Investors’ Notebook

Sun (Auckland), Volume I, Issue 161, 28 September 1927, Page 2

Investors’ Notebook

’CHANGE REVIEWED WEEK OF LEAN BUSINESS WEDNESDAY, 9 i.m. The week has been one of lean hones* on the Auckland ’Changewbv*' tent,on chiefly devoted to sssil7S££ of mining. Chrustchureh has seen thJ greatest volume of business, the mSI canny spirit of the South prevaSnakS transactions have been confined chief, to batiks and other better classes securities Business at Wellington Dunedin has been negligible. ra In banks, Ne w South Wales have in, proved from sales on Wednesday at 2s fid in Christchurch, to £.,3 ; s 6d , the same centre on Friday and yest.dav. Buyers have, aJso firmed on Auckland Change. Commercials see fr equent sales on a market up to 23a; Ni* Zealands are also proved free sellers r.n a firm market. Insurance shares, though Wealthy a-* quiet and idle. ,T# Coals, timbers, shipping and -woolkna are quiet with practically no business r--urday at 24s 6d, but buyers generally af« not pressing in this section. In miscellaneous attention is ch efly directed to Auckland Amusement on a market around 17s, and W Isons Ceme it at 363. No sales of the latter were reported. Kauris were dealt with on <atcrofts have seer business up to 30s 61 and Colonial Sugars to £52 12s 6d_ Buyers of Dental and Medical, after a kng silence, have come in over the week ira to 14s 9d. Mining has been active on the lo sa.l ’Change, Occidentals seeing frequent sales around Is 2d, ;uid Waihis firm n* on the announcement, of the compan it’s policy to 23s again. Gilt-edged securities command little attention, and the market generally in quiet, though a slightly better demand exists in the South for bonds. GUARANTEE CORP. DIVIDEND Disappointment would be felt in some quarters over the amount of the New Zealand Guarantee Corp.’s dividend, many of the smaller holders hoping for a bigger margin from a corporation engaged in a business in which risk of losses are so great. Net profits of £21,150 6s 10*1 on a paid-up capital of £214,390, showing a slight decrease on last year’s figures, however, add weight to the contention that these institution* are not to have it all their own way in the future, arid that increasing competition will cut into profits. T.P. SYSTEM CRITICISED Mention of the Guarantee Corporation naturally calls to mind the time-payment as a whole. In this respect H ts Interesting to note an awakening to the evil*! of the system that is taking place acme* the Tasman. To use the wo:*d§ of cm writer to a large extent it typifies “the obvious folly of the optimist, who pawns the uncertain wages of the morrow :?or the present pleasure of fine faring, and supports a horde of expensive non-pro-ducers in the process.” In U.S.A. The system is recc gr ised as one of the greatest assets of the employer In keeping down unionism and tjdrig wage-mort-gaged workers to their jobs. That, howevei. is a side issue. The fact remains that the system is absorbing considerable capital which otherwise would go into more remunerative channels. and thrift and sound finance suffer in the interim. HIDE AND SKINS LOCAL VALUES Competition for light hides and calfskins was keen at yesterday’s fortnightly hide and skin sale. Best mixed tallow, in barrels, sold at an advance of about 6d a cwt. on late sales, otherwise tallow remained firm. Prices ranged as follow: Cowhides. —B?st grade, 33-40. 9lid: 41-44. 9 3 to 9*d; 45-50, B|d to Ml heavy, Sid second grade. $d to W®* scored and meaty, 5Jd to 6Jd; cut. W ® 8d; ox, best gvade. light, 9d to medium, Sgd tc 8Id; heavy, 9d to heavy with substance, 9Jd to 9|d; cut 7ifd to Sd; kip and runners, best, 9Jd to 92>d: second zrp.de, 7*d to 8d; yeajlinK*. best grade, :>Jd to lOJd; second, I|d to 8d; calfskins, best, light to medium. Iff to 15d; heavy, lOd: cut, to 1W«. slippy and stale, 7d to 7£d. Sheepskins.—Dried, three-quarter to full-wool, melium crossbred, llld to Hr* fine crossbred, i2Jd to 13d; coarse cro*** bred, 10id t) lOfd; faulty, 9jd to 1W damaged. 8d to 9id: half-wool, nieodwr to fine crossbred, lOd to lOJd: coarse, vc to 9£d; damaged, 6£d to 7d: faulty. Sd to 8?d; bare to qu irter-wool, fine crt)MW*», 7fd to Sd; faulty, 5Jd to 6|d; saltre sheepskins, full-wool, extra large, 10f to 11s 3d: large. 10s to 10s 3d; medium Ss 3d to 9s 3d; three-quarter to full-wocL large, Ss 6d to 9s 3d; medium, 7s 9d to Ss 4d; light, 6s 6d to 7s 4d: faulty undamaged relatively' lower. Tallow.—ln barrels, best mixed, 24* to 25s per cwt.: second grade, 21s to*-** 6d: inferior, 17s $d to 19s: In shIWW casks, best mixed. 36s to 36a 6d; second grade, 24s 6d to 255. Wool.—Crutchings in bales, crossbred, 93 to 9id; in bag.*?, 8d to seedy' and second grade, 6d to 7Jd; daggT2id to 3Jd: dead wool, clean, lOd to llijj second grg.de, Sd to 9Jd; fleece wool, crossbred, Shropshire. I2jd to 13t**medium crossbred, 12d tc. 13d; rough* seedy and cotted. BJd to l(*d. MINING NEWS KURANUI.—TiIe manager repertiif^' he week ended Septerr.be- 24: The reaward on the Oddfellows riref . ■ ; been driven S feet for the week. irakes a total of 3? feet from the cross int. The leef still maintains it* and still looks very promising- T®* «*** on Hunt’s reef from the top of the n - has been advanced 6 feet tor tMJ'frj making a total of 30 feet. The counv? has been much harder for the 1 feet and the reef has been pinched up bit and does not look quite so well aa did in the milder country.