Markets and Money

Sun (Auckland), Volume 1, Issue 28, 26 April 1927, Page 2

Markets and Money

A Review for Business Men

ON THE ’CHANGE MARKET QUIET WAIHIS FIRMER Brokers were not keen to operate 1 the market when the Auckland Stock Exchange opened this morning after 11 days’ vacation. Many quotations, especially in stocks that were at all active before Easter, appeared to be made with a view of feeling the market, and little business resulted. Mining was the only section which showed any signs of activity, and Waihis firmed, a parcel changing hands at 18s. All other sections were quiet. SALES REGISTERED At this morning’s 10 o’clock call: Bank of New South Wales, £SO ss; Waihi, ISs. MID-DAY QUOTATIONS Closing quotations at mid-day to-day

MINING NEWS Hauraki.—The manager wired late on Saturday:—“Water 26ft below 160 level; all machinery running well.” Maoriland.—The mine manager reports for week ending April 23: The drive on the reef in No. 4 level has been advanced six feet, making a total distance of 10 feet. There is no appreciable change in the nature of the reef. Moanataiari.—During the week ended April 23 the following work has been carried out: Seaward drive advanced nine feet, making a total of 48 feet from the starting of the contract. Gold has been seen at every breaking-down, and on Saturday about 41b of good picked stone had been secured from this face. The hill ward drive has been advanced eight feet, making a total of 43 feet. The ore body is wider than the drive, and dabs of gold have been seen in the mineralised ore. The total distance driven on the reef from seaward to hillward face is 111 feet, and gold has been seen over the whole of this distance. Winze: This is now down 91ft. The reef shows a very strong body of ore, and good dabs of gold have been seen inn breaking the ore out.

IN THE MARKET PLACE MARKET WELL SUPPLIED GLUT OF ONIONS A plentiful supply of field and garden produce was registered in the City Markets this ’ morning. The demand for most varieties of fruits was also met with good quality parcels at prices comparing favourably with late quotations. FRUIT Ballarat, Delicious and Northern Spy are the apple varieties commanding the highest prices in the mart, prices ranging from 4s to 7s fid a case, according to quality and variety. Pears in good supply are selling front 4s fid for Keiffor and Beurre Deil, to 10s 6d a case for choice Louise* Bon pears. Te Kauwhata grapes are now almost finished, and are selling up the 12s fid a case; Coleman hothouse grapes are making from Is 3d to 2s a lb; Golden Queen are worth Is 3d to Is 4d a lb. Persimmons sold at 2s 6d to 5s a case; cape gooseberries, 5d to 6d a lb; passions, 3s to 6s 6d a lemons, 5s to 12s a case, according to quality. Following the two days’ holiday, there was an increased supply of ripe tomatoes and prices eased accordingly, both local and Hutt varieties making from 3s 6d to 5s 6d, according to quality. Repacked bananas made from 20s to 245; American oranges, 2Ss to 40s; coconuts, lSs fid a sack; Island oranges, 27s 6d to 2Ss 6d. VEGETABLES Onions continue to pour into the local marts, many farmers not willing to store on the farm apparently being anxious to quit stocks at practically any price before the winter sets in. Prices receded still further this morning when values ranged from 2s to 4s fid a cwt. Most other lines of field and garden produce are selling at late quotations. Heavy supplies of local potatoes are realising 2s to 3s fid a sugar bag in the marts. Southern potatoes are worth 7s to 7s fid a cwt. Kumaras bring 2s to 3s a sugar bag; pumpkins, 2s to 5s 6d a cwt; cabbages. Is fid to 5s 6d a sack; cauliflowers, 4s fid to 14s 6d a sack; swedes, Is fid to 2s 6d a sugar bag; lettuce, Is to 4s a case; celery, fid to 3s a bundle; rhubarb, Is Gd to 3s 6d a dozen bundles. POULTRY Following the holidays there was only a limited offering of poultry, but a similar demand saw prices much the same as last week. Prime cockerels, heavy, made 5s to 7s; light, 3s 6d to 4s 9d; fat roosters, heavy, 2s 6d to 3s 6d; light, 2s to 2s 6d; fat hens, heavy, 2s 9d to 3s fid; light, 2s to 2s 9d; young ducks, 4s 6d to 5s 3d; old ducks, 2s 6d to 3s; pullets, 3s to 6s 6d, according to quality. ISLAND TRADING BURNS, PHILP OPERATIONS NET PROFIT OF £56,726 Various factors combined, according to the Burns, Philp (South Sea) Company, Ltd., to greatly restrict trading operations in the Pacific Islands for the year ending December, 1926. Drought conditions prevailed in the Samoan, Tongan, and Gilbert Islands, and the marketing of South Sea Island copra also proved difficult on account of bounteous harvests of vegetable oil products in other parts of the world. The instability of foreign exchanges, and the dislocation of the coal industry in England, also helped to restrict the company’s operations. In spite of these hindering factors, however, the company reports a net profit for the year of £56,726, as against £60,806 for the year ending December, 1925. Gross earnings amounted to £163,457, compared with £169,632 for the preceding year. General working expenses, management, etc., absorbed £106,732. A dividend of Is 4d a share on 750,000 shares requires £50,000, a sum of £IO,OOO is allotted to the reserve fund, raising it to £50,000, and £5,556 is carried forward, against £8,831 brought down. The leasehold of the Phoenix group, of which Hull Island and Sydney Island are planted with coco-nuts, and the freehold island of Sophia, also fully planted, were acquired from the liquidator of Samoa Shipping and Trading Co., Ltd.

The Fijian Government has accepted the company’s tender for the maintenance of an inter-island steamer mail service for five years. The balancesheet shows capital subscribed £750,000, reserve fund £40,000, profit and loss account £65,556, while outside liabilities aggregate £190,742. Assets amounting to £1,046,299 comprise shipping and landed properties, etc., £236.215; produce in transit, etc., £430,390; merchandise, £173,502; sundry debtors, £155,427; and cash, £ 50,763. ST. DAVID’S CHURCH YEARS OF PROGRESS NEW FOUNDATION STONE LAID A memorable ceremony was the laying of the foundation stone of tl new St. David’s Church, Khyber Pass, yesterday afternoon as a memorial to those members of the congregation who lost their lives at the Great War. Owing to the huge attendances the service in the old church had to be repeated for the benefit of those who were unable to find room in the building. The Rev. J. A. Thomson, Moderator of the Auckland Presbytery, said the conduct of their lives was not unlike a relay race. Each generation made its individual progress, taking up the running of the generation before, and assisting towards the completion of a task the prize for which was the realisation of God’s love and salvation for all mankind. Speaking as a representative of the Council of Christian Congregations, the Rev. H. Ranston, said one of the greatest forces for righteousness had been the Presbyterian Church. He congratulated St. David’s upon its achievement in building the new place of worship. The Rev. D. C. Herron, M.C., minister of St. David’s, prior to the laying of the foundation stone, gave an outline of the history of the church from the time when during the ministry of Mr. David Bruce, a preaching station was opened by St. Andrew’s, until the present day. The speaker voiced his deep sense of gratitude for the generosity of the congregation in giving so freely. The foundation stone, the gift of Messrs. McXab and Mason, was then laid by Mr. Duncan Macpherson, the only survivor of the first session of St. David’s. With it was cemented a copper casket presented by Mr. Edwards, convenor of the building committee, and containing church records. The Revs. J. Damb Harvey and D. D. Scott assisted at the service held incidental to the laying of the stone.

OFFER REJECTED—The States Shipping Board has rejec^ offer made by the Atlantic Tra Company of West Virginia of* for the purchase of the ’-'•7,* rrna n Leviathan. previously the p^ De cte4 steamer Vaterland It 19 L fer iantil« that the International M Marine (.White Star) will now Dia her. , SOME INCREASE.— During there was an increase of over . ’ n . tons of shipping at the rt don as compared With 192 4. POLISH MERCANTILE —At a cost of £150,0U0, a nuc>(, been formed to provide Pola e 0 ( mercantile marine by a di#* five vessels, each of which n placement of 3,000 tons.

Seller Buyers. BANKS— £ . d. £ s. d Bank of Australasia — 14 9 0 Com. of Aust 1 11 0 Eng-. Scot & Aus. 8 16 0 S 11 0 New South Wales .. 50 10 0 New Zealand . . 0 0 19 6 Ditto (5s paid) .. 0 12 0 Union of Australia. . 15 15 0 15 11 0 INSURANCE— National — 3 12 6 New Zealand .. .. 15 6 Standard — 2 15 6 LOAN AND AGENCY— Abraham and Williams (pref.) .. .. 4 0 0 Farmers’ Auct 3 15 0 Ditto A (pref.) .. 0 18 3 Ditto B (pref.) . . 0 17 0 0 16 0 Newton King- (pref.) 0 lb 0 N.Z. Loan and Merc. (pref.) — 81 0 0 COAL— Hetherington (con.) — 0 4 6 Hikurangi (pref.) .. 0 0 0 6 Ditto A (pref.) .. 0 3 0 Pukemiro 3 0 0 Taupiri 1 0 Ditto (pref.) .. .. 1 2 6 Waipa — 0 13 3 Westport — l 15 0 GAS— Auckland 1 3 3 l 3 0 Ditto (con.) .. .. 0 lb 0 0 14 5 Gisborne 0 11 0 — SHIPPING— Northern Steam o 14 0 0 13 4 Ditto (con.) . . . . 0 7 0 0 6 3 Union Steam (pref.) — i 0 0 TIMBER— Bartholomew . . . . 1 2 3 Kauri 1 6 3 l 5 6 Leyland-O'Brien 2 0 3 National 0 14 6 Parker Lamb .. .. 1 3 0 — Taupo Totara .. .. 0 16 0 — BREWERIES— C. L. Innes (pref). 1 0 0 N.Z. Breweries 2 13 0 — MISCELLANEOUS— Auckland Amuse... 0 14 6 Ditto (pref.) 0 19 0 — British Tobacco 2 13 0 Checker Taxi (con.) 1 0 0 0 18 0 Dom. Pictures .. .. 1 0 0 Grey & Menzies 0 12 6 Henry Jones Co-op. 2 10 6 Hill and Plummer 1 3 6 Arcade (pref.) .. .. 1 0 0 Lewis R. Eady and Son, Ltd. (7 p.c. B pref.) 1 1 0 Milne & Choyce .. 1 4 3 Ditto (pref.) .. .. 1 4 3 Ditto, B (pref.) . . 1 4 3 Ditto (deb. stk.) 1 5 0 N.Z. Farmers’ Fer. 3 19 0 Northern Boot .. .. 0 17 6 PLillipps and Impey 1 13 3 Sanford 1 3 1 1 (Pref.) 1 1 6 Taranaki Oils .. .. 9 Thames Theatre . . 1 0 0 Tonson Garllck .. . . 0 17 6 0 14 0 Union Oil 2 3 0 2 0 0 Wairakei 5 Wiseman (ord.) 0 S 6 Wilsons Cement 1 15 9 1 MINING— A lb urn ia 0 3 4 0 3 2 Ballarat (con.) .. .. 0 0 (i Moanataiari (con.) 0 4 S Empire Reefs (con.) 0 0 6 Golden Age (con.) .. 0 Si Kawaru 0 3 0 3 1 Komata Reefs .... 0 0 Kuranui 0 0 8 Lucky Shot (2s, pd.) 0 3 0 0 3 Ditto (con.) . . . . 0 s 0 2 1 Maoriland (con.) 0 2 0 0 1 0 Majestic 0 1 1 Waiotahi (4s pd.) 1 6 0 1 Ditto (con.) .. .. 0 1 0 0 0 10 Occidental-Una (con. 0 0 9 0 0 Ohinemuri 0 5 3 0 4 3 Waihi 0 18 6 0 18 0 Waihi Junction 0 1 7 0 1 3 AU STRALI AN— Mount Lyell 1 9 0 — DEBENTURES— Auckland Gas 1932, 5 per cent 92 0 0 Ditto 1928, 6i 99 0 0 Auckland Harbour Board, 4 p.c So 0 0 Ditto, 6 p.c 102 10 0 Thames Harbour, 1942, 6 p.c 101 0 0 Bor. of Devonport, 6 100 0 0 Bor. of Mt. Eden, 6£ 105 0 0 Miscellaneous: N.Z. Breewries 1 4 3 1 3 10 S. R. Maxwell, Ltd L01 .0 0 Milne and Choyce . . — 96 0 0 Glaxo — 87 10 0

GOVERNMENT BONDSWar Loan, 1930, 4J — 97 10 0 Ditto, 1938, 4J — 96 10 0 Ditto, 1939, 4J . . — 96 10 0 Ditto, 1941, 4b — 96 0 0 Ditto, 1933, 5£ .. — 100 15 0 Ditto, 1936, hi — 100 15 0 INSCRIBED STOCKWar Loan, 1938, 4J — 96 10 0 Ditto, 1939, 4i .. 97 0 0 96 10 0 Ditto, 1933, — 100 15 0 Ditto, 1936, 5i — 101 0 0