FINANCIAL AND COMMERCIAL

New Zealand Herald, Volume LXIII, Issue 19389, 26 July 1926, Page 7

FINANCIAL AND COMMERCIAL

STOCKS AND SHARES.

AUCKLAND STOCK EXCHANGE. * MINING SECTION ACTIVE. Business on the Auckland sharemarket on Saturday was almost entirely confined to the mining section. In Government securities the inquiry remained fair at late rates but no business was clone. In commercial debentures New Zealand Breweries had sale at 25s 9d, a decline of 3d on the last sale. More were available at the same figure, buyers 25s 7d. In banks, New Zealands were quoted at last week's sale price of 62s 3d, buyers 625. Nationals of New Zealand were available at £6 16s 6d, the figure at which the best sale was made last week, buyers offering £6 15s 6d. In insurance the quotation of 61s 6d for South British attracted an offer of 595. New Zealands were quoted at 435, buyers 425. In gas quotations for Aucklands ordinary were unchanged at 23s lOd. The contributing issue had demand at 12s 2d, at which figure sale was made last week. In miscellaneous there was inquiry for Sanfords ordinary at 235. Wilsons Cements were quoted at .365, buyers 35s 3d. In mining several sales were made in AJburnias, the market continuing its upward tendency. Sales were made at ss, 4s 6d, 4s 9d, 4s lid and 5s 2d Kawaraus were easier at 6s lOd and 6s fid. Waihi Grand Junctions were done at Is 9d, Is 6d, Is 7d and Is Bd. The following sales took place :—New Zealand Breweries, 25s 9d; Alburnia, ss, 4s 6d, 4s 9d, 4s lid, 5s 2d; Kawaraus, 6s lOd, 6s 9d • Waihi Grand Junction, Is 9d, Is 6d, Is 7d, Is Bd.

CALL AND DIVIDEND LIST. Dividends — Due. Auckland 8 p.c.: con., in proportion .. .. July 28. Calls— Caledonia Enranui Moanataiari—--2d .... .. .. July 27. Kuranui—la . . ; . . . July 28. Auckland . Gas (con.)—Bs per share July 31.

TRADE WITH THE EAST, GREAT OPPORTUNITIES. , Mr. P. Lnglis, who for the past 16 years has resided in the East, arrived in Australia the other day. Touching on commerce, he said the outlook for Australian goods, particularly through Singapore, was very good indeed, provided the tastes of Eastern buyers were considered. Australians could never capture the market so long as they packed their goods for the East just as they packed them for their own people. Carelessness in packing was the greatest weakness. He thought there was excellent scope for trade in Australian-made boots, also for furniture, as all they at present got there was rattan. Mr. Inglis was emphatic in declaring that rubber would never again reach boom prices. He spoke enthusiastically of the great wealth of the southern Siam tin fields, and expressed the opinion that there was a great future for Australian fruits and milk m the East. People in Australia hardly realised the commercial importance of Singapore. It was the immense clearing-house lor Java, British Malaya, Siam and_. to some extent, French Indo"China. His advice was to get a "move on."

CHICAGO WHEAT MARKET. Australian and X.Z. Cable Association. (Reed. '.5.5 p.m.} , CHICAGO, July 24. Wheat.—-July, 1 dollar 41 1-8 cents per bushel; September, 1 dollar 41$ cents; December, 1 dollar 46 cents.

THE LONDON MARKETS. FROZEN MEAT. Australian and N.Z. Cable Association. (Reed. 7.5 p.m.) LONDON. July 24. Sheep.—New Zealand, ewes, 4§d; Argentine, light, 4fd; medium, 4d; ewes, 3d. Lambs.—Canterbury, light, 9d; medium, B|d; heavy, B£d: seconds, B^d; other selecteds, light, B|d; medium, Bgd; North Islands, firsts, B£d; Australian, firsts, Victorian, 7d to 8d; others, to 7J,d; seconds, Victorian, 7§d; others, 7d; thirds, 71, d; Argentine, firsts, light, 7Jd; medium, 7d; seconds, 7d; Patagonian, firsts, 7|d. Frozen Beef. —New Zealand, fores, 3id ; hinds", 5J f d; Australian, hinds, 54d. Chilled Beef.—Uruguayan, none offering. Other meats unchanged. COTTON, RUBBER, lIEMP, ETC. (Laj,t week' 3 prices in parentheses). Cotton.—August delivery, 9.29 d (9.45 d) per lb. Rubber.—Para, 19fd (19|d) per lb.; plantation and smoked, 20|d (20|d). Jute.—July-August shipments, £32 10s (£34) per ton. Hemp.—August-September shipments, £t>6 (£35, June-July) per ton. Copra.-—June-July shipments, £27 15s (£27 12s 6d) per ton. Linseed 0i1.—£36 (£35 15s) per ton. Turpentine.—63s 6d (60s 9a) per cwt. WOOL. At the London wool sales to-day there was a poor offering of Merinos. Prices were unchanged. The selection of crossbreds was good. Prices were firm at full late rates. ~ The following New Zealand clips sold:— "Randcoft," 49d; "Howard," 22d to 21 d; "Waitiki," 23^d.

POTATO-GROWING IN NORTH. SUPPLYING EARLY MARKETS. [BY TELSGRAT'H.'—OWN CORRESPONDENT. ] WHANGAREI, Saturday. As a result of profitable experience last year a number of farmers in the Maungatapere and Maunu districts are this year growing increased areas of early potatoes with a view to supplying the Auckland and othei Southern markets. Areas up to eight acres have been planted, and as the land and conditions in these districts are quite equal to what prevails at Pukekohe, it is gratifying to see that local settlers are taking advantage of the position. Farther north in the Bay of Islands district, it is hoped that the activities of potato growers will result in Pukekohe being faced by a very strong opposition in the efforts to gain control in the early markets in the city.

GOVERNMENTS AND INSURANCE. INDICATION OF MONOPOLY. Though a recent cablegram stated that the New South Wales Government had decided not to declare a State monopoly of insurance just yet, a Perth message published in a Melbourne paper indicates that Western Australia is gravitating in the direction of a State monopoly in workers' compensation insurance. The message is as follows: The Western Australian Ministry has advertised that under the Workers' Compensation Act, employers, including all those with domestic help, must insure their employees, that no incorporated insurance office has the: approval required under section" 10, and that insurances through the State office are guaranteed .by the Government. The secretary of the Fire and Accident Underwriters' Assoeiaiion of Western Australia advertised in the same column the opinion of three leading Perth lawyers (1) That every insurance effected or renewed is a good and valid one, binding upon the insurance company which issues "the policy, and the employer is thereby fully protected against all risks to the same extent as in the past. (2) That it is perfectly legal to continue to effect and renew such policies as in the past, and the Minister cannot invalidate such a policy or renewal, whether past or present. (3) That there is no incorporated insurance office approved by the Minister under section section 10, and there can therefore be no offence under that Act for failing to obtain :» policy from the office which does not e.vst. (4) The alternative offered by the Minister of insuring with the Government Department would not be a compliance with the. Act, as such a department would not be an incorporated insurance office. The secretary stated that the opinion had been obtained as a result of a statement by the Minister for Labour, Mr. A. McCalulm, that the approval given to the companies to issue policies under the Act had been withdrawn.

SHEEPSKIN SALES. Dalgety and Company, "Limited, have received the following cablegram from their London house, dated July 23. —At the sheepskin sales 4825 bales of sheepskins were offered. Merino, three-quarter to full-wooled, 14£ dto 16d; quarter to half-woolled, lOd to 13d; short and shorr, 8d to lOd; crossbred three-quarter to fullwoolled, fine, 10£ d to 14|d; medium and coarse, lOd to 13|d; crossbred, quarter to half-woolled, fine, lid to 13£ d; medium and coarse, 9d to 13d; short and shorn, Bid to lUd; lambs, lOd to 14d.

DAIRY PRODUCE PRICES. Dalgety and Company, Limited, report having received the following cablegram from their London house, dated July 23 Cheese: Since our last cablegram prices Is lower, now coloured 81s to 83s, white 86s to 88s. Allen and Findlay have received the following advice from Armour and Company, Limited, London, dated July 23: Baiter: New Zealand, 169s to 1725. There is a better demand for finest quality. Cheese: White, 88s; coloured, 82s to 84s. The market is steady. A. H. Turnbull and Company have received the following cablegram from W. Weddel and Company, Ltd., London, dated July 23:—Danish butter, 176s to 180s: New Zealand, unsalted butter, 170s to 172s j salted, 158s to 1725. There is a rather better demand (or better qualities. New Zealand cheese, white, 87s to 88s; coloured, 82s to 84s. The market is steady. Canadian cheese, white, 86s to 88s; coloured, 82s to 84s.

PUKEKOHE MARKET REPORT, [by telegraph.-—own correspondent.] PUKEKOHE, Saturday. The Franklin Farmers' Auctioneering Company, Ltd., Pukekobe, reportAt our weekly sale yesterday, pigs came forward in good numbers, and prices were about on a par with those at late sales, weaners bringing from 15s to 225; slips, 24s to 28s; and stores, 50s. Poultry was entered in good numbers, and sold to a keen demand. Light.hens brought 2s to 2s 3d: heavy hens, 2s 8d to 3s; roosters, 2s 9d to 4s; and dacks, 3s. Vegetables were in good supply, but did not satisfy the demand. Cabbages sold at 6s 6d to 8s a sack, and 2s 6d to 4s 6d a dozen loose; parsnips and carrots, Is to Is 6d a dozen bundles: seed potatoes, 5s to 5s 6d a cwt.; pumpkins, 6s a cwt.; cauliflower, 5s to 9s a dozen; onions, about 8s a cwt. Apples 'were in good supply. Stunners sold at 10s a bushel case; Ballarats and, Starks, 8s 6d; Delicious, 10s to 12s; Brightons, 7s 6d; and Doughertys, 6s 6d to 7s 6d. Half-cases, rough lines, brought 2s to 2s 6d.. Lemons, good, sold, at 5s 6d <i half-bushel; Poorman's oranges, 2s 6d a half-case; and sweet oranges, 2s 6d a dozen. Farmers' butter sold at Is 5d a lb.; and a quantity -of fruit trees brought from Is to 3s Id each. Sug&ies sola at usual rates.

CLOSING QUOTATIONS. BANKS— Sellers. £ b d Buyers. £ S d Com. of Australia 1 13 9 1 12 9 Ditto (con.) 0 19 0 National of N.Z. 6 16 6 6 15 6 New South Wales . . 45 5 0 New Zealand 3 2 3 3 2 0 Union of Australia .. 15 10 0 INSURANCE— ■ ■ National . 4 3 0 New Zealand 2 3 0 e 2 2 0 South British 3 1 2 19 0 Standard 3 0 6 LOAN AND AGENCY— Dalgety and Co. . . IS 115 0 Farmers' Co-op. Auc, 3 10 0 Ditto B (pref.) 0 16 0 6 Goldsbrough, Mort 2 8 N.Z. & River Plate 1 3 0 N.Z. Guaran. Corp. . 0 9 6 N.Z. Loan and Merc. 94 0 0 (pref.) 85 0 0 North Auck. Farmers (B pr&f.) 0 9 6 COAL—Hetherington (con.) . 0 6 2 Ditto (10s paid) . . 0 9 6 Pukemiro, Ltd. 2 9 0 Taupiri 1 1 0 1 0 6 Ditto (pref.) 1 4 3 Waipa 0 15 0 0 13 6 Westport ., ,, 1 16 0 1 15 0 Auckland .. ., 1 3 10 1 3 6 Ditto (con.) 0 12 2 Birkenhead 0 18 0 SHIPPING— , Devonport Steam . . 1 9 0 Huddart-Parker 2 5 0 2 4 6 Northern Steam 0 15 0 Ditto (con.) 0 7 9 0 7 0 P. & 0. (def. stk.) . ! 245 0 0 238 0 0 TIMBER— Kauri Timber 1 13 9 Leyland-O'Brien 2 5 0 2 0 0 National 0 16 9 Rotoiti .. . . 0 19 S WOOLLEN- ■ Kaiapoi ... . . 0 14 0 Ditto (con.) . . 0 4 3 0 3 3 Mosgiel .. .. — 6 0 0 Wellington — 6 8 6 Ditto (pref.) ,. — 6 8 6 BREWERIES— ' "* ' C. L. Innes & Co. . . 1 0 0 N.Z. Brewries .. 2 17 9 ■* ■ — J. Staples and Co. . . — 1 18 9 MISCELLANEOUS— A, J. Entrican . . 1 0 6 British Tobacco 2 13 0 2 11 9 Colonial Sugar (Aus.) — 54 7 6 Dental and Medical . 0 17 6 0 16 3 Dominion Pictures .. 1 0 3 0 19 6 Elec. Zinc (pref.) .. — 1 15 6 Grey and Menzies . . 0 13 3 0 12 3 Hill and Pluramer .. — 1 1 6 H.M. Theatre (pref.) — 0 19 6 Kempthorne, Pressor's (con.) — 2 !1 0 Lewis R. Eady & Son (7 p.c. B pref.) . . 1 1 3 0 19 9 Milne and Choyce . — 1 5 0 Ditto (pref.) — 1 5 0 Ditto (B pref.) .— 1 5 0 Ditto (deb. stock) . 1 5. 9 1 5 3 National Pictures . . .— 0 12 6 Newton King, Ltd. (cum. pref.) 0 14 0 — N.Z. Fertiliser 4 15 6 4 14 6 N.Z. Milk Products — 1 11 6 N.Z. Paper Mills .. — 0 18 0 Northern Boot 0 18 6 — Phillipps and Impey — 1 12 0 Sanford, Ltd. — 1 3 0 Ditto (pref.) 1 3 6 1 2 9 Takapuna Tram 0 6 6 0 2 9 Taranaki Oil 0 11 8 0 11 0 Thames Theatre — 0 13 6 Tonson Garlick 0 11 9 0 10 6 Union Oil — 2 r 6 Wilsons N.Z. Cemtnt 1 16 0 1 15 3 MINING— Alburnia 0 5 3 0 5 0 Moanat-aiari (paid) .. 0 3 0 0 2 3 Ditto (con.) 0 2 6 0 2 0 Kawarau 0 6 10 0 6 9 Komata Reefs 0 0 3 — Kuranui — 0 0 4 Lucky Shot (con.) .. 0 1 4 0 1 1 Majestic 0 1 6 0 1 1 New Waiotahi (4s pd.) 0 2 0 0 1 6 Ditto (con.) 0 1 5 0 1 3 Nonpareil (Is 6d pd.) 0 1 0 0 0 3 Ditto (con.) — 0 0 2 Ohinemuri 0 6 6 0 6 0 Rising Sun 0 2 6 — Waihi 0 19 0 0 18 9 Waihi Gni. Junction 0 1 10 0 1 8 Mount Lyell 1 5 10 1 5 4 New Zeehan 0 2 6 0 1 6 N.Z. GOVT. BONDSWar Loan, 1930, 41 . 97 15 0 97 5 0 Ditto, 1338, 41 — 96 10 0 Ditto, 1927, 5 — 98 10 0 Soldiers Loan, '33, 51 ■ — 99 12 6 N.Z. INSCRIBED STOCK— War Loan, 1938, 41 . . 97 0 0 96 10 0 Soldiers' Loan, '33, 51 ' 100 0 0 99 10 0 DEBENTURES— Auck. Gas, 1932, 5 — 89 0 0 Auck. Har. Bd., 4 . . — 84 10 0 Ditto, 0 — 100 0 0 City Auck, 1940, hi. . 96 0 0 95 0 0 Auck. Elec. P. • Bd. — 95 0 0 N.Z. Breweries , 1 5 9 1 5 7