FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 75, 21 December 1929, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES DECLINE IN VALUES A MARKET SURVEY The Stock Exchanges of the Dominion will close to-day for the Christmas holidays, and will reopen at 9 a.m. on Thursday, January 9. It is therefore opportune to take a retrospective view of the share market. It may be said that during the first nine months of the year the market was buoyant, business was at times very brisk, and values, where they did not rise, were well maintained. After Heptember the market suffered a setback, prices declined all round, with business tending to be dull. The apparently' sudden change was due to various circumstances. In August it was defi-i nitely known that wool , values were to ’ rule substantially lower' than in the'previous season and there was an- increasing monetary stringency in Australia. To- ■ wards the end of September the Bank of England rate was unexpectedly raised to 6J per cent, and the New York Federal lieserve Bank rate was raised to 6 per cent. The high rates'affected the Stock Exchanges of the world and In .October there was a slump of unprecedented magnitude In New York whicii influenced all other exchanges and values dropped all round. There were also adverse local factors in the several centres that further affected the Stock Exchanges. For some considerable time past New Zealand investors have showed a strong partiality for bank shares, which were looked upon as .gilt-edged. The monetary stringency in Australia caused a weakening tendency to develop in bank shares, and this was accentuated when the Bank of New South Wales passed the bonus of 2J per cent., which had been distributed in each of the preceding four years. Bank shares had then to be viewed from a new angle. They have all declined In value, and the position will be better appreciated by a comparison of. the prices ruling in September and now. The figures are

YESTERDAY’S QUOTATIONS Buying and selling quotations at the final call on the Wellington Stock Exchange yesterday were as follow:— Buyers. Sellers.

——— / ■ ■ • j'?’ NEW COMPANIES • The following private ' company was registered at Wellington yesterday:— Kent Stores. Ltd., 57 Molesworth Street, Wellington, private company. Objects: To acquire and carry on the business of Arthur Shelvey Kent, general storekeeper. Capital: £l5OO In £1 shares. Subscribers —A. S. Kent, 500 shares; John W. E. Martin, clerk, Wellington, 1000 shares. Registrations of the following companies is reported by the ‘‘Mercantile Gazette”: — Rabbits, Ltd., private company. Capital: £4OOO into £1 shares. Subscribers: Walpukurau—l. W. N. Mackie, J. G. Clarkson, H. Duckworth, H. R. Peacock, J. D. Todd, A. S. Wilder; Walpawa—J. B. Hamilton, 200 shares each. Objects: To carry on the business of rabbit farming in all its branches. ■ . Pope’s Motors, Ltd., private company, Nelson. Capital: £5OOO into 3500 preference and 1500 ordinary shares of £1 each. Subscribers: Nelson—W. G. M. Vining. 3500 preference, shares, W. Pope, 1500 ordinary shares. Objects: To take over the business of motor-car proprietor carried on at Nelson by Wilfred Pope, and Ke Tyne l side Ci Con t ieries, Ltd., private company Christchurch. Capital: £12,000 Into 000 shares of £1 each. Subscribers. Cobden-" Macnelll 4000: ChrlstchurchJ W. McCrostie 2000. F. Redpath -000, J. G. Armstrong 4000. Objects: To acquire minlhg lease, plant, etc., Tyneside Mine, Bruniiorton.

DEAUNGS ON ’CHANGE YESTERDAY’S BUSINESS DOMINION SALES The following sales were reported on the Stock Exchanges of the Dominion yes-

FROZEN MEAT TRADE THE LONDON MARKET / The New Zealand Meat Producers’ Board is advised by Its London manager that the consumption of New Zealand lamb at Home is good for this time of the year, and it is estimated that the carry-over of stocks at the beginning of the New Year should not be more than the figures at the same date last season. ■ Frozen meat prices are. nominal owing to Christmas, is the cabled report received yesterday by Dalgety and Co., Ltd., from their head office, London. BRADFORD TOPS . (Bee. December 20, 5.5 p.m.) London, December 19. The Bradford tops market is slightly steadier at a decline in values. Current quotations compare as follows with those for the two previous weeks: — Dec. 5. Dec. 12. Dec. 19. Per lb. Per lb. Per lb. Sixty-fours .... 33d. 32d. 31(1. Sixties 31(1. 30d. 29d. Fifty-sixes .... 25Jd. "5 id. g4J<l. Fifties 22d. 21Jd. 20jd. Forty-sixes .... 191 d. IOJd. 184(1. Forties 19d. 18jd. 174 d.

LIVE STOCK MARKET FEILDING VALUES DOWN Dominion Special Service. Feildlng, December 20. Fat cattle were considerably down in price at to-day’s stock sale. All sheep likewise showed a downward tendency. The fat sheep included the first line of fat lambs offered at auction here. Fat two-tooths, prlmest, made 25/- to 26/6; verq good, 24/2 to 24/6; good weights, 22/9 to 23/1. The fat lambs offered were not of the prlmest quality, but met with fair competition, and averaged 21/9, or just about the export price of Bd. per lb. Fat woolly ewes made 24/-, and shorn 17/- to 18/8, a little below late rates. Fat wethers, prime, made 24/6 to 26/-. Store Sheep.—The entry was not of the best quality, and prices were down slightly. External influences are having their effect on the market. Two-tooth ewes made to 27/8 for good, small at 24/2; two-tooth wethers, good lines, 23/- to 23/3; others, 22/J. to 22/6; inferior, 20/2; b. f. two-tooths, good, 21/2 to 22/2; culls, 18/6; four-tooth ewes, to 28/7; two and four-tooth ewes, 26/4. Dairy Cattle.—A small yarding of heifers, which sold at £6/5/- and £B/5/-. A purebred Jersey cow of choice quality sold at £l6/10/-. Springing cows, choice, made £ll/5/-; good, £B/15/-. to £9/17/6;, fair, £7 to £B/1/-; inferior from £4/10/- to £6. Fat cattle, of which there was a heavy yarding, glutted the market and found buyers not at all keen. P.A. heifers sold at £B/15/- (equal to 35/- per 1001 b.). Others were passed at £lO/10/-. Light fat Jersey cows sold from £4/10/- to £7 (28/- per 100 lb.); heavy, £9/7/6 to £lO/5/-; P.A. cows, £7/12/0 to £10; heavy Shorthorn cows, £ll/5/-; light bullocks, £lO (no prices better than 35/- per 1001 b.). ' Store Cattle.—Fifteen imonths heifers made £3/17/6 to~£6/10/-; weaner heifers, £2/7/-; P.A. heifers, £5/18/- to £B/15/-; Hereford cows £B/5/-; cows, mixed colours, £4 to £5/15/-; yearling steers, £4/15/-, £4/17/1; Jersey bulls, £8 to £l3; JOHNSONVILLE SALE Wright, Stephenson and Co., Ltd. and Abraham and Williams, Ltd., report on the Johnsonville sale held yesterday as follows—Owing to their being no sale between Christmas aud.New Year there was a double yarding at yesterday’s sale. There was a large attendance of the public, to whom was submitted a heavy yarding of all classes of stock. The cattle comprised good quality bullocks with some very prime cows and heifers. Competition was good at last week’s rates. Vealers were yarded in larger numbers than usual, and met with a keen sale. Owing to the demand at Christmas being mostly for lamb, the yarding of sheep was sjnaller than of late. Prices of both ewes and wethers showed no alteration as compared with late rates. We yarded 1400 lambs for the Christmas trade, and practically a total clearance was effected. Competition was good. Prices were as follow:—Heavy bullocks. £l4/12/6, £l5. £l5/15/-, £l6/7/6, £l6/10/-; heavy cows, £ll/15/-, £l2/5/-, £l2/7/6, £l3; heavy heifers, £l2/15/-, £l3/15/-; vealers, £3/3/-, £3/12/6, £4 2/-, £5; heavy wethers, 27/-, 27/6, 28/-; medium wethers, 25/6, 26/-; heavy ewes, 18/-, 19/-, 19/5, 19/6, 20/-; medium ewes, 17/-. 17/6; hoggets, good, 23/0, 24/-, 24/6; lambs, 18/6, 20/-, 21 A, 22/-, 24/- to 26/-. LEVIN VALUES . . The New Zealand Loan and Mercantile Agency Co., Limited, report having offered a small entry of sheep, a good yarding of eattle, together with a medium yarding of pigs, to a good attendance of buyers at Levin on Tuesday, when practically a clearance was made under the hammer at the following prices:—Fat hoggets, 25/- to 26/6: light fat ewes, 17/-; mixed sex hoggets. 23/-; cull lambs, 8/-; fat cows, £6 10/- to £9/12/6; forward condition do., £5 to £6; store do., £3/5/-'to £4/12/6; vealers. £2 to £2/10/-; extra good yearling Jersey heifers, to £9/2/0; weaner heifers, 30/- to £2/15/-; Potter bulls, £6 to £11; dairy cows. £5/10/- to £ll/15/-; heifers, to £9/10/-; porkers. 30/- to 41/-: stores. 21/- to 28/6; weaners, 10/- to 17/6. CARTERTON SALE Dominion Special Service. Carterton, December 20. At Carterton to-day, the Wairarapa Farmers’ Co-operative Association, Ltd., offered a small yarding of cattle and sheep and a big yarding of pigs to a good attendance. Prices were as follow:—Prime fat lambs, 25/- to 26/3; light forward lambs, 16/-; fat heifer, £B/1/-: fat and forward cojvs, £l6/14/-; heifer, 33/6; store cow, £4/7/0. Pigs: Good weaners, 22/- to 25/-: small weaners, 14/- to £1; good slips, 20/- to 28/6: good porkers, 35/to 40/6; light porkers, 33/-. A big quantity of poultry met with a good market.

as under: — Banks. Sept. Dec £ s. d. £ s. d. Australian Bank of C**om jn (* i*(*o 1 16 0 1 9 0 Australasia Commercial of Aus14 10 6 12 17 0 tr fl lift 1 10 3 1 5 8 Commercial of Sydney . English, Scottish and 20 5 0 23 10 0 Australian National o£ Aust. (BIO 8 10 0 7 11 0 19 14 6 16 7 6 National of Aust. (£5 9 14 0 7 17 6 New South Wales 52 5 0 40 15 0 3 3 5 2 18 6 15 3 0 13 0 0 National of N.Z 6 18 0 6 13 0 Queensland National .. Of course other class 9 10 0 8 15 0 fled shares have declined. Financial shares are lower though the drop' has not been so pronounced as might have been expected., ine comparison in this grouir. is as d. unaer £ 8. d. Dalgety and Co 15 2 0 12 17 0 Goldsbrough Mort and Cq 2 7 3 1 17 0 National Mortgage .... 4 0 4 4 4 0 N.Z. Guarantee, ord. .. 0 9 10 0 8 Shinning shares have shown a very slic-ht downward- movement, particularly Union Steam preference anu Devonport Ferry. The figures are as unuer . — d. £ 8. d. £ s. 2 5 9 2'1 9 P. and O. Deferred .... 2 19 0 2 13 0 1 1 3 1 1 0 Devonport Ferry 1 2 0 1 2 0 Brewery shares have lost a little In value, but it is doubtful whether they are not still highly valued. An experienced London financier once observed that brewre capitalised at more than 10 per cent. The movements in these shares are as under: — £ s. d. £ s. d. N.Z. Breweries 4 11 3 4 0 0 2 15 3 2 13 3 In the miscellaneous group, although the general trend has been downwards some shares, and mainly the purely local, have not varied much. Autrallan comnanv shares show greater declines and particularly Colonial Sugar. Below is given a comparison of jrlces —— £ s. d. £ s. d. Australian Iron and Steel 1 i 0 1 0 6 British Tobacco 1 12 0 1 10 a Burns, Philp and Co. 2 8 6 2 0 6 Colonial Sugar 57 12 0 50 10 0 Dunlop Rubber 1 9 1 1 4 0 Electrolytic Zinc, ord. 1 17 6 1 13 3 Electrolytic Zinc, pref. 1 17 4 1 14 6 Mount Lyell 2 0 0 A. 2 1 2 1 12 6 1 10 0 N.Z. Drug 3 10 0 3 14 0 N.Z. Farmers’ Fertiliser 1 .2 7 1 2 3 Wilson’s Cement 2 4 4 2 1 6

N.Z. GOVT. LOANS— £ 's. d. £ s. d. 4J p.e. Ins. Stk., 1938 99 17 6 ioo o o 4) p.c. ditto, 1939 ... 99 17 ’6 —— p.c. Ins. Stk. and Bonds, 1936 101 5 0 —— 4J p.c. Bonds, 1930 .. 99 10 0 —— DEBENTURES— Wellington Gas Co. . 1 .00 0 0 Well. Racing Club . 107 0 0 N.Z. Breweries (insc. 1 8 0 ,1 ,1, Ditto (bonds) 1 8 1 18 5 BANKS— Australian Bank of Commerce —— 1 10 0 National of N.Z *0 12 0 — National of Australasia (£5) 7 15 0 8 0 0 New South Wales .. 40 10 0 41 5 0 New Zealand 2'18 3 — Union of Australia .. 13 0 0 —— FINANCIAL— Equitable Bldg. Co. . 8 10 0 . —- Goidsbrough Mort ... , 0 4 10 National Mortgage .. 4 3 0 N.Z. Guarantee Corp. (ord.) 0 8 6 0 9 0 Well. Invest., T. & A •0 11 4 Well. Trust and Loan 7 2 0 —— Well. Deposit & Mortg. 0 10 0 — GAS— Wellington (ord.) ... — 1 11 3 Ditto (pref.) to 18 6 —- INSURANCE— ■ 0 15 7 Aust. I’rov, Assce. .. — •0 10 9 MEAT PRESERVING— N.Z. Rcfrigerat. (10/-) — 0 TRANSPORT— Huddart, Parker (ord.) —— 2 2 3 Ditto (pref.) 1 1 0 <• — Union Steam (pref.) . fl 0 6 — P. & 0. def. stk. .. f2 15 0 WOOLENKalapoi (ord.) —— 0 12' 9 Mosglel 7 10 0 — Wellington (ord.) ... — •6 7 6 COAL— — 0 15 0 TIMBER— Leyland-O'Brien 1 8 0 — National —. 0 9 6 BREWERIES— Staples and Co 2 12 6 —— MISCELLANEOUS— Burns, Philp .., —— 2 2 0 British Tobbaco (Aust. ). , (ord.) •2 5 0 — Colonial Sugar —— 48 0 0 Dental and Medical . 0 11 9 — Newton King (pref.) 0 11 6 — N.Z. Drug 3 13 0 Shariand & Co. (ord.) — 110 Wafrarapa Farmers’ 0 3 4 ■■ - Wilson’s Cement .... 2 2 0 MINING— Mount Lyell — fl 19 0 Wolhl ■ 0 Id 8 •Cum. dividend. |Ex dividend. .

terday WELLINGTON. £ s. d. Bank of New South Wales .... 40 lb 0 Commercial Bank (ord.) 1 b 10 N.Z. Breweries (bonds) ........ 1 8 3 AUCKLAND. £ 8. d. Commercial Bank of Australia.. 1 b i Bank of New Zealand 2 18 C Union Bank of Australia 13 1 6 2 4 6 South British Insurance ........ 3 2 0 Farmers’ Co-op. Auctioneering.. 3 18 0 Newton King preference ... 0 12 6 Kauri Timber, ex div. (late sale) 0 15 9 New Zealand Breweries 4 7 3 British Tobacco (two) 5 o 1 2 0 1 18 0 CHRISTCHURCH. £ s. d. New ZZealand Breweries (bonds) 1 8 3 National Bank of Australasia / X - nn id) 7 19 0 Union Bank of Australia 13 0 0 New Zealand Breweries (two) . 4 7 7 4 7 6 British Tobacco, cum. div. (two) 2 5 0 18 3 Sales reported:— Commercial Bank of Australia . 1 2 1 u 4 7 ij British Tobacco, cum. div. 2 5 3 DUNEDIN. £ s. d. 0 3 ft Stoney Creek, premium 0 0 3 Sales reported: — Milburn Lime (2) 1 16 0 Huddart-Parker, ordinary 2 1 9 N.Z. Govt. 44 p.c. Bonds, 1933 ... 09 17 6