COMMERCIAL.

Timaru Herald, Volume CXXV, Issue 17774, 10 October 1927, Page 11

COMMERCIAL.

LONDON MEAT PRICES. By Cable—Prese Aeeoclatlon —Copyrlghl. Atmtralian nnd N.Z. Cable A.»OL*latioi». (Received October 9, 5.5 p.m.) LONDON, October 8. Sheep.—Canterbury, medium 6sil, heavy 6|d. North Island, medium 6£d, heavy s|d. .. Lambs.— Canterbury, medium 9|d, heavy 9Jcl, seconds 9jjd. Other selecteus, medium 9£d. North Island, seconds o*d. ~ , Frozen Beef.—New Zealand hinds s|d, Australian hinds 4|d. Argentine hinds 5Jd. Other meats are unchanged. LONDON MARKET. By Csbl# —Praia A»»ociation —Copyright. Auntrmlinu and N.Z Cabla A .notation. (Received October 9, 5.5 p.m.) LONDON, October 8. Cotton.- —Liverpool quotation, American middling upland, November delivery 1129 d per lb. , Rubber—Fine hard para 14d, plantation', first latex crepe 16d, smoked ribbed sheet 16d per lb. New Zealand hemp, October-Novem-ber shipment £35 per ton. Copra.—Bagged, South Sea, OctoberNovember shipment, £26 10s per ton Linseed oil £3l per ton, equal to 2s s;(d per gallon. Turpentine, 37s per cwt., equal to 2s 9 3-5 d per gallon. Osmiridium is dull and unchanged. LONDON WHEAT MARKETS. By Cable — Press Association —Copyright. Australian >nd NCabls Association. (Received October 9, 5.5 p.m.) LONDON, October 7. Although the total clearances are heavy, cargoes are steady in tone, but buyers are bolding off. lares is are quiet, nominally at late. rates. Liverpool futures. —October 10s 3„ l . December-Marcli 10s s|d, May 10s d per cental. CHICAGO WHEAT QUOTATIONS.

By Cabls—Press Association —Copyright. Austrtlian and N.Z. Cable Association. (Received October 9, 5.5 p.m.) NEW YORK, October S. Chicago wheat quotations.—December 131? cents, March 134| cents, May 13G| cents per bushel. N.S.W. WHEAT PROSPECTS. LARGER AREA SOWN. By Cable—Pres* Association— Copyright. Australian and N.Z. Cable Association. SYDNEY, October 8. The Government Statistician reports that tho total area sown in wheat for the cunreut season is 3,931,000 acres, of which 3,568,000 will be harvested for grain, and the remainder out for bay. The area sown is an increase of 250,000 acres, compared with the previous year. COTTON PRICES RISE. AMERICA’S SMALLER CROP. By Cabls—Press Association —Copyright Australian and N Z. Cable Aseo'iation. (Received October 9, 5.0 p.m.) NEW YORK, October 8. Cotton prices rose approximately three dollars per bale, following the publication of tho report of the Department of Agriculture, indicating the season’s crop will be 12,678,000 bales, compared with 17,977,000 bales in 1926. . , , ~ Cotton prospects improved substantially in Georgia, Alabama, Mississippi, Louisiana, and Arkansas during September, as the result of the prevalence of warm and fairly dry weather, but this is offset by losses due to insects and rains in Oklahoma and Texas, and heavy boll weevil damage in the Carolinas. THE SHARE MARKET. By Ttier— >'>!> —4t«nrUt!o» AUCKLAND, October 9. Sales on ’Change.—New Zealand Inscribed Stock (1936), 5£ per cent £lOl os ; Bank of New Zealand, £2 18s; Oliinemuri Gold and Silver 7s 9d to Bs.

CHRISTCHURCH, October 9., Sales Reported.—National Insurance 81k; Union Steam (pref.), 20s 3d; Dalgetv and Co., £l3 4s 6d ; New Zealand Refrigerating (contr.), 7s 6d (2 parcels). Sales on ’Change.—Commercial Bank of Australia, 27s lid (2 parcels)New Zealand Refrigerating (contr.), 7s 6d (3 paroels); Beath and Co., 32s 9d. DUNEDIN, October 9. Sales on ’Change.—National Insurance 80s. TATTERS ALL'S REPORT. The entry at Tattersall’s on Friday was small, and of inferior quality. The attendance was good, and the wholo yarding changed hands, the supply being short of the demand. Draughts realised £l4 10s, £lB 10s, £25 to £33. REVIEW OF THE SHARE MARKET. The business done during the past week was well up to. the average Bank shares were particularly active, with an upward tendency in several instances. The recent splendid rains in 'Australia, although top late to sav® the wheat crops in some districts, have greatly helped the pastor.*! companies and improved tlie financial outlook. Latest advices from Australia indicate heavy buying in bank and agency companies’ shares at slightly advanced prices. Against this has to be placed the very depressed state of the mining industry, due, to over-produc-tion and to the cheapness witli which the mines in India- and Canada can be worked. London experts state that there is little hope of much improvement for some time. Tin, which is in short supply, has fallen rapidly of late, but is still a highly payable proposition. The banking returns for the quarter ending September 30th are more satisfactory titan they have been of late, though tho free deposits show a shrinkage. Tho turnover in bank shares lias been heavier than usual. New South Woles were the medium of considerable business at £43 7s 6d and £43 10s, with a firming tendency, tho best seller quoting £43 15s. E.S.A. Banks have been active, with sellers up to £7 10s. The final dividend of 4s 6d per share is due next month.

Unions realised £l4 18s 6d, and closed with a buyer and seller on© shilling cn either side. Commercial of Australia were sold in large numbers,- between 27s 9d and 28s, at which prices business may still be done. The prof?, are wanted at £6 17s 6d, but lialf-a-crown more is required. There has lately been a big turnover of this scrip in Australia. National of New Zealand realised £6 19s 6d, the- highest figure they have touched for some months. Buyers are offering £6 18s 6d, with sellers asking £7. National of Australasia fully paid brought .£l7 2s. The partly paids brought £8 10s. These shares aro firm at last snle,s. New Zealands sold at 57s lid and 58s, with sellers at the first-named price, and buyers fivepence less. The Mortgage shares, fully paid,..changed hands at 26s 6(1 and 26s Bd, with inquiry at 265. A.B.C. Banks eased slightly, and are quoted at from 32s 6d to 32s 9d. P. and 0. Banks are still in the neighbourhood of par. Adelaides aro a little stronger, with buyers offering £8 10s. On October 4th the London quotations were:—National of New Zealand £7 Os 6d, Unions £ls 3s 9d, Now Zealand 58s 6d, New South AVales £44, Australasias £l4 8s 9d.

The proposal of -the directors of the National Insurance Company to divide the capital into a. million shares of one pound each, paid up to six shillings each, caused a rise in tho scrip, which rose from 76s 6d to sales up to 81s. The sub-division of the shares will enable the investor of small means to become a shareholder, and in this way the business will probably be increased. Tlie Standard is now the only company doing insurance business with shares of five pounds each, one pound of which is paid up. Offers of 61s do not tempt, holders. New Zealands eased a little, with sales at 38s 9d and 395, closing with a buyer at the latter price. South British sold at 57s 9d, with a seller at 57s 6d, and a buyer sixpence loss. Mercantile Mutual are weaker, being offered at 275, without response from buyers.

A fair amount of business was transacted in loan and agency shares. For National Mortgage, which is reported to have had a good year, sellers increased their limits to 755, with buyers prepared to go to 68s 6d. Goldsbrough Morts are linn at a shade above last week’s figures. The old issue moved 'up to sales at 46s 6d, with more wanted at a penny less. The new issue realised a shilling lower. Dalgety’s were turned over at £l3 7s 6d, with further purchasers, and sellers asking £l3 10s. The new issue is'firm at £l3. New Zealand Loan and Mercantile ordinary stock is sought at £93, but is not available under £IOO. The London quotation for the ordinary stock is £93, ancl £73 10s for the preference. New Zealand and River Plate are steady at 28s. In shipping, a slight improvement is noticeable. ITuddart Parker ordinary moved up to 46s 6d, and are in demand at the same money, with buyers asking threepence more. The profs, are offered at fivepence premium. Howard Smiths ordinary have risen to sellers at 30s, buyers offering a shilling less. This company has bought controlling interests in large cement works and in metal quarries. The market for P. and O. deferred stock is very unsteady. Buyers have receded to £207, and sellers-to £275. The London quote, is £271. Northern Steams remain unchanged. The demand for frozen meat shares is better than for some weeks past. New Zealand Refrigerating contribs. were sold in largo numbers at from 7s 3d to 7s 6d, at which prices the scrip is firm. Canterbury Meat ordinary are worth from £7 10s to £7 17s 6d. The prefs. have buyers at 965. Gears aro steady at 37s 6d. Coal shares are slowly improving. The output in most of the mines shows an increase. Westports have increased to 34s 6d buyer, and 35s seller. Taupiri ordinary are worth from 25s to 265. Stockton prefs. are wanted at 2s ‘lOd, with sellers at 3s 6d. Pukemiro had sales at 595. A fair amount of business was registered in gas shares. Christchurch Gas had numerous transfers qt 22s 2d to 22s 4d for paids, and at 5s lOd for contribs. (five shillings paid up). Auckland contribs. brought 17s. "Wellington ordinary are wanted at 27s 6d on a bare market. Timaru are offered at 235, but'buyers are not responding.

Very little is being clone in breweries. Staples arc very firm at 37s 6d. but sellers decline to go below 395. New Zealand Breweries are steady at 44s 3d, at which figure sales were made. The bonds are steady at 23s 9d. Timaru. which declared a. 5 per cent div. at the beginning of the month, are firm at 16s. “Wards are weaker, with transfers at 37s 6d. Quotations in the miscellaneous section remain steady. New Zealand .Drugs ev. div. were disposed of at 63s and 63s 6d. Wilson’s Cements are wanted at 36s 3d, with holders wanting 375. Milburns are asked for on a. bare market at 295. The new issue is firm at 6s premium. British Tobaccos (ox. div. of 3 per cent.) are strong at 57s 'ld. Buyers are looking for future benefits. D.f.C. has had a> good year, and shares moved up to 9s buyer, seller 10s 6d premium. Beath’s are at 32s 9d ex. div. Dunlop’s Rubber, which has lost heavily through forward buying of rubber, are down to 25s 9d buyer. Colonial Sugars are easier, at from £sl 10s to £53. The total Australian production this season is estimated at 485,000 tons, of which 68 per cent, is for local consumption. The final value of the crop should be about £2l 10s, a drop of £3 on last year's values.

The principal item in the week’s mining has been the rapid rise in Ohinemuri Gold and Silver Mines Co. A fortnight ago these shares were as low as 3s 9d. but they have changed hands during the past week at up to 8s 6d. Developments in the northern section of the mine are expected to produce results of great value. Rich sulphide ore, similar in appearance to the V=t stone taken from the Talisman~mine (one of the richest overworked in New Zealand) has been found, and it is anticipated that the quantity of stone will bo considerable. Waihis remain steady with sales up to 22s 6d. The mining industry in Australia continues to he much depressed. The market for metals keeps falling. Lead, which is one of the principal produets at Broken Hill, is down to £2O Is 3d —a price which is unpayable. Electrolytic Zinc prrl's gold at 30s 6d, and more are wanted at 30s 7d The ordinary are worth about ono shilling less. Mount Lyells were transferred at 26s 9d, and are still sought at near that price.