Markets and Money

Sun (Auckland), Volume 1, Issue 65, 8 June 1927, Page 2

Markets and Money

A Review for Business Men

ON THE ’CHANGE

BANKS ACTIVE WAIPAS MAKE MAKE 14/3 Better classes of securities are all firm at late Quotations on the ’Change, and certain sections register a rising tendency. Banks were active yesterday afternoon and several parcels were dealt with on a slightly better market. Government and local body bonds and debentures are in good tone with sales taking place on a firm market. In coals, Waipa have strengthened, and a sale was reported this morning at 14s 3d. Mining is quiet with little business doing. Kawaraus are weaker. SALES REGISTERED At yesterday afternoon’s call:—On ’Change: Bank of New Zealand, £ 3 Os 6d; Wilsons Cement (ex div.), £1 14s 6d; Waihi Mining. 18s 9d. Reported: Maoriland (con.), is 3d; Union Bank of Australia, £lb 12s 6d: National Bank of New Zealand, £7 3s 6d. At this morning’s call.—On ’Change: Alburnia Gold Mining. 4s 2d. Reported: Westport Stockton (pref.), 3s: Sanfords (ord.), £1 2s; Mount Lye-11, £1 7s 9d. At mid-day call. —On ’Change: Waipa Collieries, 14s 3d. Reported: Robinson’s Ice Cream, £1 2s; New Zealand War Loan, 1936, 55 per cent.. £lOl 2s 6d. MID-DAY QUOTATIONS Closing quotations at mid-day today were:

PORT EXPORT BOUNTY

HOW IT WOULD OPERATE LOCAL CONSUMER WOULD PAY t Farmers and others interested in the pork trade have given serious consideration recently to the question of. an export bounty. Put into effect, it would mean the establishment of a fund for the payment of a bounty on all pork exported. A similar scheme in connection with the butter industry was recently introduced into Australia and is estimated to bring the producer an additional £2,000,000 annually. Applied to the New Zealand pork trade an export bounty of, for instance. 3d a lb would ensure for every pound produced, whether exported or sold within the Dominion, a minimum of at least 3d a lb more than the export parity.

When a country is exporting the local price almost inevitably falls to the level of the export parity. If a bounty were paid, then the local price would rise accordingly without any price-fixing, simply through the automatic operation of an economic law.

This sympathetic rise in local price would be clear gain to the producer.

Thq industry could provide such a bounty by a levy on all producers and make a handsome profit from its outlay, thus escaping all charges of being spoon-fed. Thus, say New Zealand had a 50 per cent, exportable pork surplus, a bounty of 3d a lb could be provided by a levy of l?,d a lb on all pork sold.. The 3d would go back into the pockets of the producers, and the consequent increase in local price would be clear profit. That, in short, is the principle of the Australian scheme conceived by Mr. T Paterson, M.H.R. While it does not consider the interests of the local consumer, it certainly appears to have possibilities from the point of view of the producer. PETROLEUM PRODUCTION LAST YEAR’S RECORD FIGURES According to an estimate issued by the United States Bureau of Mines, world production of petroleum last year was a record. In one minor instance, and in Mexico, shrinkages in output were recorded, but in other producing centres increases occurred. Total production is placed by the bureau at 1,086,255,000 barrels, compared with 1,065,769,000 barrels for 1925, and 1,012,927,000 barrels for 1924. A notable feature has been the decline in Mexican output in the last five years from 180,000,000 barrels to 90,000,000 barrels for 1926. South American production has made substantial headway, and indications are that the Mexican output will be supplanted by that source of supply. It is pointed out, however, that the decrease in Mexico has been due more to political troubles than to soil exhaustion. Production of the various countries for the last two years compares as under:

.t r,; r.r rr -h MINING NEWS KURANUI.—The manager reports: TM cleaning out of the old battery been extended 20ft., a total of 4S4ft *•' level here is still all broktn down a. full up with mullock, and requires new timber. The drive east on B** 7 :,. reef has been driven 4ft., a total oi feet. The reef at present Is loin. ™ looking well, and carries nic* l \ s flint. The country rock on both ‘ still of a good class for making ing some nice stringers of I^ine »; * r v quartz travelling with the reef. At * j, time now we should cut the j u ™- . v , with the reef we are driving on an branch the winze was sunk on. COMPANY REGISTRATIONS Yesterday three private company were registered in Auckland. First British Empire Films Zealand), Ltd. Objects: To e id a going concern the agency rights by R. Farnall, 1). R. Walker and Kushner in respect of British *J un T Ji B js ductions from the First I^rnr> , rC Syndicate and the British **" Films, Ltd., etc. Capital: £2> ,} £1 shares. Subscribers: M. R* ut . ner, 750 fully paid and 250 corn ing shares; D. R. Walker and , nail, 375 fully paid and 125 contxi ing shares each. r»K->cts: Moody’s Dye Works, Ltd. 9 f i,dy'* To acquire the business of - 1 1 Dye Works, etc. Capital: Si* Cl shares. Subscribers: H. * I, shares; J. McD. Coleman, N.Z. Hotel and General Co., Ltd., general merchants, wi spirit merchants, etc. Capitalin £1 shurf-F. Subscribers: Buchanan, 55 shares; M- *>• jjj lander, 25 shares; W. P. " a ‘ k . er J. Rees-George, 10 shares eacn.

TARANAKI OILFIELDS PROGRESS REPORT Press Association. NEW PLYMOUTH, ro d^ if 3 ■ Taranaki Oilfields Report--" No. 2 well: Drilled to 1.515 ft IB Jt:with some conglomerate in ijoft: ki No. 3: Hole c . lear _ ea r s ur ' ground shows signs caving ‘ secU rJ face; now endeavouring same. Gisborne No. 1: erection delayed by bad wea

Sellers. Buyers. BANKS— £ s d. £ d. Bank of Australasia 14 16 "6 14 Com. Bank Aust. . . 1 10 3 1 Eng'., Scot., & Aus. S 8 0 Nat. Bk of N.Z. 7 4 0 7 New South Wales . . 46 0 0 45 Ditto, (rights) 26 0 0 24 15 0 New Zealand . . Ditto, (new issue) 5s paid) 0 11 6 0 10 6 Union of Australia . 15 13 0 1 12 0 INSURANCE— National New Zealand .. .. South British .. .. 2 15 0 LOAN AND AGENCY— Abraham and Williams (pref.) 19 0 Dalgety and Co. . . 14 0 0 13 Farnfers’ Co-op. Auc. 3 15 Ditto (A pref.) .. 0 38 0 Ditto B (pref.) .. 0 16 0 Goldsborough, Mort 2 10 3 N.Z and River Plate sN.Z. Guar. Corp. .. 0 9 0 0 8 9 N.Z. Loan & Merc. 91 0 0 N. Auck. Farmers' Co-op. (B pref.) . 0 S 6 — COAL— Renown (con.) . . . . 0 =; 6 0 6 Hikurangi (pref.) .. 0 4 0 0 3 6 Ditto A (pref.) .. 0 3 0 0 6 Taupiri 1 2 6 Ditto (pref.) . . . . 1 3 Waipa —■ 0 14 0 GAS— v , Auckland 1 3 10 1 3 6 Ditto (con.) .. .. 0 15 0 0 14 10 Birkenhead and Northcote 0 17 6 — SHIPPING— Devonport Ferry .. 1 6 3 1 5 0 Huddart-Parker 7 6 2 6 3 Northern Steam 0 13 0 13 3 Ditto (con.) . . . . 0 6 0 6 P. & O. (def.) . . . . 295 0 0 282 0 0 Union Steam (pref.) 1 0 6 0 19 9 TIMBER— Bartholomew .. 1 1 0 Kauri Timber .. . . 1 4 9 1 3 9 Leyland-O’Brien 1 17 6 National 0 14 6 0 10 0 Parker-Lamb .. .. 1 2 6 WOOLLEN— Kaiapoi 0 11 3 0 10 0 Ditto (con.) .. .. 0 3 4 Ditto (pref.) .. .. — 6 6 0 BREWERIES — C. L. Innes (pref.) 1 0 0 N.Z. Breweries, Ltd. 2 12 0 — MISCELLANEOUS— Auck. Amuse, (pref.) 0 IS 0 A. J. Entrican & Co. 0 19 0 British Tobacco 14 3 2 13 0 Checker Taxicab .. 0 18 0 Ditto (con.) .. .. 0 7 6 Col. Sugar (Aus.) . . 53 0 0 Dental and Medical 0 17 6 Dom. Pictures .. .. 0 Ditto (pref.) .. .. 0 19 6 Dominion Rubber .. 2 7 0 Grey and Menzies . 0 12 Hamilton Theatres . 1 0 0 Hill and Plummer . 1 1 9 H.M. Arcade (pref.) 1 0 0 Milne & Choyce .. 1 4 Ditto, (pref.) .. .. 1 4 Ditto. B (pref.) .. 1 4 Ditto (deb. stock) 1 4 3 1 3 Murchison Oil (20s pd.) 1 0 0 Nat. Pictures, Ltd. 0 12 N.Z. Farm. Fert. . . 4 5 0 Northern Boot and Shoe .. .. 0 17 6 Phillipps and Impey 1 13 6 Robinsons Ice Cream Sanford, Ltd 1 2 Ditto (pref.) .. .. 1 1 Sharland and Co. . . Taranaki Oil Fields 0 10 0 Thames Theatre .. 1 0 0 0 15 Tonson Garlick .. .. 0 15 6 Union Oil 2 1 6 1 19 G Wisemans (ord.) 0 8 6 Ditto (pref.) . . . . 0 16 6 Wilsons Cement 1 14 9 1 14 3 MINING — Alburnia 0 4 3 0 4 0 Ballarat (con.) .. 0 0 6 Moanataiari (con.) . 0 2 11 0 2 3 Ditto. ■ (new issue) 0 2 0 Empire Reefs (con.) 0 0 s Golden Age (paid). . 0 0 7 Ditto (con.) .. .. 0 0 Kawarau 0 2 9 Komata Reefs .. . . 0 0 Kuranui 0 Lucky Shot (2s pd.) 0 2 9 0 1 9 Ditto, (con.) . . . . 0 2 3 Maoriland C. (con.) 9 Mt. Welcome (pd.) 0 N. Waiotahi (4s pd.) 0 Ditto (con.) .. .. 0 0 10 0 0 Nonpareil (con.) 0 0 Occidental - Una (con.) 0 0 9 0 Ohinemuri Waihi 0 IS 9 0 18 "W aihi Grand June. 0 1 2 0 1 0 AUST R ALI AN— Mount Lyell 1 8 0 1 7 3 DEBENTURES— Auckland Gas, 1932, 5 per cent . . Ditto, 1928, 61 p.c. Auckland Harbour Board, 4 per cent Ditto, 5J p.c. .. 97 0 0 Ditto, 51 p.c 99 0 0 Ditto, 6 p.c City of Auckland, 1940, 54 p.c. Auckland Fire Board, 6 per cent .. 104 0 0 100 Auck Power Bd Auck. Hosp. Board, 6], p.c., 1931 .. .. 103 10 0 101 0 Bor of Devonport, 5 Bor. Mt. Eden, fil Bor. of Hamilton. 6 104 0 0 N.Z. Breweries .. .. 1 3 Milne and Choyce.. 99 0 0 Glaxo — S8 10 0 GOVERNMENT BONDS War Loan, 1930, 44 Ditto, 1938, 41 p.c. 97 0 0 Ditto, 1939, 47. p.c. 97 Ditto, 1927, 5 p.c 99 Ditto, 1936, 54 p.c. 101 0 0 INSCRIBED STOCK War Loan, 1938, 4S 97 0 0 Ditto, 1939, 47. Ditto, 1933, 5i .. 101 5 Q

. 1925. 1926. Barrels. United States . 763,743,000 Mexico 114,827,000 Russia .">1,019,000 Dutch East 34,665,000 35,000,000 Indies 21,400,000 Venezuela .20.913,000 Rumania . . . . 16,216,000 9,115,000 British India 8,000,000 Other countries 25,871,000 32,105,000 Total *1,065,769,000 1,086,255,000