YESTERDAY'S SALES.

New Zealand Herald, Volume LXVI, Issue 20426, 30 November 1929, Page 9

YESTERDAY'S SALES.

BUSINESS ON EXCHANGES.

RETURNS ON INVESTMENTS.

Following is a list of yesterday's transactions on the New Zealand Stock Exchanges. In the second column is given the return, based on the last dividend, from investment at the quoted price. In the case of Government and other redeemable securities the return includes redemption. Tho first column gives the figures at which the sales were made:—

AUCKLAND EXCHANGE. Return on Sale Price. Investment. £sd £ s d Ins. Stk., 1936, 5J . . 101 10 0 5 4 0 Nat. Bunk N.Z. . . 6 l(i 0 5 211 Hank N.Z 3 0 0 4 15 7 Electro. Zinc, pref. (2) 1 14 9 G 18 1 Ditto . . . . 114 3 7 0 1 Farmers' Trading . . 0 9 0 817 9 Wilsons Coment (2) . 2 16 416 4 CHRISTCHURCH EXCHANGE. War Bonds. 1938, 41 . 100 0 0 4 10 0 *N.Z. Breweries debs. (3) . . . . 1 8 4 7 1 2 Goldsbrough-Mort (ex rights) . . . . 2 0 3 7 9 1 Christcliurch Gus . . 1 6 6 6 0 9 Carlton Brewery . . 22 6 611 9 N.Z. Breweries . . 4 711 3 8 3 Staples' (4) . , . . 213 0 414 4 WELLINGTON EXCHANGE. Staples' . . . . 212 9 414 9 Ditto . . . . 213 0 414 4 REVIEW OF THE WEEK.

GILT-EDGED MARKET FIRM.

OTHER SECTIONS WEAKER. Tho week has been ono of uncertainty on tho New Zealand Stock Exchanges and the volume of business has again fallen below normal proportions. Weaker tendencies have been prevalent in most sections 'of the market, while recent political developments in Australia have had a further depressing influence in the banking group at a time when there wore indications of 'at least a partial recovery. Government securities and local body debentures claimed firmer support and tho demand grow stronger toward* the end of tho week without requirements being fulfilled. For the most part sellers were difficult to locate and there were few quotations until yesterday, when holders quoted a little more freely. Downward variations predominated in the banking group and a general'slackening of interest was indicated by the withdrawal of buyers in a number of instances during the last two days. Commercials of Australia which sold down to 27s Id did not attract any offers at the final call yesterday, with sellers in the market at 27s 4d. Before the withdrawal bids were made at 26s 9d. E., S. and A., Nationals of New Zealand and New Zealands remained in strong demand at fairly steady levels. In spite of the prospect of an early dividend announcement New South Wales lost ground and had sale as low as £47 ss, compared with £4B 2s 6d last week. The insurance group had sustained inquiry at current rates. Both New Zealands and South British were activo and were firm at tho lower levels of 46s and 64s 6d respectively. There was very little activity in the loan and agency section. The market price of Dalgetys dropped from £l3 12s 6d to £l3 10s. Goldsbrough-Morts, with the proximity of a new issue of shares, were de&lt in fairly freely in Christchurch and with rights commanded up to 43s 4d, while sales, ex rights, took place between 40s 9d and 40s 6d. For rights investors paid up to 7s lOd. Coals received continued support, but little business was recorded in this class of investment. Grey Valleys had sale 2d in advance of late levels at 26s lid, and Westports, ex div., were wanted at 31s 6d, a drop of ono shilling, but sellers did not quote.

Trading in the miscellaneous section was very limited and in most instances was at easier levels. British Tobaccos met a firmer demand and were done at 43s 3d, after which buying limits moved up to 445. Yesterday they were sought at 44s 6d, sellers quoting 45s 3d. Electrolytic Zincs were easier and sale of tho preference issue took place yesterday at 34s 9d and 34s 3d. Wilsons Cements met a steady market, ex div., at 41s 6d. In mining headway was made by Wailiis, which advanced on an active market from 12s 8d to 13s 2d. Interest in Mount Lyells also produced steady buying. The local market was steady at . 42s 6d, but there was a trend toward lower levels in the South, sales being recorded in Christchurch down to 41s 2d.

THE MEAT INDUSTRY.

FREEZING COMPANY'S LOSS.

NEARLY £30,000 LAST YEAR.

At the annual meeting of the North Canterbury Shoepfarmers' Co-oporativo Freezing Export and Agency Company, Limited, held in Christchurch last Tuesday, the report and balance-sheet for the year 6nded September 30, which were adopted, slfowed that the account rovealod a loss of £29,418, which the directors recommended should be met by writing off the general reserve of £9OOO and the dividend equalisation reserve of £SOOO, leaving a balance of £15,418 to be carried forward.

. The chairman, Mr. G. D. Greenwood, said the loss of nearly £30,000 had. been caused to a extent by purchasing stock from producers at a higher price than the equivalent in London on the day it was sold. When stock was being purchased in this market at per pound, tho market price in London was something like 9d. Mr. Greenwood said he was a great supporter of amalgamation; amalgamation not only in freezing companies but in many other businesses. Amalgamation was tho only factor that had saved them very considerable losses. Amalgamation between tho company and the Canterbury Frozen Meat Company was proposed and brought under their notice at the meeting hold in Juno last. The question was threshed out pretty freely. A majority of something like 400 vot'es was registered then in favour of amalgamation. Amalgamation of that description was popular not only with the Canterbury Frozen Meat Company, but also with the Refrigerating Company. That meant that the three farmers companies in Canterbury were in favour _ of amalgamation. Though amalgamation might not be carried in the Ireezing industry for some time, ho felt certain that it would come. WOOL CONFERENCE. SILK CONTENTS IN FABRICS. ' LONDON, Nov. 28. At Bradford tho International Wool Cpnference passed a resolution that the Governments throughout tho world should be approached to allow 5 per cent, rayon or silk contents in wool fabrics without an increase of duties. It was also decided, that the duration of credit on raw wool tops and yarn should not exceed six months, applying only to credits already exceoding six months. If special circumstances require extension tho case must be reported to tho International Wool Federation.

Nino European natipns were represented at the conference at Bradford., Mr. Douglas Hamiltcn, president of the Bradford Chamber of Commerce, welcomed the delegates, and addressed tho Germans in their own language. His speech was translated into French, Italian and Spanish. The proceedings were devoted to making arrangements. Franco will to-morrow introduce tho question of the intensified use of wool.