FINANCE and COMMERCE.

Dominion, Volume 23, Issue 73, 19 December 1929, Page 14

FINANCE and COMMERCE.

STOCKS AND SHARES ~ WELLINGTON EXCHANGE SALES MORE NUMEROUS Wellington sharebrokers reported eight •ales yesterday, and they were all made at fair prices, considering the state of the market. There was again a restricted number of buying orders which were in most cases beldw sellers’ ideas of values. There was not much business offering in Government securities. The 51 per cent, stocks (1941): were in demand at 4199 15/-, and the 5) per cents, stocks and bonds (1938) at £lOl/5/-. New Zealand Breweries bonds were steady, at 28/3, with sales at 28/- and 28/4. There was a poor demand for bank shares. Bank of Australasia were wanted at £l2/10/-, but sellers were holding for . £l2/17/6 or 2/6 less than they were prepared to accept the previous day. Bank of New South Wales at £4O/7/0, were 7/6 up, but Bank of New Zealand at 58/- were unchanged. There were, however, no sellers. - . , , National Mortgage were again in demand at 83/-, and New Zealand Guarantee Corporation at 8/0. Buyers advanced their blds for Wellington Trust and Loan by 2/6 to £7/2/6. Goldsbrough Mort and Co. were wanted at 30/6 against sales at 37/-. There was no demand for insurance shares. Wellington Meat Export ordinary were steady at 4/-, and New Zealand Refrigerating 10/- paid were in demand at 4/6. Gas and coal shares were neglected, and except for a bid of 20/6 ex dividend for Union Steam preference there was nothing doing in shipping shares. Mosgiel Woollen keep steady at £7/10/-, and LeylandO'Brien Timber at 28/- were also steady. There was a fair demand for New Zealand Breweries at 87/-, and Staples and Co. at 52/6. British Tobacco were up fld. to 45/-, and New Zealand Drug were 3d. higher at 73/9. Newton King preference were unchanged at 11/6. YESTERDAY’S QUOTATIONS Buying and selling quotations at the final pall yesterday on the Wellington Stock Exchange were as follow: — Buyers. Sellers. N.Z. GOVT. LOANS— £ s. d. £ s; d.

DUNEDIN STOCK EXCHANGE i •. . *' •/ SIGNS OF THE TIMES Dominion Special Service. Dunedin, December 18. Speaking at the annual meeting of the Dunedin Stock Exchange to-day, the chairman, Mr. E. R. Smith, said the aggregate business transacted during the year hud been satisfactory, although it must be admitted that during the past two or three months there had been some falling off, and market values for practically all shares showed a much lower range than they did at the same time last year. The dramatic collapse in New York, followed by the Hatry disaster in London, and the election of a Labour Government In the Commouwealth, all reacted promptly in their turn on the Australian and New Zealand markets, and large parcels of shares were offered from London at receding prices. A main feature of the market was the large amount of mongy that had been annually leaving the Dominion for investment, principally in the Commonwealth of Australia. This was due to the higher rate of interest obtainable there, but was none the less, regrettable, as the money should be used for developing our own industries. With regard to the gold-mining industry it might be noted that .developments were now in progress within the province of Otago which included sluicing, dredging, and quartz reef companies. ' All these should be in full .working order within the next few months, and would, it was hoped, reach the dividend-paying stage at an early date.- <l. ■ ■'; J i Wool prices showed a considerable fall on those of last season, but this market might at present be regarded as steady at the low figure ruling. The Dominion wool revenue this year would, however, show a heavy decrease. Prices were still at a payable point, but the margin was relatively small and producers would have, to strive to effect economies,' and at the same time to Increase production by means of the use of fertilisers. Some compensation for the fall in wool values might be derived from an Increase in the lambing percentage, r ' ■ It was, perhaps,' a little outside the province of a Stock. Exchange to urge the purchase" of British goods, but. Mr. Smith said he ventured to do so as there could be no doubt that they were considering their own interests by buying, first New Zealand goods where possible, and otherwise British manufactures. The fact that . large amounts of money left the' Dominion to purchase motor-cars mostly of American manufacture, could only be described as lamentable, and for the nine months ended September 30 the total was £3,500,000. The very large sums also diverted to America in connection with picture shows and films was deserving of the serious consideration and attention of the Government.' Tim position of the Dominion was quite sound, added the chairman, and although business for the past quarter had been curtailed for the reasons he had mentioned, there were distinct signs in recent weeks of returning confidence. ,•/ Mr. W. F. Sligo made brief reference to the question of share hawking, and stated that from his own observations he was surprised at the number of people, more especially in the country districts, who were victimised as the result of purchasing valueless shares. Mr. E. R. Smith was re-elected chairman. WELLINGTON WOOLLEN CO. INTERIM DIVIDEND The directors of the Wellington Woollen Company have decided that the interim dividend for the six months shall be at the rate of 4 per cent. COLOMBO TEA SALE By Telegraph.—Press Association. Dnnedln. December 18. At this week's tea auction in Colombo, 3,000.0001 b. was offered. ' Despite the inferior quality, all grades were dearer. The next sale will bs. held pju Jaunagy, & 11SX1.

DEALINGS ON ’CHANGE YESTERDAY’S BUSINESS DOMINION SALES The following sales were reported on the Stock Exchanges of the Dominion yesterday:— WELLINGTON £ s. d.

NEW PRIVATE COMPANIES LATEST REGISTRATIONS The latest registrations at Wellington of new companies are four private concerns, one of which, United Buyers, Ltd., clearly indicates the objects of the seven local grocers who are the subscribers of the capital. Another company represents a combination of important Interests in the shingle and sand business. • Details of the registrations are as follow:— United Buyers, Ltd., 185 Willis Street, Wellington. Objects: To carry on business as general merchants, storekeepers, warehousemen, indent and commission agents, etc. Capital, £3OOO in £1 shares; one-half the amount of every share in the initial capital shall not be capable of being called up except in the event and for the purpose of the company being wound up. Subscribers: Robert Watchman, grocer, Karori; James Francis O'Sullivan, grocer, Cambridge Terrace, Wellington; Hodgson Wadworth, grocer, Kilbirnle; Rouse Janson, grocer Cuba Street, Wellington; Alfred'William Boden, grocer, Petone; Duncan Johnson Mouat, groeer, Kent Terrace, Wellington; and John Robert Burley, grocer, Hankey Street, Wellington, each 30 shares. River Shingle and Sand, Limited, 192 Wakefield Street, Wellington. Private company. Objects: To carry on business as dealers in shingle, gravel, sand, etc. Capital, £lOB,OOO in £1 shares, of which 26,000 are preference shares, 35,000 “A” ordinary shares, 35,000 "B” ordinary shares, and 12,000 "C” ordinary shares. Subscribers: Hutt River Shingle Company, Ltd., 16,000 preference shares, 35,000 "B” ordinary shares, and 6000 “C” ordinary shares; McArthur Bros., Ltd., 6000 preference shares, 35,000 “A” ordinary shares, and 4000 "C” ordinary shares; R. D. McArthur. Wellington, 2000 preference shares and 1000 “C” ordinary shares; D. F. McArthur, Wellington, 2000 preference shares, and 1000 “C” ordinary shares. Watkinson and Son, Raetihi, private company. Objects: To carry on business as plumbers, and water drainage and sewage engineers. Capital, £6OO in £1 shares. Subscribers: George H. Watkinson, plumber, Onehunga, and George Henry Watkinson, plumber, Raetihi, each 300 shares. Blanche and Richardson, Ltd., Rangitikei Street, Palmerston North, private company. Objects: To acquire as a going concern the business of well-borers and sinkers, carried on by Withers and Richardson at Palmerston North. Capital, £lOO In £1 shares. Subscribers: George Henry Blanche and Thomas Harold Richard:- "i, of Palmerston North, , each 50 shares. / . . ’ WORLD’S SUGAR CROPS [ INCREASED PRODUCTION • According to an authority.-the present condition of sugar crops points to another record output, and the latest estimates of sugar production for this year are as follow :— Long tons. Cane sugar 17,700,000 . European beet sugar .. 8,400,000 Other beet sugar ....... 950,000 Total world production 27,050,000 This represents an increase of about 1,700,000 tons over last year's production, and is yet another record. Should the European beet sugar crop develop - in <a normal way it could then be assumed-that the total world’s supplies of sugar for the next twelve months would be approximately as follows: — Long tons. Total production ...... 27,050,000 'Present visible stocks.. 3,800,000 30,850,000 This is an. imposing total, yet consuming markets remain very hesitant and, it is said, continue their pqlic.v of buying from hand to mouth, thus causing a continuance of the very low prices which have been ruling for some time past. The present prices are declared to be below the cost of production, and this is having disastrous results for many producers who cannot continue to sell at a loss. Some of the largest producers in Cuba who were financed by powerful American groups now find themselves in financial difficulties. Even Java, which is reputed to have the lowest costs of production is feeling the effect of continued low prices. The present crisis has led' producers to consider artificial means for the raising of the price of sugar on world’s markets. Last vear Cuba took the lead by restricting her output to just over 4,000,000. tons, and invited other producing countries to join her in a policy of general restriction of output but this did not meet with the support hoped .for. partly’ owing to the fact that Java was expecting a record crop. Experts are of the opinion that the only satisfactory way to restrict world production was by private agreement between the principal countries producing sugar for a free market, and for all practical purposes this means Cuba and Java. World's requirements of sugar are difficult to estimate, but may be put down at about 26,000,000 tons for the next twelve months, thus leaving -a carry-over of 4,850.000 tons, representing only about eight weeks' supplies, which is not excessive. AUCTION SALES TO-DAY. 246 Quay, 1 p.m.—Sale of Maori artifacts (McKenna and Co.) W.F.C.A. Offices, Eketahuna, 1.30 p.m.— Sale of farm property, near Eketahuna (W.F.C.A., Ltd.) 43 Panama Street, 3 p.m.—Sale of property (Finch, Webster, and Oswin). Eketahuna, 2.30 p.m.—Sale of 644 acres, Tawataia (W.S. and Co., Ltd.). 15 Manners Street.—Sale of antiques, etc., account Rowe and Co. (J. H. Bethune and Co.) Upper Hutt. 1 p.m.—Stock sale. Dominion Farmers’ Buildings.—Sale of 48 sections, Lower Hutt (Commissoner Crown Lands). 8 Willeston Street. 10.30 a.m—Sale of valuable unredeemed pledges (E. Johnston and Co.) TO-MORROW. 27 Panama Street, 2.30 p.m.—Sale of freehold land, Orleans Street, Ngaio (Gordon Harcourt). Dominion Farmers’ Institute, 2.30 p.m.— Sale of land and dwelling. Wallaceville Road (H. Baker, Ltd.) Johnsonville. —Fat stock sale. Main Road, Lower Hutt, ,10.30 a.m.—Sale of wallpapara, oils, etc. (B. Johnston aad CoJ

51 p.c. Ins. Stic., 1941 99 15 0 2 6 41 p.c. ditto. 1938 ... 5j p.c. Ins. Stk. and Bonds. 193G ...... 101 5 0 100 DEBENTDBESN.Z. Breweries (bonds) 1 S 3 BANKS— Australasia 12 10 0 12 17 6 Australian Bank of Commerce National of Australasia 1 10 0 (£5) 40 — 8 0 0 New South Wales .. 7 6 —— New Zealand ........ 2 18 0 FINANCIAL— National Mortgage .. 4 3 0 N.Z. Guarantee Corp. (ord.) 0 8 6 Golds brough Mort ... •1 10 6 —— GAS— Wellington (ord.) ... — — 1 11 0 INSURANCE— National — 0 15 7 Aust. Prov. Assce. .. — *0 11 0 Well. Meat Exp. (ord.) 0 4 0 — MEAT PRESERVING— N.Z. Refrigerat. (10/-) 0 4 6 0 5 0 TRANSPORT— Huddart, Parker (ord.) —— 2 2 3 Union Steam (pref.) . •1 0 8 —- P. and O. def. stock.. — •2 16 0 WOOLLENKaiapoi (ord.) —■ ’ 0 12 9 Mosgiel 7 10 0 —• Wellington (ord.) ... — 6 7 C COAL— Waipa — 0 lb 0 TIMBER— National 0 9 6 Leyland-O'Brien .... 1 8 0 — BREWERIES— New Zealand 4 7 0 — Staples and Co 2 12 6 — MISCELLANEOU S— C. M. Banks (ord.) . — ♦1 0 0 Burns. Pliilp. and Co. — if *• 0 British Tobacco (Aust.), (ord.) " 2 5 0 •2 5 6 Newton King (pref.) 0 11 6 •— N.Z. Drug Co. 3 13 9 13 13 Sharland & Co. (ord.) —- 1 1 0 Wilson’s Cement .... — 2 0 MINING— Mount Lyell — tl 19 6 Waihi 0 13 5 0 13 8 •Cum. dividend. fEx dividend. t Seller of odd lot.

5i per cent. Government Bonds (1933) .......J N.Z. Breweries, 10 per cent, bonds 101 5 0 18 0 1 Bank of New South Wales 40 7 6 Wellington Trust and Loan .... 7 3 (J Staples and Co 2 13 0 Newton King preference ....... 0 11 7 Mount Lyell 1 5 . AUCKLAND. £ ’ 8. d. Bank of Australasia 12 13 0 Commercial Bank of Australia (2) 1 5 8 Commercial Bank of.Australia (2) 1 c) 10 Union Bank of Australia 13 0 0 Farmers* Co-op. Auctioneering, A pref 0 18 Taranaki Oil • 0 4 5 Wallii (2) 0 13 8 CHRISTCHURCH. ' £ 8. d. N.Z. Breweries bonds (2) 1 8 2 Bank of New Zealand 2 18 0 Union Bank of Australia 13 0 0 N.Z. Breweries 4 7 6 N.Z. Drug Co Wilson’s Cement 3 14 0 2 1 3 Maliaklpawa (3) 0 0 4 Sales Reported.— N.Z. Breweries bonds 1 8 3 Mount Lyell, ex div. 1 18 6 DUNEDIN. Sale reported:— £ d. N.Z. Breweries debentures 1 8 4