COMMERCIAL.

Timaru Herald, Volume CXXV, Issue 18618, 14 July 1930, Page 12

COMMERCIAL.

THE LONDON MARKETS. FROZEN MEAT QUOTATIONS. United Press Association—By Electric Telegraph—Copyright (Received July 13, 5.5 p.m.) LONDON, July 12. The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale I quantities of carcases of mutton or 1 lamb, or of quarters of beef delivered ( to Smithfield market and/or ex- j London stores. They are compiled .by ; the Quotations Committee. Smithfield. j To arrive at the equivalent ex ship values one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of the shipments now on offer. New Zealand Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 481 b to 561 b 4ld; 571 b to 641 b 4 3-8 d; 651 b to 721 b 4 3-Bd. North Island, 481 bto 561 b 4*d; 571 b to 641 b 4}d; 651 b to 721 b 4id. Ewes, 481 b to 641 b 22d; 651 b to 721 b 2*d. Australian Sheep.—First quality crossbreds and/or merino wethers. 401 b to 651 b 35 d; second quality, 301 bto 551 b 3id;*ew T es, 301 b to 551 b 3d. * Argentine Sheep.—First quality crossbred wether, 481 bto 641 b 33d; 651 b to 721 b 3d; over 721 b 2 7-Bd. Patagonian Sheep.—Wethers and/or maiden ewes, under 501 b 32d; 501 b to 601 b 3 3-Bd. New Zealand Lambs.—Canterbury second quality, average 331 b 7 5-8 d; selected North Island brands,' second quality, average 311 b Bd. Other North Island brands, 361 b and under Bid; second quality, average 311 b 73d. Australian Lambs. —Victorian, first quality, 361 b and under 7d; 371 b to 421 b 62d; other States, first quality, 361 b and under 63d; 371 bto 421 b 6 5-8 d; Victorian, second quality, 361 b and under 63d; other States, second quality, 361 b and under-6Jd; all States, third quality 6 5-Bd. Argentine Lambs.—First quality, 361 b and under, 6 5-8; 431 b to 501 b sid. Patagonian Lambs.—First quality, 361 b and under, 63d; second quality, average 301 b 65d. New Zealand Frozen Beef.—Ox fores 1601 b to 2201 b 3d. Australian Frozen Beef.—Ox crops, under 1001 b 27-8 d; over 1001 b 3d; ox hinds, over 1601 b sd. New Zealand Pigs.—First quality, 601 b to 1001 b 7d. Other meats are unchanged. LONDON WOOL SALES. United Press Association—By Electric Telegraph—Copyright LONDON, July 11. At the wool sales, 10,628 bales were offered, including 2990 New Zealand. About 3040 were sold. There was a small, fairly representative selection of greasy merinos and a moderate selection of greasy crossbreds. There was a good offering of scoureds and a few slipes. There was good competition. Prices were unchanged. There were large withdrawals. The New Zealand offerings included Olentanner, the best combing of which reached 24id. Pieces from the same clip realised 23d. Finest half-bred slipe •old at 12id. THE SHARE MARKET. By Telegraph—Press Association AUCKLAND, July 12. Sales on ’Change.—Auckland Harbour Board, 1937, 5i per cent, £96/15/-; Commercial Bank of Australia, 20/10, 21/2; Bank of New South Wales (Sydney register), £37/12/6; Bank of New Zealand, 57/6; New Zealand Insurance, 47/3; Mount Lyell, 23/9. DUNEDIN, July 12. Sale on ’Change.—New Zealand Breweries, 50/6. REVIEW OF THE SHARE MARKET.

Business on the New Zealand stock exchanges during last week was well up to the average, and in some sections, particularly those connected with bank scrip and Government securities, there was a very good turnover. Prices of several stocks showed considerable variation from those ruling in the previous week, and since the announcement regarding Commonw'ealth taxation there has been a rapid decline In several Australian companies’ shares. It is only now being realised how serious is the position in that country. It is easily possible to find that ten shillings in the pound of one’s income may be taken by the Government rates and taxes. There are some cases in which the impost exceeds 11s in the £. It is plain that with such burdens industry cannot be as profitable as it has done in the past. The inability of the Federal Government to obtain loans outside Australia Is a heavy handicap. It is stated on what appears good authority that the Bank of England has agreed to guarantee interest and sinking fund on loans for three years, if Australia will agree not to obtain loans outside her own territory for that period. If she can get costs of production reduced, and curtail public expenditure, with favourable seasons the country will Soon recover from the recent set back. In New Zealand the financial position is very much sounder, but the close association of the two countries in financial concerns tends to make the losses of Australia felt by New Zealand. How quickly the market responds to any news of a cheerful nature was evident on the receipt of information that the Commercial Bank of Australia dividend for the year was to be maintained at the rate of 15 per cent, for ordinary shares, and 4 per cent, for prefs. During the early part of the week ordinary shares were sold at 20s lOd. at the close the price had risen to 21s Bd. Prefs are firm at £6 12s 6d. Commercial of Sydney fell to sales at £l9 15s. and a drop of 25s in a fortnight. English, Scottish and Australian were firm at from £5 19s 6d to £6, and are sought at the middle price. National Bank of Australasi.a £lO paid, declined to £l4 7s, while the £5 issue was sold at £7. and the market closed firm with buyers at sixpence above that figure. National of New Zealand realised half a crown less than in the previous week, and were quitted at £5 18s 6d. The London price is one shilling less than that figure. New South Wales were fifteen shillings lower hl £37 15s. with buyers at half-a-crown less. Bank of New Zealand showed little change, with sales at between 57s and 57s 4d. Union of Australia were quitted at prices ranging from £ll 5s to £ll 7s 6d, but recovered at the close of the week, when sales were made at eleven guineas. Australasias were weaker, with sales at £l2 6s 6d and £l2 Is 9d, and sellers at £l2 8s 6d.

Insurance scrip maintained its position in the share market better than any other investment rtock. New Zealand and South British are ahead of any purely Australasian companies so far as capital and reserves are corceri»?d. New Zealands, cum div. of Is lid, were released at 47s and 47s 6'd. Couth British brought 90s id* with

further demand at that figure, sellers 60s 6d. Nationals were steady at 14s 3d. Standards were without buyers at £3. Australian Provincial Insurance were sought at 7s, but holders were firm at 7s 7d. In the loan and agency section, the tendency was towards lower levels of values, but sales were irregular and the market was unsteady. Goldsbrough Mort. is the stock that generally hr*» most transfers. The shares dropped to sales at 28s lOd. and 275. and closed i buyers at 27s 4d, sellers 28s 6d. Dalgetys realised £lu 15s, after which they rose to sellers £ll 19s. buyers £ll 4s; National Mortgages, £1 fully paid, were in demand at 31s, but none were offered. Dominion Investment and Banking were firm at 20s, at which figure sales were made. Newton King’s prefs. sold at 11s 7d and New Zealand Guarantee Corporations shares hardened to Bs, The demand for coal shares was fairly good. Buyers of Westports increased their offers tc 31s 6d. but were unable to get supplied. Stockton prefs. were disposed. of at 3s. Taupiri ordinary asked for at 26s 6d, but none were available at under 295. Renown prefs. moved up to sales at 3s, Grey Valleys were wanted at 235, but holders declined to quote. Breweries remain a favourite stock for investment. N.Z. Breweries were particularly active during the week at between 50s 2d and 50s 9d. Staples sold at 47s 3d down to 465. All Australian brewery stocks showed a marked decline. Tooheys sold at 21s 3d, and Tooths at from 31s 3d to 31s lOd. One of the wealthiest companies. Swan Brewery, with £600,000 of reserves, fell during the year from sales at 92s 6d to 635. The taxation likely to be imposed, and the reduced spending power of the people are affecting these companies* shares. Gas shares were firmly held, and sales were not numerous. Wellington 5£ per cent, prefs. brought 17s, while ordinary sold at 30s 6d. Auckland paids have been moving upwards for some weeks, doubtless due to the increased demand for gas through the breakdown at Arapuni. Sales were made at 265. Christchurch paids were steady at 25s lOd. Ashburton, £5 paid ups, were wanted at five guineas. Timaru had bikers at a guinea.

In the miscellaneous section many stocks weakened, and sales were made at lower prices than at any time during the year. N.Z. Drugs were quitted at 62s 6d. Farmers’ Fertilisers cum div. of Is 10 2-5 were firm at a guinea. Holden’s Motors dropped to sales at 10s Id, and 10s. British Tobaccos were on a lower level at 36s to 375. Wilson’s Cements fell to 435, after which buyers offered 37s 6d, but sellers would not come below 43s 6d. Milbums were steady at 33s 6d. Colonial Sugars were on the market at £4O 12s 6d but there were no buyers quoting. An amalgamation of the ice cream companies in Auckland caused Robinson Ice Cream to advance to 25s 9ri. The demand for Government stocks and bonds continued scry godd. For 1938. 4£ per cent, stock £99 5s and £99 10s was paid, and buyers were ready to give £99 7s 6d for riiorc. Bonds were offered at £99 12s 6d, with buyers at five shillings less. The 1939 issue was at the same figure. Five and a half per cen.t Soldier Settlement Bonds were released at £99 ss. with further buyers at half a crown higher, sellers not quoting. Five and a quarter per cents. 1932 were wanted at £9B 10s, but none were obtainable. Local body debentures sold freely at good prices. Hamilton Borough. 52 per cents., 1950, sold :it five .shillings premium. Auckland Harbour Board 5| per cents, were quitted at £96 15s. Auckland Gas, 1935. six and a half per cents, brought £lO2. There were several sales in the mining section at prices which showed in many instances considerable variation from those ruling in the previous week. Waihis were firm at 14s 2d and 14s 3d. Grand Junctions rose rapidly, and sold at Is 9d to 2s. The results obtained for the early months of this year were much better than was anticipated. The ore treated yielded 67s per ton, while ore reserves were valued at 48s 7d per ton. Sellers moved up to 3s Okaritos did not hold their price, and ran down to buyers 6s, sellers 7s after sales at 6s 9d. Kawarau is to have another trial. The recent frosts caused a fall in the level of the rber, and It Is thought that the time is opportune to see if there is any chance of the scheme proving a success. News from Australia regarding mining is very depressing. Every week seems to record another fall in the base metal market. The miners are not disposed to acctpt 17£ per cent, reduction in wages. The Broken Hill companies have therefore decided to close down. There Is not a great prospect of an early recovery in the price of lead and silver. The market for Broken Hill North was 54s 3d. against 126 s last September; for Souths 37s 9d was offered against 74s 6d, and 23s Id for Zinc Corporation, against 545. Mount Lyell has discontinued smelting owing to a Shortage of water. The output for the year will not be much affected. Shares have fallen to 23s Bd. while the rights dropped from 3s to 2s sd. Electrolytic Zinc cum div. realised 23s 6d for prefs. and 20s 6d for ordinary.