Markets and Money

Sun (Auckland), Volume I, Issue 151, 16 September 1927, Page 2

Markets and Money

A Review for Business Men

ON THE ’CHANGE

MARKET IN GOOD TONE MINING STILL ACTIVE Business on ’Change continues in good tone with an active inquiry for several classes of shares. Shipping is registering greater activity and both Devonport Steams and Northern Steams have been done at late calls. Timbers are idle. Mining continues to feature, with Waihis weakened to see a sale at midday at 225. The market 'closed with buyers at 22s 3d and sellers asking 22s lOd. Occidentals are firm. Lucky Shot are slightly easier. Other shares in this section are showing greater activity with a firming tendency. Gilt-edged securities are quiet, and quotations, generally, unchanged. SALES REGISTERED At yesterday afternoon’s call: —Re- ! ported: Bank of New South Wales, £43; Farmers’ Co-op. Auctioneering, B (pref) r 14s lid; Kuranui Mining, 2d; Auckland Harbour Board, 4i per cent., 1929, £96 10s. On the ’Change: Devonport Steam, 23s 6d; Lucky Shot (con.), Is lOd; Waihi, 22s 6d. At this morning’s 10 o’clock call: On the ’Change: Wilsons Cement, 365; Huddart Parker, 475; Occidental Ilna, Is 3d. Reported: New Waiotahi (con) and lOd. At to-day’s mid-day call: —On the Change: Waihi, 22s 3d and 225; New Zealand Insurance, 39s 6d; Northern Steam (ord.), 14s 6d: ditto (con.), 7s. Reported: Albumia Gold Mining Co.. 2s lOd: Kuranui, 2id; Abraham and Williams (pref.), 84s.

MID-DAY QUOTATIONS Closing quotation* at to-day’s midday call were:

GOVERNMENT BONDS— War Loan, 1930, 42 per cent Ditto, 1938, 42 p.c. 96 10 0 96 2 6 Ditto, 1933, 52 p.c. INSCRIBED STOCK— War Loan, 1929. 5 99 3 0 98 5 0 Ditto, 1938, 42 p.c. 96 10 0 Ditto, 1939, H p.c. 96 10 0 Ditto, 1933, 52 .. Ditto, 1936, 52 p.c. 101 5 0 100 12 6 SOUTHERN EXCHANGES Wellington.—Bank of Australasia. £l4 14s 9d; Bank of New Zealand, 58s 3d two); Christchurch Gas. rights 6d: Wellington Gas (ord.), 27s 9d. Christchurch.—National Insurance, 76s 6d; Waihi, 22s 9d; Wilsons Cement, 365; New Zealand Breweries. 445: Bank of New Zealand, 58s 2d: Christchurch Gas (rights), 7d (two parcels); Electrolytic Zinc (ord.), 27s *»d, 29s Id. \ D unedin^—Commercial Bank, 27* 10vL

j IN THE MARKET PLACE DEAR BANANAS ORANGES AT 12/- A CASE Another heavy shipment of Cook Island oranges arrived ex the Waipahi last night. Bananas are scarce and bring firm values. Vegetables are well supplied. > Little waste was noticeable In the Waipahi shipment this trip. Ex the wharf originals sold around 12s a case. Repacks are practically unchanged at about ISs a case. * The greater portion of the shipment will go into cool store. Bananas are scarce and making up to 30s a case. The field and garden produce section is well supplied. A slight easing off in the supplies of cauliflowers has been recorded. Prices under the hammer in the City Auction Marts this morning ranged as follow: Apples.—Delicious, 6s to 9s a case; Sturmers (Hawke's Bay), 9s to 10s 6d; Granny Smith, 10s to 11s 6d; Rome Beauty, 9s to 10s 6d; Dougherty, 6s to 7s 6d; Washington, 6s to 9s. Pears.—Nellis, 10s to 13s a case; Coles, 9s to 12s; P. Barrys. 8s to 9s. Oranges.—lsland, 17s 6d to ISs 6d; Sydney navel, 22s to 255; local sweet, 6s to 9s. Lemons.—6s to 13s a case. Grapes.—Sydney, white" 10s to ISs a case. VEGETABLES Potatoes. —Southern, 7s to 7s 6d a cwt. Kum eras.—lsland, 9s to 10s a cwt; Tauranga, 10s to 12s 6d. Pumpkins.—Ordinary, 5s to 9s a cwt; Crown and Triamble, 10s to 14s. Swedes.—ls 6d to 2s 6d a sack. Onions. —Good, hard, firm, 5s to 6s 6d a bag: soft. Is 6d to 2s 6d. Cabbage.—2s to 6s a bag. Cauliflower. —3s to 6s a bag. Lettuce. —2s to 7s a case. Rhubarb. —3s 6d to 4s 6d a doz. Spinach.—9d a dozen bundles. AUSTRALIAN PRODUCE By Cable. —Press Association. —Copyright SYDNEY Thursday. The following are to-day’s quotations on the Sydney produce market: — Wheat. —At country stations, 5s Id: ex truck at Sydney. Ss 82d. Flour.—Local, £l3 15s. Any export business offering is going to the other States, as the price of wheat in Sydney precludes millers from competing for overseas trade. Bran and Pollard.— £8 10s Oats.—Tasmanian Algerians. ss; white, 4s lOd. Maize.—Local yellow, 5s 6d; QueeasPotatoes.—Tasmanian. £8 to £l2. Onions. —Victorian, £5 10s. Adelaide prices are:— Wheat.—Growers’ lots. 5s 4Jd to as old. Flour.—Bakers* lots. £l4 2s 6d. • Bran.— £6 10s. Pollard.— £6 15s. Oats.—3s 6d. ZINC ANJ> LEAD CANADA’S GROWING OUTPUT By Cable. — Association.— Copyright Reed. 9.5 a.m. VANCOUVER, Thurs. Mr. T. W. Bignay, comptroller of the Consolidated Mining and Smelting Company of Canada, addressed the Empire Mining Congress. He said that Canada’s output o i lead and zinc had so increased that it nearly equalled the output of Australia and New Zealand, which at present led the Empire. The bulk of Canada’s utpur was | obtained at Sullivan, British Columbia, where there was the largest zinc mine in the world.—A. and N.Z. SAFETY IN MINES LAW EFFECTIVE AT PRESENT ALTERATIONS IF NECESSARY (THE SUN’S Parliamentary Reporterj WELLINGTON, Thursday. Steps are being taken by the Government to have put into effect the recommendations of the Dobson Colliery Commission, the report upon which was placed before the House of Representatives to-day. It is believed by the Minister of Mines, the Hon. G. J. Anderson, that the existing law governing coal mines will suffice to execute these recommendations, although he has promised the House that if alterations are necessary he will see that they are made. When the Minister moved to have the report laid on the table, the Deader of the Opposition, Mr. H. E. Holland, said it seemed to him that there were two facts outstanding (1) the Dobson mine was extremely gassy, and (2) coal dust was very prevalent. The commission, while unable to decide definitely upon the cause of the explosion, agreed that its violence from end to end of the mine was due to coal dust. If the dust had been properly treated, the explosion would not have been so serious. It seemed clear that the regulations were not complied with by the manager, and in view of the fatal results, Mr. Holland found it hard to tinderstand why the Mines Department took no further action after the presentation of the commission’s report. The commission was of opinion that no adequate steps had been taken to comply with the requisition of the inspector regarding stone-dusting, and that the value of stone-dust in preventing coal dust explosions was not fully appreciated by miners in New Zealand. The* report of the commission had shown that there had been considerable laxity in the issue and control of oil safety limps, and In the preparation of coal for the firing of shots. The commission had recommended that the regulations should be amended, and Mr. Holland wished to know whether the recommendation had been given effect to, and whether an additional inspector for the district had been, or would be, appointed. The Minister of Mines, the Hon. G. J. Anderson, said the existing legislation provided power lor the execution of most of the recommendations of the Dobson Commission, and he assured the House that steps were being taken to see that this was done. Questions had been asked why the Department had not prosecuted the company for non-observance of the regulations when breaches had been discovered, but at that time the company’s finances were in anything but a sound state, and it was problematical whether the concern would carry on or go through. No real service would have been effected by a prosecution. • Stone-dusting regulations had been in force In Waikato mines for some years, and these were now to be made effective in the Buller district and elsewhere. If any amendments were necessary the Minister said he would see that they were made.

MAIZE HARD TO QUIT MARKETS REVIEWED LOSSES ON ONIONS Maize is a cruo on tH* onions, in poor condition similar position; potato,. ~ In * firmer in the South. These i main features in grain, seed th * duce circles over t.he week. atM * pro * , Business in maize is sick. : rivals have come to hand from th.lt * r ’ ! much of which has had to be ri.LS°**h immediate consumption Tha*^ 1 1,113 price is 5s 6,3 on the wharf, b« 1 *'' en at that figure. is hard toeecmS®*"’ the consequence is that there hY. slackening off of arrivals. Fewr-i 6 ? 8 * 1 sellers are n ; t prepared to meet t£r born ® ■ ent market. meet the pres. I The reduction in the tariff arm-., this week will allow South 1 into this country at approxto?£J?*!»» a bushel lower, but, despite 7}* tel - v diate uproar which arose down’th„'~ m '' this should mean little to growers. Certainly it will difference to this season’s market *“ ,l# The difficulty in arranging x, ncan shipments is enough to keS?l,,.. A( ' off that market except ,5 source. ne * One shipment of approximately i rvw tons for this port has been arranged l o? and is due here some time in ,/ r * This should be landed here at a little more than 5s a bushel * coet ot Forward business in maize Is h».* . forecast, but there is e«n- IndKV' 3 that growers will nave to lower values for some time to come. POTATO MARKET FIRMER The potato market is slightly firm., i. the couth and the local marketS aS over-supplied. Values remain f.££> stores' a " fr ° Cl £7 10s to £ ' ! »-% through Wheat has again advt.nced In the South and sent buyers to Australia, when, . better quality cereal can be secured practically the same landed cost, stveml small parcels will cross the Tasman in the near future as a result of late contracts. Onions have brought disaster to Inporters this season. The bulk of the Melbourne importations of Brown Spanish have had to be quitted at a loss or at practically no profit. Owing to sprouting and poor condition generally all par. cels through store have to be oick~t over. 1 The first shipment of Canadian onicna th.s season came on the market In th. City Council Marts ex the Niagara aid sellers ask 22s 6d a 1001 b crate. The fi-.t substantial shipment for merchants’ -e quirements is due ex the AoranFi on n" tober 10, but doubt is now Sipmmed whether all contracts will be fully a -t owing to unfavourable harvesting conditions in the North American Continent In v lew of such a position arising, some merchants have covered themselves Tv fornfa CtmS f ° r S "’‘ ,U Parcels from Cali' The slight improvement of the oat ma-. ket registered last week has fallen w to normal with B Gartons weak, at is :,i through store locally. ” 111 The high price of wheat has brought on a heavy demand for pulled and oa The'rt' PP ' i!d a b ? jley - and Cl 'urhed niaSS* inJ h pVpoTes d c f o°,rtinue n s U g^: rtC ' P - lr '»- BRAZIL RUBBER LAND PURCHASE BY HENRY FORD By Cable.—Press Association.—Copy NEW YORK, Wednesday It is reported that Mr. Henry . purchased 1.200.000 acres rTr ?,?,! a d"“ Brazil for £B.ico.OM/i, « rahhlr SY* tation, in a n effort to fcrfi.w economies m tyre produ -tlor, He h« addVomß nT

Sellers. Buyers. BANKS— £ s. d. £ s. d. Bank of Australasia 14 16 0 14 14 0 Com. Bank of Aus. 1 8 0 1 7 S Eng.. Soot, and Aus. 7 16 0 National of N.Z. . 7 0 0 6 16 0 New South Wales .. 43 10 0 42 10 0 Nev/ Zealand . . 2 18 6 2 17 9 Ditto (10s paid) .. 0 16 3 Ditto (20s paid) .. — 1 6 0 Union of Aus 15 2 0 — INSURANCE— National .. 3 17 6 New Zealand .. .. 1 19 9 1 19 3 South British .. .. 2 18 0 2 17 3 DOAN AND AGENCYAbraham and Williams (pref.) 4 2 6 Farmers’ Co-op. Auc. 2 Ditto A (pref.) .. 0 16 0 Ditto B (pref.) .. 0 15 3 0 14 6 Newton King (pref.) 0 13 6 N.Z and River Plate 1 8 0 N.Z. Guar. Corp. .. 0 9 5 0 9 1 N.Z. Loan and Merc. 96 0 0 93 0 0 Ditto (pref.) .. .. 80 0 0 N. Auck. Farmers’ Co-op, B (pref.) .. — 0 5 6 COAL— Renown (con.) .. .. 0 7 3 0 6 0 Hikurangi .. 0 3 4 0 3 1 Ditto (pref.) .. .. 0 7 6 Ditto A (pref.) .. 0 6 3 0 5 6 Pukemiro 3 0 Taupiri 1 4 6 Ditto (pref.) .. .. — 1 3 6 Westport 1 14 9 1 13 3 GAS— Auckland 1 3 0 1 2 9 Ditto (con.) .. .. 0 17 3 0 16 9 Birkenhead and Northcote 0 16 0 __ Ditto (pref.) .. .. 1 0 0 — SHIPPING— Devonport Steam .. 1 4 0 Huddart-Parker 2 3 Northern Steam (1 14 9 0 14 Ditto (con.) .. .. 0 7 2 0 7 0 P and O- (deferred stock) 2S0 0 0 Union Steam (pref.) — 0 19 10 TIMBER— Kauri Timber .. .. 1 5 0 National 0 14 0 Parker-Lamb .. 2 Taupo To tar a . . .. 0 16 9 — BREWERIES— C. Li. Innes (pref.).. 1 0 0 N.Z. Breweries .. .. 2 3 9 J. Staples and Co. l 18 6 — MISCELLANEOUS— Auck. Amuse. Park 0 16 3 0 15 British Tobacco 2 16 6 15 0 Bycroft, Ltd. .. 1 10 6 1 0 Checker Taxicab .. 0 19 0 Col. Sugar (Aus.) .. 53 0 0 52 0 0 Dominion Pictures . . 1 Ditto (pref.) .. .. 1 0 0 Electrolytic Zinc (ord.) 1 7 3 Ditto (pref.) .. .. 1 10 0 1 8 3 Hamilton Theatres . 0 18 0 Hill and Plummer .. 1 2 6 1 1 6 Milne and C'hoyce .. 1 4 0 Ditto (pref.) .. .. 1 4 0 Ditto (B pref.) .. I 4 o Ditto (deb. stk.).. 1 4 3 1 3 3 Murchison Oil Co. (20s paid) .. .. 0 19 0 National Pictures . 0 14 0 0 11 3 N.Z. Farmers’ Fer. 3 10 0 N.Z. Paper Mills .. 0 17 0 Sanford. Ltd 1 1 9 Ditto (pref.) .. . 1 1 9 Taranaki Oilfields . . 0 8 0 7 $ Thames Theatre 1 0 0 0 15 0 Tonson Garlick 0 12 0 0 10 0 Union Oil 2 2 6 2 0 0 Whittome Stevenson 2 4 0 2 3 0 Wilsons Cement -. 1 16 3 1 15 9 MINING— Alburnia 0 3 1 0 2 9 Ballarat (con.) .. .. 0 0 6 Moanataiari (pd.) .. 0 3 0 0 2 0 Ditto (con.) .. .. 0 0 10 Empire Reefs (con.) 0 0 8 0 0 4 Golden Age (pd.) . 0 0 4 Ditto (con.) .. .. 0 0 2 Kawarau 0 1 0 0 0 6 Komata Reef* .. .. 0 0 3 Kuranui .. .. .. .. 0 0 8 Lucky Shot (2s pd.) 0 2 5 0 0 Ditto (con.) .. .. 0 2 0 0 1 Maoriland (con.) .. 0 1 2 New Waiotahi (4s paid) 0 1 4 0 0 LI Ditto (con.) .. .. 0 0 LI 0 0 9 Occidental Una (2s paid) 0 1 L0 0 1 4 Ditto (con.) .. .. 0 1 6 0 1 4 Ohinemuri 0 4 3 0 3 7 Waitii 1 2 3 1 1 10 Waihi Grand June. 0 1 6 0 1 2 AUSTRALIAN— Mount Lyell 1 7 0 — DEBENTURES— Auckland Gas, 1928, 6J p.c 101 0 0 99 0 0 Auckland Harbour Board, 4 p.e. .. 85 0 0 Ditto, 6 p.c 96 0 0 Ditto, 5 p.c 96 0 0 City of Auckland, 1940, 5i p.c 96 e 0 Bor. of Devonport, 6 p.c 100 0 0 Mount Eden, 51 p.c. 100 15 0 Bor. of Mt Albert* « 103 10 0 101 10 0 Bor. of Rotorua, 6 102 0 0 N.Z Breweries, Ltd. 1 3 L0 1 Glaxo 89 0 0 Gisborne Sheepfarm £90 0 0 85 0 0