COMMERCIAL

Timaru Herald, Volume CXXV, Issue 18200, 26 February 1929, Page 13

COMMERCIAL

TARANAKI OILS. (United Prnss Asaoctation—By Eiaotrle Telegraph—Copyright.) (Received Feb. 25, 5.5 p.m.) SYDNEY, Feb. 25. Stock Exchange.—Tins morning's call, Taranaki Oils, 4s (3d. REVIEW OF THE SHARE MARKET. The volume of business transacted on the Exchanges during the past week waa above the average and prices were well maintained. Every section contributed its quota, the- mining companies, which are subject to sudden nuctuations, showing more than usual activity. The recent decline in the value of wool would have produced a much more serious effect had it begun three months ago, out coming as it does at the close or the season after the bulk of the clip lias been sold the finances of the pastoral freezing and agency companies will not feel it to the same extent. A blight fall in the quotations for bank shares on the Home Exchanges has not been reflected in the prices of the local market. If, however, this fall is permanent, or is further accentuated, wo may look for a lower level in Australia and New Zealand.

Although the London Exchange quotations indicate a decline in the price of bank shares this is not reflected in the local market in which bank scrip retains its popularity as the most sought after investment. Australian brought up to £ls 2s 6d as compared with London quote of £l4 Is 3d. Australian Bank of Commerce are from 34s 9d to 355. Buyers anticipate a slight increase in the dividend rate. Commercial Bank of Australia ex right are selling freely round about 29s 2d. Rights are at 8s 9d and close at the end of the month. E.S.A. Banks are easier, buyers dropped offers to £8 15s 6d with sellers at £8 18s. National of Australasia fully paids are up to £l9 8s 3d with a seller at Is 9d better. The five pound shares are available at £9 14s with demand at a shilling less. National of New Zealand brought £7 5s and are offered at sixpence more, j The London price is £7 5s 7d. New South Wales cum div of ten shillings were active at £sl 10s to £sl 15s. New Zealands are firm with transfers up to 63s 3d at which figure buyers are willing to continue but sellers ask four pence more. The D Mortgage shares realised 28s 9d and are now wanted at 28s 7d with sellers at 30s. Unions are asked for at £ls 7s 6d which is the London price, but holders require half a crown more. Queensland National have risen steadily to £9 13s. There is little animation in the market for insurance shares which show very slight variations from last week’s prices. Nationals realised 16s 2d. South British are in demand at 64s 6d but none are available. Mercantile Mutual are very steady at from 33s to 355. New Zealands brought 47s 2d and 47s 3d. Queenslands and Standards are unchanged. The market for Loan and Agency shares re good. Dalgetys are a shade higher and are in demand at £ls 12. s with sellers at £ls 13s 6d. National Mortgages cum div are between 89s and 90s. N.Z. Loan and Mercantile ordinary stock sold at £127, with further buyers at £125. TheLLondon price is £l3O, and for the debenture stock £75 is offered. N.Z. and River Plate moved up another shilling and buyers could not be supplied at 345. Wright Stephensons ordinary shares are from 24s 6d to 26s 6d and the prefs have inquiry at 17s 6d. Pereptual Trustees are firm at 655.

There is a very good market for Westport coals which have steadily improved during the last month from 30s to 32s 6d sales. The annual inspection of the company’s money by the directors took place last week. Stockton’s balance sheet disapproved many investors and ordinary shares fell to Is 6d buyers 2s lOd sellers. Taupiri ordinary are steady at 25s 9d. The demand for frozen meat shares is fairly good considering the flucuations in the price for wool and meat. Goars sold at up to 445. Canterbury Meat ordinary were wanted at £9 ss, btit sellers would not come below £9 10s. N.Z. Refrigerating contribs atebetter at 7s 6d and 15s lOd for the paids. Wellington Meats realised 12s 3d. There are rumours of the absorption of the South Otago Company’s works by one of the larger corporations South Otaco five pound shares are wanted at 455, but there are no sellers. Woollen Companies’ shares are improving. Kaiapoi ordinarv have moved up to 14s 6d. The contribs brought 4s srl.5 r l. Wellington prefs were quitted at £7 7si 6d and the ordinary at £7 5s 6d. Mosgiels are firm at £7 15s. Bruce are wanted at 12s.

Shipping shares are dull with a weak buying market. Huddart Parkers ordinary are from 46s 9d to 47s 6d cum div. The 6 per cent, prefs are at 20s 9d. Howard Smiths ordinary are weaker at 265. P. and O. Deferred Stock is offered at 62s 9d but the market is bare of buvers. Adelaide Steamship is down to 22s to 22s Bd. Union Steam

i 5% per cent, prefs are not taken at 20s 7d. Sales of scrip in brewery companies were fairly numerous and the prices obtained showed that the shares are firmly held. N.Z. Breweries were transferee! at 57s lid and 58s and the buyers are willing to continue near those figures. The debentures are advancing and were turned over at 26s Bd. Carlton’s, cum div of 7 per cent, sold at 51s. and were afterwards wanted at 51s 3d, but 52s 6d was asked for them. Tooths have risen to 5s 3d. Staples improved to 43s 9d with best seller at 46s 6d. The rise in N.Z. Breweries affect this company considerably. Timaru, 5s paid, arc at 8s 6d. The fully paids are at 14s 6cl to 15s 6d. The financial year closes on the 28th of this month. In the miscellaneous section there were numerous sales. Beaths new issue, one shilling paid, after selling at 7s 4d, were asked for at 8s lOd but

holders wanted 9s 3d. The ordinary ; issue is weaker with sales at 29s 6d to 1 29 s lid. Dominion Rubbers moved up i to 34s 9d and are firm at that figure. jThe N.Z. Malay ordinary and prefs are j very firm at 28s. The amalgamation of ! the three big Australian rubber com- | panics—Barnet Glass, Perdian and Dunlops—has sent their scrip moving rapidly upwards. Dunlops sold up to 27 7dl There has been a run on N.Z. Farmers’ Fertiliser, large numbers of which were transferred at from 20s 3d to ?0s Pel. Milburn Lime and Cements hardened to 375. This company’s output is rapidly increasing, due to securing large contracts for public works. Wilson’s Cement is easier at 40s 7d. Otago Daily Times sold at 74s buyers and sellers one shining on either side of that figure Victoria Nyanza Smtar was firm at 44s lOd cum one shilling dividend. The market for government bonds and stocks is exceedingly good For short dated tax free stocks the demand is much greater than the supply at present prices. The. four and a- half per cents 1938 and 1939 are steady at par with an occasional sale at- half a crown discount. The five and a half per cents 1936 and 1933. Soldiers Bonds stock, remain unchanged at £lOl 10s. Five and a quarter per cents 1930 are steady at £99. Local body debentures are firm lately ruling rate. 5} per cents Dunedin City were quitted at £lOl 10s. 5* per cents Christchurch Drainage Board are from half a crown premium buyers to ten shillings premium sellers. In the mining-section there has been more than usual activity. Numerous sales of Waihi down to 13s 7d were made. The future of the company is bound up in the success of its interests beyond New Zealand. As the reserves arc considerable it- can afford to wait. Ohinemuri is steady at 8a 3d. Better

results are promised from the next wash up at Mahakipawa Mine .Sales were made from Is 3d to la sd. Kildare Sluicing gives more promise and sold up to 2s lOd. Speculation in Blenheim Oil wells was revived and sales were made from 37s 6d to 65s cum rights to a now issue which gives two new shares to every 13 now held. Sydney is largely interested in this proposition and is supplying portion of the capital. Taranaki Oils are rising and falling in sympathy; sales from 4s 6d to ss. The Australian companies maintain the recent improvement in prices. Mount Lyolls sold up to 42s 9d. As the price of copper is higher than it has been for six years and it is likely that the combination of sellers will keep it well up to a payable level the prospects are very bright. All Broken HiU stocks are sell ing well at advanced figures. Mount Isas are in steady demand due to heavy London buying. Sales up to 4ls 9cl with buyers at 41s 3d. Electrolytic Zinc prefs changed hands at 37s 6d with buyers at three pence loss. The ordinary issue is about one shilling lower, BASIC SLAG FOR NEW ZEALAND. Very large shipments of basic slag, have recently been made to New jland ports from Antwerp. The steamer IKia Ora arrived in Auckland on Fobru- : ary 2 with 5,000 tons. The Indianola : followed a little later with a full cargo for New Plymouth and Auckland. The Aberdeen liner Hermiriius, with 5,000 tons for Auckland, is to be followed by the King Malcolm and Mnriatan, with full cargoes. Altogether these five shipments total 25,000 tons and there are other steamers engaged for later dates. CARBONISATION OF N.Z. COALS. The conclusions arrived at as the result of investigations made for the N.Z. Institute and the Department of Scientific and Industrial Research into the behaviour of N.Z. coals when subjected to low temperature carbonisation are summarised as follows: — N.Z. brown coals give an average yield per ton of 10.59 cwt of carbonised residue, 27.58 gals of oils, 51.53 gals of liquors 3.31bs ammonia sulphate and 3841 cubic feet of gas. N.Z. bituminous coal yielded 14.23 cwt carbonised residue 37.42 gals of oils, 9.23 gals of liquors, 1.241bs ammonia sulphate and 3530 cubic feet of gas. Some cokes of a very satisfactory texture and hardness are obtained by carbonising suitable blends of brown and bituminous coals at 600 degrees C. The work was carried out at Canterbury College under the direction of Dr H. G. Denham.