FINANCIAL AND COMMERCIAL.

New Zealand Herald, Volume LXIII, Issue 19419, 30 August 1926, Page 7

FINANCIAL AND COMMERCIAL.

STOCKS AND SHARES. AUCKLAND STOCK EXCHANGE. QUIET SATURDAY MORNING. Business "was quiet on the Auckland sbaremarket at the single call on Saturday morning. Interest in .Government securities was slack, with practically no movement. Offers for Soldiers' Inscribed were firmer at £99 10s, holders unchanged at £IOO. In local body debentures Auckland Harbour 6 per cents, sold at £lOl 10s. More were wanted at £IOO, but no sellers quoted.. In banks buyers and sellers of Australasias moved nearer an accommodation at £l4 2s 6d and £l4 ss. Union buyers were slightly , firmer at £ls, sellers hplding for : £ls Is. In insurance New ..Zealands were, quoted at 40s 3d, and .South British at 59s 6d, but Friday's offers were withdrawn. In miscellaneous buyers of . Colonial Sugars advanced to £54 15s without response. Wilsons Cement were done at 33s 3d, a decline of 6d, more being wanted at 335, sellers 33s 9d. In mining Kawaraus sold at 5s lid and 6s, the market closing at 5s lid and 6s Id. Waihis were unchanged at 20s and 20s 3d. Grand Junctions changed hands at 3s, with late inquiry at 2s lOd, sellers 3s. The following sales took place land. Harbour . Board debentures.. 1941, o per cent,, £lOl lOsj Wilsons Cement, -3os 3d; Kawarau, , ,5s lid and , 6s; Waihi Grand, Junction,. 3s. CLOSING QUOTATIONS.

. ,SOUTHERN EXCHANGES. [By TELEGRAPH.*—PRESS ASSOCIATION.] CHRISTCHURCH. Saturday. / The following sales were made on tha ■Stock Exchange to-day:—Bank of Now Zealand, 613 3d; Union, Bank of Australia, £ls' Is; South British Insurance,- 58s 6d; Goldsbro-ugh, Hort, 49s (2 parcels); Kaiapoi Woollens (17s paidV--118. . HUDDART.-PARKER, LIMITED. Huddart Parker,; Limited, -t>dvisQ .that the directors'have declared an interim di vidend, payable ;6n September 23, ■of 3 per cent, on the preference shares, and .5 per cent, with a bonus of 1 per cent, on the ordinary shares of the company. PUK.EKOHE MARKET REPORT. [*T telegraph.—own correspondent.] PUItEKOHE, Saturday. The Franklin Farmers' ' Auctioneering Company,. Limited, Pukekohe, report:—At i the weekly. saW at our mark .yestordaiy .we had .good..'entries, in all" lines..and; competition was g00d... For .the advertised trees, .shrubs and plants there, was.keen competition. In piss, prices were in. favour of the vendor, .good, weaners -selling at from 21s to 275, poorer weaners las, slips.3os te 375, .and stores X2 to £2 ps, Prices for .. poultry showed an advancft on recent sales, light hens bringing 2s 3d to 3s; heavy hem, up to 5e 3d; ducks, -3s to ss-Id; roosters, 3s 6d to Ss 3d. turkey hens 7s (id to 8s; and turkey gobblers, 12s, In vegetables, .cabbages brought" 2s 6d to 7s 6d persack, according to size and weight;and Is -4d' per dozen loose; cauliflower. 4s 6d per sack, and 3s to 5s per dozen lodse; and carrots and parsnips, 3s per sugar bag. Potatoes, which wgre dull of sale, brought 0s per cwt. Onion plants were'in good supply and sold from 4d to 6d - per 100. -In fruit, oranges brought ■ls fid to _2s per.4. dozen. Apples - were entered'-: is-'' 'large quantities, with prices ruling lower than at recent sales. Delicious brought 9a to 10s per case; 1 Stunners, 9s, and other kinds from 4s to i 8s <id. Rough lines sold at 2s to 4s per ; half-case.

THE LONDON MARKETS. FROZEN MEAT. ' ' V Australian, and N.Z. Cable Association. (Reed. 5.5 p.m.) , LONDON, Aug. '2B. Sheep.—Canterbury, heavy, s^d; North Island, heavy, s|d; Australian, firsts, 4d; seconds, 4d. Lambs.—New Zealand and other selecteds, light, Bfd; North Island, firsts, Australian, none offering; Argentine, firsts, light, medium, 6£d; Patagonian, firsts,, medium, 6£d. Chilled Beef.—Argentine, hinds, s|d; others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton.—September delivery, 9.62 d (9.10 d) per lb.' Rubber.—Para, 19Jd (20d) per lb; plantation and smoked, 19|d (19gd). Jute.—August-September shipments, £3O 15s (£29 17s 6d) per ton. Hemp,—September-November shipments, £37 10s (£37 10s, August-Sep-tember) per ton. Copra.—August-September shipments, £27 5s (£27 ss) per ton. Linseed 0i1.—£33 5s (£34 10s) per ton. Turpentine.—6ss 6d (67s 3d) per cwt. NEW SOUTH WALES LOAN. £6,812,000 FULLY SUBSCRIBED. A. and N,Z. SYDNEY. Aug. 23. The New South Wales State Treasurer announces that a State loan of £6,812,000 for the renewal of a loan which expired on August 10 has been fully subscribed. The new issue bears interest at a rate of 5i per cent. CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Aug. 28. Wheat.—September, 1 dollar 32£ cents per bushel; December, 1 dollar 35£ cents; May, 1 dollar 40 cents. THE MEAT MARKET. PRICES AT SMITHFIELD. The New Zealand Meat Producers' Board has received the following cablegram from its London office, dated August 27, advising Smithfield delivered prices at that date as follows: — New Zealand Wethers'and Maidens.— Canterbury quality, selected brands, 56i1. and under, 6|d per lb; 571b to 641b, 6|d; 651b to 721b, Other brands: 561b and under,, 6d; 571b to 641b, 52d; 651b to 721b, sid. New Zealand Ewes.—64lb and under, 4|d per lb New Zealand Lambs.—Canterbury quality, 361b and under, 9£d perlb; ! 37lb to 421b, Bjjd; 451.b to 501b, Bgd. Seconds, Selected brands, 361b and under, B|d; 371b to 421b, Bid. Other brands, first quality, 421b and under, B£d; seconds, B^d. New Zealand Beef.—Ox fores,, hinds, s^d.' Cow fore's, 2§d; hinds, 4|d. Argentine Chilled Beef.—Ox fores, 3M hinds. _s|d, , , t . •- Frozen Pork.— 801b to 1201b, lid: 1201b to 1801b, 10d. Lamb.—The market is steady, and 'trade is fair. ... .Mutton.—The market. is, quiet. There is. a poor demand. ' RETAIL PRICES IN LONDONThe Meat Producers' Board has been advised that the retail prices of New Zealand lamb and mutton in London on August 27 were as follow: — , -New Zealand Lambl—Legs, 14d per. lb; ' shoulders, 14d; loins, 12d to 14d; necks, 8d; breasts, 6d. New Zealand Mutton (Wether). —Legs, lOd to 12d per lb; shoulders, 8d to lOd; loins, 8d; nocks, 7d tp 9d; breasts, 4d. NORTHERN BOOT COMPANY. NO DIVIDEND THIS .YEAR. The report, of the directors of the Northern Boot and Shoe Manufacturing Company, to be presented to the annual meeting to be held on Wednesday, states the year's operations, after allowing £560 for depreciation, resulted in a loss of £925, The amount »brought forward from last year was £3120, .so that the profit and loss account still shows a credit of £2195.' The circumstances are such, however, that the directors have decided not to recommend the payment of a dividend this year and have, moreover, agreed to forego their usual fees. The two retiring directors, Messrs. R. C. Carr and W. P. Winstone, offer themselves for re-election. Following is a comparison of the company's results for the last three years:— 1924. 1925. 1926. Brought forward . . £4002 £3735 £3120 Net profits . . . . 1108 385 925' DividendRate 0.0. 7* 5 Amount „. 1125 750 Directors . . . 250 250 Carried forward . . £3735 £3120 £2195 *Loss. In the balance-sheet the principal liabilities are shown as:—Paid-up capital, £15,000; sundry creditors, £16,250; bills payable, £1295. Assets shown are:— Freehold property, £11,525 ; • plant and machinery, £4453; sundry debtors'and bills receivable, £14,842; stocks, £14,968. PIG IRON FROM ONAKAKA. RESULT OF. THE TESTS. Some 31 tons of pig iron from the ■Onakaka works at Golden Bay, Nelson, were landed at. Wellington last week. The Dominion says:—"Not even the great distance away from the Dominion, and the consequently heavier freight charges, can keep the Indian product out of the market, for any difference in such charges is more than made up by the higher wages that have tQ be paid for any class of labour in this country. Pig iron is the basis of the metal trades, but Indian pig iron is said not to be the best in the world, Scottish pig iron usually commanding at least 10s a ton more and is in demand where the best metal is required. But there are numbers of jobs for which Indian pig iron is as good as any other, and so large quantities have been imported into this country for some years past. "Indian pig iron can now be indented c.i.f. to Wellington from round about £6 5s to £6 10s per ton, which is not so low as it was before the war, but is so now compared with early post-war days, when it realised about £l4 per ton, and was not readily obtainable at that. Oria- j kaka pig iron is being sold at the same price as Indian, owing to the pricecutting in connection with the Indian' product. The position at present is that the staff at the Onakaka works has been cut down to a minimum, as the stock. on hand—some 500 tons—is sufficient to supply the demand for some little time to come.

"It is satisfactory to learn that there is no question about the quality of the Nelson iron. It has been well tested out by most of, the big iron works in the country, artd the verdict is that the stuff is equal to the best Scottish, which means that it is p.qual to the best pig iron in the world."

DUNEDIN MARKETS. WHEAT. AND POTATO RATES. THE POSITION OF CHAFF. Tar TELEGRAPH OWN CORRESPONDENT.] DUNEDIN, Sunday. In the absence of offerings fi'om growers the wheat market continues" quiet. Practically all the wheat has passed out of growers' hands. Millers appear to have sufficient stocks in hand to keep them going for some time, as with the importations of Australian flour, the demand for New 'Zealand has fallen off considerably, and consequently the stocks of New Zealand-grown wheat, are lasting longef. Odd lilies of milling wheat on offer are selling at up to 7s 6d a- bushel, sacks extra, ex store Dunedin. The fowl whiat market is also firm at 7s a bushel, sacks extra, ex store, for good whole quality.- Inferior lines likewise meet with keen competition. Canadian wheat is on offer at 7s a bushel for No. 3 northern and 7s 2d a bushel for No. 4 northern, c.i.f., main ports shipment in October. These prices include dutv.

Best quality Canadian pollard is on offer at £lO 5s a ton, f.0.b., Wellington. The oat market remains firm, but little business is taking place. A few days ago some inquiries were received fi'om the North Island and Canterbury .and a fair amount of business resulted. Few transactions, however, have gone through. The offerings .from farmers ai'e light and their stocks have now pretty well .passed into merchants' hand. Most of the oats in the stored are held by merchants. A grade are worth to-day 4s 3d, f.0.b., s.i., and B's 3s lid. These prices are equivalent to 3s 3d and 3s respectively on trucks, sacks extra, at country sidings. The , latest quotation for Canterbury potatoes is £4 10s a ton, sacks included, >n. trucks. This price is equivalent to £5 10s a ton in Dunedin. The quotation has had the effect of further weakening the local market. Few consignments are coming forward from the Dunedin district and the only demand is for freshly picked lines. These are selling at £5 15s a ton. The local demand for chaff is quiet. Some sales have been made to Auckland, but it is difficult to meet orders from the northern province owing to the competition from Australia. Reports from Adelaide state that larger quantities of chaff are available there than was at first anticipated. Adelaide merchants are prepared to sell for October-January delivery at £5 7s 6d, f.o.b. • There is no duty on imported chaff. It is interesting to note that, the Auckland City Council has affirmed the policy that it. will not buy Australian or Canadian chaff so long as New Zealand chaff is available. The Auckland City Council requires a fair quantity, of chaff in 1 a year.' With the high cost of sending chaff from here to Auckland, Australian merchants are able to compete successfully against- suppliers from this end. The .demand is only for heavy chaff suitable for shipping. This is,realising £5 15s a ton, sacks extfa, ex truck. Medium and poor chaff is slow of sale, the nominal quotation' being £4 to £5 a,ton, sacks extra, ex store. CHECKER TAXICAB COMPANYCAPITAL OVER-SUBSCRIBED. The shares offered to the public in connection with the flotation of the Checker Taxi-cab Company, Ltd., have been over-subscribed. This announcement was made at Saturday's morning cail on the Auckland Stock Exchange by the chairman, Mr. G. C.' Creagh. The surplus of offerings, he added, might be met by'using some portion of the 10,000 shares set asdeto be held in reserve.

The prospectus provided for a capital of £50,000 in 50,000 shares of £1 each, of which 20.000 were to be offered to the public, 13,000 were to be credited to the vendor company, 7000 were to be offered to employee's and; 10,000 held in reserve:

Sellets. Buyers. BANKS— £. s. d £ s. d. Australasia 14' 5 0' 14 2 6 Commercial of Au3. 1 1 11 6 Ditto. (pref.) 6 15 0 National of ' N.Z. ... 6 18 6 6 1G 6 .New Zealand , . -.. 3 1 6 . 3 0 6 . Union of Auu. ,i 15 1 0 15 0 0 INSURANCE— National .. 4 0 0 New Zealand rJ. 2 0 3 South British. ''' 2 19 6' Standard .. .. — 2 19 6 LOAN AND AGENCY— Dalgety iand Co. 15'15 0 N.Z. and River Plate ■ ' 1 2 6 N.Z. Guarantee Corp. .0 9. 10 N.Z. Loan and Mer.c. 96 . 0 0 ' 92 0 0 T Ditto"'(pr6f.) • 85 ' 0 •0 ' 79 -0 0 N.A. Farmers' • Co-op.' (B pref.) .. 0.9 6 . . .. — coal- ;• Hetherington (con.) 0 5 9 • ■ — Ditto (10s paid)' > 0. ,9 .0 , { 1-, — Pukemiro "... .... . '2 12 a Taupiri m •" ; tS i ~5'. 0 • i" 1 4 Waipa 1 nm • — •0 14 0 W estport 1 16 9 — GAS— ' ' Auckland -rs • nra 1 3 ■51 3 1 Ditto (con.)., r,te 0 12 4 , 0 12 1 Birkenhead r,s0 18 0 Gisbome r .-sa R -. 0 12 0 Thames -.a bj»; 0 10 6 —,• SHIPPING— Devohport Steam : (rights) . 0 8 0 Huddart-Parker .. . 2 9 0 2 7 6 Northern Steam (conV 0 7 8 ~ Union Steam (pref,) ~~ 1 0 0 ;' f " V-, ,'j' 1 Bartholomew,-,-.,,,, i r.l' -4 - ;0 n-4 ,v Kauri Timber, ., • r w '3 ;— Leyland-O'BWe'fi ""'ivA' fj'-" 0 * Pt it ■ ' N ational .' Ly-' >' •'•w C '17 6 ; !• 0 1G ' G WOOLLEN— 'V",. "Kaiapoi ' sh ea '0,12 0 0 10 0 Ditto (con.)" pf 0 3 9 ■ __ Wellington i ,v ra§ -r . 6 3 .0 Ditto (pref.) ... ( bh — 6 3 0 BREWERIES— C. L. Innea , . xa _ 0 16 6 Ditto (pref.)., r> — 0 19 0 MISCELLANEOUS—' • * I A. 'J. -Ehtricah :wu, a iiL British. Tobacco • -lr •2 12 0 2 10 9 ■ Colonial SugaivfAus.j .... 64-15, 0. Dental' and, :Medical Dominion 'Pictures . .0 1:7 ' (i . 0 16 3 1" 2 0 1 0 19 0 Donaghy'fr'Rope' «'■ ' 1' ■ '1 13 0 Electro.' -Zinc-, ;(ord.) 1 170 -r* - Ditto (pref.) - , 1 17 0 i ' 1 -16 3 Hill and Plummer ... 1 1 G H.M. Theatre (pref.)' '■ 0 19 '6 Keinpthorne,' Prosaer fc_ 3 12 ■0 Lewis R. Eady.' and' ■ Son.-(7 p.c. B,,prof.) I 6 1.0 6 Milne and Choyce .. 1 "6 G Ditto- (pref.) •v' 1 a 6 • ' Ditto .•(Hprefi). oii, t'rr. ■h. Si.- 6 . Ditto r.-Webfji sfpcfe), " h f\ ■ft {Irk flow t.}J ? r 1 * t 5 j " 0..G..0! •-CiS'^'o. N.Z. Fertilise*' r > "Q.O cili 15! 0 ■■'( N.Z. Milk Products . .V...ftT .0 0 N.Z, Paper. Mills ,1 .0 0". ,• 0 18 6 Northern Boot" 0 18 0 " Phillipps and Impey ■— 1 12 6 Takapuna Tram 0 6 6 Taranaki Oil • 0 11 0 Thame? Theatre . wr. . 0 13 6 Tonson Garlick 0 11 8 Union Oil 2 1 6 Wairakei. Ltd.. ., 0 5 6 Wilsons N.Z. Cement 1 13 9 1 13 0 MINING— Alburnia • ...- pv 0 4 3 0 3 11 Ballarat (con.) ..-..1 . 0 0 9 0. 0 4 Moanataiiiri" (paid) .. 0 ' 2 11 0: 2 .8 Ditto (eon.)" 0' 2 GW0- : 2' 2 Golden Age-.(paid) .-. O 1 0-. Ditto (con.) v-, 0. 0 6 , 0 0 • 3 Kawarau 0 6 1 " . .0 5 11 Kuranui' '" 0 1 0 LuckviShot (2s pd,') 0 "1 9 0 1 1 Ditlo (coti.) 0 .1 .4. Majestic .. 0 1 5 '. New Waiotahi (4s pd.) ' 0 1 9 0 1 L 5' f Ditto' (con.) '■ . 0 -1 •4 -V 0 1" 0 '8 New Zeehan 0 2 2 0 1 Non.pa.reil (Is Gd pd.) 0 . 1 0 0. 0 4 Ditto (ciir.)' — "0 0 Si Ohinemuri .- 0 7. G 0 7 0 WaiW. .. , - 1 0 3 1 0 0 Waihi Gnd. Junction; 0 3 n 0 ' 2 10 Mount' Lyell 1 6 0 1 5 8 N.Z. GOVERNMENT BONDS— War Loan. 1930, 4i .. 97 12 G 97 7 G "■ Ditto, -1938, 41 -.. 97 .0 0 96 10 0 Ditto, 1939. 4} 97 0 0 — Ditto. 1927, 5 ;.'.j — . 9S 10 0 Soldiers' Loan. '33, 5} 100 0 0 99 10 0 N.Z. INSCRIBED' STOCK— War Loan. 1927. 5 .. — 93 10 0 Ditto. 1929, 5 98 0 0 Ditto, 1938, 41 96 15 P — Ditto. 1927-41. 51 .. ,. — 96 0 0 Soldiers' Loan, '33, 5i 100 0 0 99 10 0 DEBENTURES— Auck. Gas,. 1932, 5 to —. 91 0 0 Auck. Har. Bd v '4 — 84 10 0 Ditto. '£i-" ... — 95 5' 0 Ditto, 6 t. — 3 : 100 0 •0 City Auck., 1910, Si — 95 5 0 Auck. El. Pr. Bd. — 95 0 t" 0 Auck. Has. Bd. —i 96 0' Bor. of ' Mt.' Fden .. — . 105 10 0