 0 Newton King (preference) ...... Government securities have been quiet, and sales are effected occasionally. There was AUCKLAND. a transaction yesterday in the 5$ per cents. d. (1933) at £101 5s. <The.5i per cents. (1941) continue‘In demand at £99 10s. N Z. Government inscribed stock, 101 Wellington Gas debentures were wanted at 51 per cent. (1933) 0 0 £100 5s., and New . Zealand Breweries Commercial Bank of Australia bonds were unchanged at 27s. 9d. (late Wednesday) ... 1 4 8 Commercial Bank of Australia (ordinary) Commercial Bank of Australia (~) 1 u 6 were wanted at 25s.. against sales at 26s. Commercial Bank of Australia .. 1 y 7 on the previous day, and a bid of 26s. 9<1. Bank of New Zealand 19 9 last Friday. Bank of New Zealand at £2 N.Z. Insurance (late sale Wedncs19s. 6d. were unchanged, but Union Bank 0 6 3 were up Is. at £14 6s. There were some o 6 3 reductions in the selling prices. The 1 10 0 quotation for Commercial Hank was reduced 6d. to 25s. 9d., and English, Scottish, and Australian Bank, and National Bank of New Zealand each had their selliug prices reduced by Is. Wellington Investment were wanted at 1 4 9 Auckland Gas, contributing Devonport Steam Ferry Farmers’ Trading 0 1 0 18 9 4 1 6 3 0 Ils. 3d., but it is a considerable time since CHRISTCHURCH. these shares were in demand. Gas shares were steady and unchanged. Auckland d. Gas at 24s. 8d. and Christchurch Gas at 26s. Wellington Gas preference were N.Z. Government inscribed stock, 100 s. wanted at 18s. Id. Jleat shares were in oi per cent. (1938) 0 0 fair demand, unchanged. Gear Meat were Commercial Bank of Australia (5) 1 5 firm at 43s. 6d. National Insurance were Commercial Bank of Australia (2) 1 5 y on sale at 16s. 8d. cum. dividend, but National Bank of Australasia, £5 there were no buyers, and other insurance paid (2) 8 15 0 shares were not quoted. Shipping and. N.Z. Insurance 2 6 0 woollen shares were dull; - without any N.Z. Breweries 4 7 6 change in the selling quotations. Except 2 3 6 for a small inquiry for Hikurangi Coal N.Z. Farmers* Co-op. per cent. there was nothing doing in coal shares. 92 0 0 National Timber shares were not in deQuill Morris Bank of New South Wales (2).... Sales reported:— Commercial Bank of Australia (2) Commercial Bank of Australia .. Commercial Bank of Sydney .... Bank of New South Wales o 11 fl mand, but sellers still hold out for 10s. Sellers of New Zealand Breweries lower47 5 0 ed their quotation by 6d. to 88s. (id./and a sale was registered at 88s„ the same as previous sales. Staples and Co. were steady at 52s. 9(1. There was scarcely any demand for shares in the miscellaneous 1 5 1 5 23 15 47 15 7 8 0 0 group. Sellers of Burns, Philp, and Co. British Tobacco 2 4 0 have come down in their price 6d. to 44s. 6d. cum. dividend, and sellers of British DUNEDIN. £ d. Tobacco have done likewise. Electrolytic Kildare Mining (5) ...’. 8. Zinc shares were on sale at 34s. 6d.. or 0 3 1 6d. less than on the previous day. NewKildare Mining 0 3 0 ton King preference changed hands at Commercial Bank of Australia.. J y 9 12s. 3d. or 3d. better than a sale made Commercial Bank of Australia (2) 1 5 0 in. Auckland the previous day. Sellers of Taranaki Oil were willing to accept 4s. Mdunt Lvell 2 1 fl Big Beach 0 4 0 6d. or Is. less than on Wednesday. The

and returns on same are presented:— Price. Return % £ s. d. H. d. Australian Bank of Commerce 1 13 9 4 14 9 Bank of Australasia 13 15 0 2 0 Commercial of Australia 1 0 0 is 15 4 Commercial of Sydney 21 0 0 □ 4 O English. Scottish and Australian Y 16 0 4 16 2 National of Australia 9 0 0 11 0 National of N.Z 6 14 0 3 4 3 New South Wales .. 47 10 0 5 5 3 Bank of New Zealand 3 0 0 4 15 B Union Bank 14 10 0 5 3 5