COMMERCIAL.

Timaru Herald, Volume CXXXIV, Issue 18833, 23 March 1931, Page 7

COMMERCIAL.

THE LONDON MARKETS. FROZEN MEAT. LONDON, March 14. The weekly quotations for the undermentioned classes of frozen meat are based on actual sales of wholesale quantities of carcases of mutton or lamb or of quarters of beef delivered to Smithfleld market and/or ex London stores. They are compiled by the Quotations Committee, Smithfleld. 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.—North Island ewes, under forty-eight, 3d; 481 b to 641 b, 23d; 651 b to 721 b, 2id. Australian Sheep.—First quality crossbreds and/or merino wethers, 401 b to 651 b, 3d. second quality, 301 b to 551 b, 3d; ewes, 301 b to 551 b, 22d. New Zealand Lambs.—Other North Island brands, second quality average, 301 b, sid. Australian Frozen Beef. —Ox crops, under 1001 b, 2id. Argentine Chilled Beef.—Ox fores, 1601 b to 2201 b, 3id; ox hinds, 1601 b to 2201 b, 53d. New Zealand Pigs.—First quality, 601 b to 1101 b, average 901 b, sd; others unchanged.

CHRISTCHURCH STOCK EXCHANGE. When the Exchange closed on Saturday, stocks and shares were listed as follows:

REVIEW OF THE SHARE MARKET. Although the volume of business transacted on the Stock Exchanges last week was not quite so great as during the previous week, yet there was more than an average number of sales. Prices were inclined in some cases to be erratic, but on the whole there was little evidence of anything that would indicate that values were likely to reach lower levels. Investors seem to be gaining more confidence, and show a greater readiness to purchase. Especially is this noticeable in regard to bank shares, of which a considerable number changed hands during the week. The recent rise in wool has changed the outlook for the pastoral industry in Australia, and gives hope that brighter times are not far off. The London market for shares was quick to respond to this improvement in one of the Commonwealth’s leading industries and a very good demand is

apparent in Britain for the best class of Australian and New Zealand financial companies’ scrip. The political situation in the Commonwealth remains far from satisfactory to investors. The inflation of the currency was bad enough; intereference with the rate of interest and oppressive taxation threaten to strangle a great many industries and cripple not a few of the leading financial institutions on which many of the trading classes leaned for support to further their i enterprises. It remains to be seen how far these experiments will be carried before a return to tried methods becomes a necessity. There was a large turn over in bank shares, which, during the last fortnight have attracted greater interest for investors. The decision of the directors of the Bank of Australasia and the Union Bank of Australia to pay dividends in English money has caused the scrip of these institutions to be keenly sought after. As the Australian pound is worth 13/6. and the New Zealand pound is exchanged for 18/-, it will make an appreciable difference to the shareholders resident in these countries. Australasias gradually strengthened till they brought £lO/6 -, with sellers asking £lO/15/-. Commercials weakened from 16/- to 15/6, later rising to 15/10; the preference issues asked for at £5/15/-, but sellers were not quoting. English Scottish and Australian Banks have not come on to the market for some time, but during the week a sale was made at £STS/-, with buyers at £5/14/-, and sellers £6/4/-. National of Australasia, fully paid, realised £lO 12/6, whtte the partly paid was quitted at up* to £5/5/6, at which figure the demand continues. National of j New Zealand were firm at £5/5/- j buyers, and £5 'ls/- seller. New South ; Wales had several transfers at £27/10/- | to £27/13/6. More were on offer at £27/12/6, with buyers five shillings less. New Zealands keep steadily rising and sold up to 51/6 and 52/-, closing at buyers 51/3, sellers 51/6. The D Mortgage shares were in request at 26 6. Union Banks weakened from £B/15/to £B/6/-, but at the end of the week sales were made at £B/10/-, with sellers asking £B/15/-.

Insurance shares were a little stronger than in the previous week, and the demand for this scrip was fairly good. Nationals were turned over at from 13/- to 13/2, closing at 12/10 to 13/4. Standards rose steadily and are sought at 46/-, but none are offering at under 52/-. New Zealand’s improved at 42/3, which is one shilling higher than the sales of ten days ago. South British had buyers at 53/-, sellers not quoting.

There were few sales in the loan and agency section, which keeps steady at the recent improved prices. Dalgetys were sold up to £7/15/-, with buyers offering one shilling less. Goldsbrough Morts were sold at 21/10 to 22/4, which was a little lower than they were in the preceding week. National Mortgages, and New Zealand Loan and Mercantile remained unchanged. New Zealand Guarantee Corporation were up a little at 6/6 and 6/7.

There were a few sales of coal shares at prices much below those ruling this time yast year, but there were indications of a revival of interest in this industry by investors. Westports realised 25/3 at which price more were offered, with buyers at fourpence less. Pukemiro’s brought 40/-, and were firm at that figure. Waipa Colleries (in liquidation), sold at 6/-, and Renowns at 9/-. Kaitangata’s were steady at 2/- discount.

A fair amount of business was done in breweries. New Zealands did not show much change in prices, which ranged from 37/3 to 38/-. closing at buyers 38/- and sellers 38/3. Tooths had several sales at from 21/10 to 22/1. Timaru contribs. are in steady demand at 5/-. Staples rose steadily, and were asked for at 34/6, but cannot be got under 38/9. Crown (in liquidation), sold at 4/6.

In the miscellaneous section, British Tobaccos ranged between 29/7 and 30/- cum dividend. There was a fairly wide margin between buyers and sellers of Colonial Sugar, which were quoted at £3O to £34. In another three months we ought to know io what extent the sugar industry in Australia will in the future be protected. When that information is available, the price of shares in this wealthy company will be stable. Australian Glass were steady at 24,6 to 27/-. Bycrofts sold at 25/6/, which is about 10/- below what they brought twelve months ago. Beaths were better at 22/9 for paids, the shilling paid up scrip brought 3/1. New Zealand Drugs keep firming, they were wanted at 58/cum. div., with sellers holding for 62/6. New Zealand Farmers’ Fertilisers were inclined to reach a higher level, buyers offered 14/-, but 15/- was the lowest selling quote. Wilson’s Cements remained very steady at 40/and 40/3 sales with buyer and seller at those figures. Government bonds and stocks were in very keen demand. Especially was this the case in regard to tax frees, which were steadily rising in value. Doubtless the fear of increasing taxation is an inducement to some of the financial companies to invest portion of their reserves in these securities. Four and a half per cent stock, 1938, sold at up to £95/10/-, after which £96 was offered for both stock and bonds, but the market was bare of sellers. Five and a quarter per cent, 1933, brought £97/17/6, and par was offered for the 1932 issue, but none were available. Five and a half per cents, 1933, were steady at £99; after sales at that price £99/5/- was offered, with sellers demanding £IOO. Other issues were unchanged. There were several sales of municipal debentures at satisfactory prices. Dunedin City six per cents, 1934, realised ten shillings premium. Auckland City 5i per cents, 1960, brought £96/10/-, Hamilton Borough, 52 per cents, 1962, sold at £9B, Takapuna Borough, 52 per cents, 1961, changed hands at £9B. The activity that has prevailed in the mining sections, so far as low priced gold mining shares is concerned, continued. Mahakipawas realised 7d and 7&d. In addition to the shares sold on ’Change, several thousands of forfeited shares were sold at auction, realising s£d to 7d. King Solomons were quitted at 1/7 and 1/8, closing stronger at 1/9. Okaritos were weaker at 6/9 and 6/10. Waihis remained very steady at 15/5 and 15/6. Waihi Grand Junction were firm at 2/3 to 2/6. Moanataiaris kept their price at 1/4. The Australian Mining market, considering the prices now offering for the base metals, kept up fairly well. North Broken Hills sold at 36/6, other Broken Hill stocks remained unchanged. Difficulty will probably be experienced in maintaining the agreement with the miners as the price of the metals has fallen greatly since it was made. Kuala Kampar Tin changed hands at six shillings. A demand set in for Electrolytic Zincs, which have been quiet for some time. Ordinary issue were quitted at 11/11 to 12/3, while prefs brought 17/6 to 17/8. Mount Lyells showed little change, and were transferred at from 21/- to 21/6, with buyers at a guinea, sellers twopence more.

£ s. d. £ s. d. Buyers. Sellers. N.Z. Government Stockp.c. Inscr., 1938 96 10 0 98 0 0 p.c. Inscr., 1939 96 10 0 — 4§ p.c. Bonds, 1939 96 10 0 — 41 p.c. Bonds, 1939 96 15 0 — 41 p.c. Bonds, 1941 97 0 0 — 51 p.c. Inscr., 1932 100 2 6 — 5 i p.c. Inscr., 1933 99 0 0 — 51 p.c. Bonds, 1933 99 5 0 99 15 0 5i p.c. Inscr., 1936 99 0 0 99 7 6 5 p.c. Inscr., 1946 91 18 0 93 0 0 Other Debentures— Ch’Ch City, 5i p.c., 1949 — 94 0 0 Ch’Ch Drainage, 5i p.c., 1973 .. — 97 0 0 Banks— Aust. of Commerce 0 16 0 — Australasia (cum div) 10 4 6 10 12 6 Comm, of Aust. .. 0 15 9 or' 15 10 Comm. of Aust. (pref.) 5 16 0 — E.S. and A 5 9 0 5 17 6 National of A’sia (£10 paid) .. .. 10 15 0 — National of A’sia (£5 paid) .. .. 5 4 6 5 7 6 National of N.Z. .. 5 4 0 5 11 6 New South Wales 27 2 6 27 11 0 New Zealand . . .. 2 11 0 2 J 1 6 Do. (“D” Mort. Shares) .. .. 1 6 3 — Union of Aust. .. 8 11 0 8 13 0 Insurance — New Zealand .. .. 2 1 9 2 3 6 Loan and Agency Dalgety and Co. .. 7 12 6 7 15 0 Goldsbrough Mort. 1 1 3 1 2 0 N.Z. Guarantee Corporation 0 6 4 0 6 11 United Building Society (cum div) 0 13 9 0 15 6 Shipping— Huddart Parker .. 1 1 0 — P. and O. Deferred Stock 1 13 0 — Union (pref.) .. .. 1 0 0 — Frozen Meat— Canterbury (pref) 3 1 0 4 10 0 N.Z. Refrigerating (£1 paid) .. .. 0 12 7 0 12 11 Do. (10/- paid) .. 0 3 9 0 3 10 North Canterbury Freezing .. .. 0 2 7 — Woollens— Kaiapol (17s paid) 0 7 7 0 9 6 Coal— Stockton (ord.) .. — 0 2 0 Stockton (pref) .. — 0 2 6 Gas— Auckland — 1 3 6 Christchurch .. .. 1 4 7 1 4 11 Do. (10/- paid) .. 0 11 4 0 12 3 Breweries— Carlton 1 2 3 1 7 0 Staples 1 17 1 1 18 6 Timaru (5/- paid, cum div) .. .. 0 5 6 0 7 0 Tooths 1 1 7 1 1 10 White Star .. .. 0 5 0 0 11 0 Miscellaneous— Allied Motors .. .. 0 0 n 0 i 6 Amalgamated Wireless (cont., cum div) .. .. 0 12 6 0 19 6 Australian Glass . 1 4 6 1 7 6 Beath and Co. (cum div) .... 1 2 3 1 5 0 Do. (1/- paid) .. 0 3 0 0 3 1 British Tobacco (cum div) .. .. 1 9 7 1 9 10 Australian Iron Sz Steel (pref) — 1 0 0 Dunlop Perdriau Rubber .... — 0 10 0 Electrolytic Zinc (ord) 0 11 9 0 12 6 Do. (pref) 0 16 7 0 17 3 Glenmore Brick 6z Tile — 0 19 0 Mount Lyell .. .. 1 0 2 1 1 0 N.Z. Drug Co. (cum div) .. .. 2 16 0 3 2 0 N.Z. F a r m e r s’ Oo.-op. (64 p.c. Stk., 1940) .... 55 0 0 — N.Z. F a r m e r s’ Co.-op. (6£ Stk., 1945 ) . . .. .. 56 0 0 76 0 0 N.Z. Paper Mills .. 0 15 0 — Quill Morris .. .. 0 6 1 0 7 0 Taranaki Oil .. .. 0 1 9 0 4 10