COMMERCIAL.

Timaru Herald, Volume CXXIII, 24 January 1927, Page 12

COMMERCIAL.

LONDON WOOL SALES. By Cable—Press Association —Copyright. Australian and N.Z. Cable Association. (Received January 23, 5.5 p.m.) LONDON, .January 21. At the wool sales there was an excellent selection nf merinos, and a limited supply of other sorts. There was spirited competition at full opening rates. New Zealand clip C.G.C. sold at 1 Sid (top), 16-Rl (average) : Pauika 20|tl (top), 17id (average) ; Waiau 17d (top), 15d (average). LONDON MEAT PRICES. By Cable —Press Association—Copyright. Australian and N.Z. Cable Association. (Received January 23, 5.5 p.m.) LONDON, January 22. Sheep.—Canterbury, medium Ogcl; North Island, new season’s light 6Jd, medium 6)d, heavy 6]d. New Zealand ewes 4-Id, Argentine, light sid, medium 6d. Lambs. —Canterbury, light 100, seconds 7-Jd; North Island, new season's firsts 10. pl, seconds 9pi; Argentine, seconds 6p Frozen beef. —Argentine, hinds 4d. Chilled beef.—Argentine, fores 3d, hinds 4id; Uruguay, none offering. Other meats are unchanged.

STOCK EXCHANGE. By Telegraph—Press Association. AUCKLAND, January. 23. Sales reported.—Kawarau, 3s lOd; New Waiotahi (con.), Is 4d. CHRISTCHURCH, Jan. 23. Sales reported.—Banket New South Wales, £47 2s 6d; British Tobacco, 52s 9d. j Sales on ’Change.—Christchurch Gas, ' 265, 26s Id; National Bank qf New Zealand, £7 2s; Bank of New South Wales, £47 2s 6d; Western Australian Bank, 54s 3d (two parcels) ; New Zealand Refrigerating (cent.). 6s 3d; New Zealand Guarantee Corporation, 10s 4d. i DUNEDIN, January 23. | Sale on ’Change.—Mount Isa, 32s 3d. Sa’iG reported.—Wilson’s Cement, 353. TATTERSALL’S REPORT. The Canterbury Farmers’ Co-op. Association report having held their first harvest sale on Friday, when an entry of 36 horses came under the hammer. The attendance of farmers, contractors and others was large, buyers being present from north and south, and bidding was brisk throughout. The greater portion of the yarding changed hands at prices as follows ; —Draughts (young) £24, £2B 10s, £3l, £3B, £4O, £4O to £44 10s; draughts, 8 to lOvrs, £lO, £l6, £l7, £l9, £2O, £2o' to £22 10s. Harness horses, £6, £7 to £9 10s; pony £9 10s. They also sold for Air Alex Simpson, Watjjngton, 6-yaar-old mare bv Baron Bold-Agitator mure, at £54, the purchaser being Air H. Cairns, Claremont. REVIEW OF SHARE MARKET. There was an improvement in-the amount of business on the Exchange amount of business on the Exchanges during the past week. All classes of scrip received attention at prices which, with few exceptions, were in favour of sellers. Bank shares, which were thought to be high some time ago, continue to move upward. Insurance shares have steadied, and seem to have turned in the direction of their figures of three months ago. The tendency to invest in companies whose main business is financial, seems to increase, and in consequence the shares command prices, the return from which is disproportionate to the amount invested. The competition in industrial concerns I will, no doubt, tell on tlie profits, but with improved methods, this loss will to some extent be made up. I In the banking division, New Zealands were disposed of at 59/-, at which figure more are asked for, with holders wanting twopence more. The new issue 5/- paid up, is sought at 11/9, but sellers require an additional sixpence. National of New Zealand realised up to £7/3/-, and there are buyers near that price, with sellei’s at sixpence higher. National of Australasia (ten pounds paid up), are wanted at £I.S/5/-, but the market is bare. The five pounds paid are inquired for at £9/5/-, with offers to sell at £9/10/-; the selling quote being £ls/11/-. New South Wales were transferred at £47; and have buyers and sellers at 5/- on either side of that figure. Commercial of Australia have steadied after their recent sharp rise, and are obtainable at 33/6. No intimation of the date of the new issue has been received by shareholders. Westralians were sold at 54/G, and can be had at that price, with buyers at 54/-. E.S.A. Banks are not quite so strong. Offers to sell at £B/10/- have not brought out a buying quote. Australasias keep about the same price as that quoted last week, and changed hands at £l4/2/6. The run on Victorias has slackened, and prices remain unchanged. Prefs are wanted at £2O/5/-, and .ordinary at about half that money.' Royals are on last week’s mark with no business passing. There has been considerable activity in the insurance market. Nationals have met with ready sale at £3/14/-, and tlie market is firm at that figure. New Zealands cum. div. , changed hands in large numbers at 37/6. South British improved a little, and realised 56/9. Standards were firmer, and 57/6 was bid for them. Mercantile Mutual cum. div. are wanted at 2 6/3, with no sellers. Queenslands are in strong demand at 5 3/-, but there are none offering.

A little more life than usual lias been exhibited in the market for shipping'. Huddart Parker ordinary were quitted at 47/6, while an offer of 20/9 for the six per cent, prefs. v/as unheeded. Northern Steam paids changed hands at 13/- and 13/3, and the contribs. at 6/4. Howard Smiths improved to 32/9, while P. and O. Deferred Stock receded to £2 48, with a sale at £2 45. Union Steam prefs 51 per cent, are wanted at threepence premium. Burns Pliilp have risen to 40/- buyers, with holders requiring a shilling more. There were not many sales in the loan and agency section. Dalgetys are still in the neighbourhood of £ls/10/-. Goldsbrough Morts are firm at 50/-. National Mortgages are inclined to ease, and offers to quit, at 6S/- are not accepted.

There has been a much better demand for gas shares. Ashburton, which had a good year, were sold in several parcels at £5. Christchurch Gas balance sheet is shortly due, and sales in anticipation have been made up to Timaru are offered at seven guineas without response from buyers. • A very active market has been experienced for Milburn Cements, which are making a new issue to meet the cost of new works and machinery. Starting at 2/- for the rights, they have steadily improved, and are now sought at 4/2, with

holders asking 4/6. Wilsons also improved and realised up to 35/11. A little has been done in Breweries. New Zealunds brought 5 2/6. Stapies has had a good year, and shares moved up to sales at 3 9/6, with sellers asking 4 0/-. Crowns are now ex a further distribution, and are valued at about 18/-. Wards are very firm at two guineas. New Zealand debentures are easier, and brought 24/6. Colonial Sugars are rising steadily, and after selling at £5 5/15/-. holders asked £56/15/-. Henry Jones Coop. are also stronger, and 4 9/6 does not tempt holders. In mining there has not been quite so lively a market as was noticeable a few weeks ago. Kawaraus have risen to sales at 3/10, and seem likely to remain high. St. Batlians are not in demand, and are slow of sale at 5/- discount. Upper Nevis and Nokomai are both wanted at 5/- premium, hut sellers are scarce. Waihis are very quiet, and IS/G does not induce business. Grand Junctions are offered at 2/-. Electrolytic Zinc prefs. changed hands at 3 7/3, and the ordinary at 3 6/10 cum. div. Mount Lyell, which owing to the low price of copper, is making most of its profits from fertilisers, sold at 28/-. Mount Isa have jumped to buyers at 34/-, due to prospects disclosed by recent developments and reports by American mining engineers. Taranaki Oilfields are now being examined by English geologists for the Anglo-Persian Oil Coy., and shares are wanted at 10/-. Government Bonds have remained very steady at late prices. Soldiers’ Bonds brought £lOl. Pour and ahalf per cents, 1930, realised £97 10s; other lines are unchanged.