Markets and Money

Sun (Auckland), Volume I, Issue 197, 9 November 1927, Page 14

Markets and Money

A Review for Business Men

ON THE ’CHANGE

PUKEMIROS SELLING HUDDART-PARKERS FIRM The tone of the market to-day is brighter, and more business has been transacted. Union Bank of Australia, both rights and fractions are being freely sold. New Zealand and River Plate shares still continue in good demand, with buyers 275, sellers 27s lOd. Coal shares in most stocks are firm. Pukemiros are in good demand and selling freely at 60s. Huddart-Parker scrip remains very firm, with buyers quoting at 47s 3d; no sellers. Northern Steams also are sought after at 14s 9d; sellers 14s lid. SALES* REGISTER ED

At yesterday afternoon’s call.—On ’Change: Union Bank of Australia (fractions), 8s; Taranaki Oil Fields, 11s 9d. Reported: Union Bank of Australia (rights). £2 13s; Pukemiro Collieries, £3; Taranaki Oil Fields, 11s 6d; Alburnia Gold Mining Co., 2s od. At this morning’s 10 o’clock call.— On ’Change: Union Bank of Australia (rights), £2 13s; Union Bank of Australia (fractions), 8s; Taranaki Oil Fields, 12s. Reported: Pukemiro Collieries, £3; Occidental Una United (con.), Is 7d; Borough of Hamilton, 61 per cent., £lO3. At the mid-day call.—On ’Change: Taranaki Oil Fields, 11s 3d, 11s: Wilsons (N.Z.) Portland Cement, £1 IBs 6d. Reported: Pukemiro Collieries, £3; Waihi Gold Mining Co., £1 Is sd. MID-DAY QUOTATIONS Closing quotations at mid-day today were:

AUCTION NOTICE Bye and Selyt have received instructions from the owner to sell at their rooms, corner Pitt Street and Grey Avenue, to-morrow (Thursday), at 11 a.m.. the contents of a 5-roomed dwelling. removed to mart for convenience of sale. .Mr. H. H. McCarthy will sell.

With Investors on the ’Change

THE WEEK REVIEWED MOVEMENT IN OILS (By "NOON CALL.") WEDNESDAY, 0 a.m. A bright tone has been registered on 'Change over the week, with a revival of the strictly speculative element. A strong tone exists in the market for most of the better class of securities, and there is every indication that there is more capital available for investment. The banking section has maintained a firm tone throughout, and the tendency, if anything, has been upward. Commercials of Australia have a distinctly firmer tone, and from sales earlier in the week at 28s lOd, have risen to see a sale put through yesterday in Wellington at 29s Id. Union Bank rights and fractions have proved ready sellers at all centres on a slightly erratic market, the rights making from 50s to 53s and the fractions from 7s to 9s. New Zealands are firm and in steady demand on a market up to 58s 3d. N.S.W.’s have strengthened slightly, and from sellers £44 7s 6d last week and no buyers, the market closed yesterday afternoon with sellers £l4 15s and buyers £44 2s 6d. Sales of the shares ai'e recorded up to £44 ss. The insurance section has been quietly active with no material change in the market. Coals continue strong in investors’ favour and the tendency in this section, if anywhere, is decidedly upward. Pukemiros, though not frequent sellers on a market firm at 60s, are steadily sought at 59s 6d. Hikurangis, though registering no actual advance in price in the few sales recorded, have a firming tendency. Taupiris are keenly sought aflgr on a strong market with decidedly more buyers than sellers. The ordinary scrip has been done up to 27s 6d and, with no sellers, keen buyers were in yesterday afternoon at 26s 6d. Waipas ai;e quiet and limited sales have been recorded over the week at 15s Sd and 15s 9d. POSITION OF TIMBERS

Timbers are weak and idle, and, 'for the greater part, sellers’ quotations are unsupported. Kauris have eased over the week from a sale in Auckland on Wednesday at 24s 4d to sellers at 24s yesterday unsupported. Talking of timbers calls to mind the fact that over the week, in the midst of the gloomy reports on trading losses in the industry, the Leyland-O’Brien Company has brought out a report showing quite a satisfactory profit on the year’s workings. Certainly the firm’s receipts have registered a substantial fall-ing-off during the last three years, and this year’s net profits of £12,682 13s 2d are below the average net earnings of the last six years, which is approximately £IB,OOO, but everything considered, even the latest profit these times cannot be treated lightly. MOSGIEL WOOLLENS’ RECORD Carrying the same theme into woollens, a section which is practically dead on the ’Change at the present juncture, and many firms report inability to show a profit in face of the reported depression of trade, the position of the Mosgiel Woollen Factory Company is worthy of particularly favourable comment. For the yeai* ended October, 1927, after adding £B,OOO to reserve account, £2,000 to the employees’ benefit fund, and writing off £5,000 for depreciation, the profit and loss account shows a balance of £16,093 19s 3d. Out of this the directors recommend the payment of a dividend of 4 per cent, and a bonus of 2 per cent. This, with the interim dividend, will make 10 per cent, for the year and teave £10,371 3s 3d to be carried forward. The liquid assets of the company in the form of Government loans, cash on deposit, and amount standing to credit of the current account at the bank, are shown this year at £58,490 as against £42.987 for the previous year. In view' of this increase it it considered there is sufficient capital held for the working of the firm to merit the directors recommending the payment of a bonus of 10s a share to shareholders. This will a.bsorb £11,922 10s and be charged to reserve account. Recorded profits of the company over the past six years are as follow: 19-2, £14,945; 1923, £21,318: 1924, £15,690: 1925, £15,353: 1926, £20.065; 1927, £19,533. The company has a paid-up capital of £95.350. . . ~ _ / Much, of the sound position of the company is apparently due to a policy of keeping the plant of the factory up to date.

MISCELLANEOUS SECTION QUIET Miscellaneous shares during the past week on the ’Change have registered little notable movement. The demand for Sanfords continues on a firm market. Wilsons Cement still find buyers at 36s 6d, while Auckland Amusement Parks are in good tone on a practically unchanged market. . Ta.ra.na.ki Oils have caused a certain amount of excitement over the week, and to a certain extent drawn the attention of the speculative element. From sales a few weeks ago at 6s 9d these shares hardened and over the last week rose sharply to see business at 11s. The market closed last evening with, sellers 12s and buyers'll Sd. Except as a spec, for the investor wanting long odds, and not caring much -whether he wins or loses, t.ie shares offer little inducement. They are only a gamble. „ T Mining lias been quiet over the week. Wailiis have improved to see sales at 21s 9d and Occidental-Unas have been frequent sellers on a firm market. Other shares in this section are mostly Idle. A healthv tone is recorded m the giltedged section and the market remains steady at late quotations.

LAND COMPANY LOSS

TOTAL OF £57,203 DIVIDEND OF 8 PER CENT. By Cable. —Press Association. — Copyright. LONDON, Monday. The annual report of the New Zealand and Australian Land Company, for the year ended March 31, shows, after payment of interest on debenture stock, a loss of £57,203. The directors have transferred £146,000 from the contingency fund, and after payment of dividends, the balance to be carried forward will be £ 9,430. —A. and N.Z. A cable message dated October 20 announced that the dividend on the company’s ordinary stock wouid be 8 per cent., less tax; of this 4 per cent, was paid on June 10. As the balance brought into the year’s account was £103,759, and £146,000 has been drawn from’ reserves, the amount available for distribution is £192,556.

N.Z. ON LONDON

NEW EXCHANGE RATES After remaining unaltered for over three months, a new' schedule for the rates of exchange between New Zealand and London comes into force to-day. The rates for selling drafts on London remain tne same as those fixed on July 27, but the rates for buying bills have been increased by 2s 6d. The new tariff is as follows. * Buying' Selling. s. d. s. d. On demand .. 10 0 dis. 7 6 prem. 3 days .. .. 12 0 dis. 30 days .. .. 20 0 dis. par 60 days .. .. 30 0 dis.. 7 6 dis. 90 days .. .. 40 o‘dis. 15 0 dis. 120 days .... 50 0 dis. Telegraphic exchange 17 6 prem.

SYDNEY WOOL SALES

RECORD MERINO PRICE Bu Cable.—Press Association. — Copyright. SYDNEY, Tuesday. At the Sydney wool sales to-day there was keen competition in all sections. Merino values were very firm, especially for super sorts, which were at the highest point of the season. Comebacks, crossbred and lambs’ wool maintained late rates. Greasy Merino sold to 33d. This is a record for the present season.—A. and N.Z.

HIDE AND SKIN MARKET

AUCKLAND VALUES Keen competition was registered at the fortnightly hide and skin sale held in Auckland yesterday afternoon. Prices ranged as follow: Cowhides.—Best grade, light to medium, lOd to 10\d; heavy, 93d to lOd; second grade, 33-34, 9d to 1) 5-Sd; scored and meaty, 6d to 7;.d; cut, S*d to 9d; ox, best grade, 9Jd to lOd; heavy, 93d to 10id; heavy with substance, lOd to 103 d; kip and runners, best grade, lOd to 103 d; second grade, 7id to Sd; yearlings, best, lOd to 103 d; second grade, 73d to Sid; slippy, 6d to 7d; calfskins, best grade, light to medium, 14d to 153 d; heavy, IOJd to 103 d; cut, 9id to 10id; slippy and stale, 7d to 7id. Sheepskins.—Dried, three-quarter to full-wool, medium crossbred, Hid to 12d; line crossbred, 12d to 13d; coarse crossbred, 10id to llid: faulty, lOd to 10Jd; badly damaged and broken, 6d to 7id; half-wool, medium to fine crossbred, 10. id to lid: coarse crossored. lOd to 10$d; damaged, 6id to 7d; faulty, 8d to S3d; pelts, sound, 7d to 7id; faulty, 5d to sid; salted sheepskins, full-wool, large, 11s to 11s 6d; medium, 8s 3d to 9s 3d; threequarter to full-wool, large, Ss 6d to 9s 3d; medium, 7s 9d to 8s 4d; light, 6s 6d to 7s 4d; faulty and damaged relatively lower. Tallow.—ln barrels, best mixed, 24s 6d to 25s a cwt.; second grade, 21s to 22s 6d; inferior, 17s 6d to 19s; in shipping casks, best mixed, 26s to 275; second grade, 24s Gd to 255.

LONDON WOOL SALE

ADVANCE EXPECTED Under date November 4* the London office of the Bank of New Zealand cabled as follows: “Prospects for the next series of wool sales commencing on November 22 are favourable. A general advance is expected, with Merinos and fine crossbreds 5 to 7£ per cent., and medium and coarse crossbreds probably 7i per cent, dearer.” MINING NEWS MAORI LAND. —The manager reports: “During the week ended October 5 the crosscut at No. 4 level was extended 10 feet, making the total to date 137 feet. There is little change to report in the nature of the face. We expect to cut the reef within the next 20 feet.” OCCI D ENTAL-U N A.—The manager reports: “The crosscut to intersect the No. 1 reef going north has been extended 10 feet for the week. The country being passed through is good class for making gold. Water is making through the seams in the face. The rise to cut the No. 1 reef going south has been put up 6 feet for the week, making a total distance of 12 feet. The last hole bored drilled into quartz. The necessary timber has been placed in position for stoping-on the dropper. A start will be made in the coming week.” CHICAGO WHEAT By Cable.—Press Association. — Copyright. Reed. 9.50 a.m. CHICAGO, Tuesday. Wheat.—December, 1 dollar 25 5-8 cents a bushel; March, 1 dollar 29* cents; May, 1 dollar 32 cents.—fA. and N.Z.

HAMILTON STOCK SALE

KEEN DEMAND FOR STORE CATTLE Messrs. Dalgety and Company, Limited, Hamilton, report having held their usual weekly stock sale at the Frankton sakyards on Tuesday, November 8, as under: There was an average yarding of beef, which was very firm at late rates. Young cows and heifers brought from £6 10s to £7 7s 6d; small steers to £5 7s 6d; heavy aged cows, £4 15s to £6 2s 6d; lightweight cows, £4 to £5 ss; vealers, £2 to £2 7s; small calves, 25s to 355. There was a fairly good yarding of store cattle, principally consisting of store cows and heifers, which met with a very ke en demand. Best forward stor*; cows made up to £5 7s; medium, £4 Is to £4 12s; ligiit store cows from £3 10s to £4; empty cows and heifers (sound), £3 ss; 15-months-old Shorthorn steers. £3 14s; young bulls, from £4 to £slss. Dairy cows and heifers were yarded in fair numbers. Prices were as follow: Best Jersey-cross heifers, close to profit, from £8 to £lO 10s; rougher sorts, £5 to £8; best dairy cows, from £7 10s to £IR others, £4 to £6. There was a moderate yarding of tel sheep. Best prime wethers brought medium, 25s to 26s 3d; light-weights, to 23s 6d; light shorn ewes, to 19s 90small fat shorn hoggets. Southdown.-. 20s 3d. , Pigs.—An extra large yarding °£**J classes. Fats were easier than previou. sale. Stores sold on a par with *** rates. Heavy baconers, £2 12s to ** l*-' medium do. £2 6s to £2 10s; £2 to £2 4s; light do., £1 18s to £-• large stores, £1 16s to £2; medium, 12s to £1 14s; slips, £1 4s to £1 weaners, 16s to £1 2s; small, 9s to l

Sellers. Buyers. BANKS— £ 3. d. £ s. d. Com. Bank of Aus* 1 9 6 1 9 0 Eng., Scot. & Aust. 7 12 0 Nat. of N.Z 6 19 0 6 15 0 New South Wales .. 45 0 ft 44 ft 0 New Zealand . . IS 9 18 Ditto (mort. 2s pd) 0 16 0 Ditto (mort. 20s pd) I 0 (rights) 14 0 13 0 Ditto (fractions) . 0 S 3 INSURANCE— National 4 0 0 19 New Zealand . . 1 IS i South British . . .. 2 16 9 2 9 LOAN AND AGENCY Abraham, Williams . 4 10 0 — Ditto (pref.) .. .. 4 2 6 Farmers’ Co-op. Auc. 3 5 0 Ditto (A pref.) .. 0 18 0 0 16 9 Ditto (B pref.) .. 14 Goldsbrough, Mort.. Newton King (pref.) 0 12 6 10 N.Z. and River Plate 1 7 10 N.Z. Loan, Merc. .. 93 10 0 Ditto (pref.) .. .. — SO 0 0 COAL— Renown (con.) .. .. 0 8 9 ft 8 ft Hikurangi 2 4 Ditto (A pref.) . . 0 9 5 Pukemil'o 0 19 Taupiri 1 6 6 Ditto (pref.) .. .. Waipa 0 Jfi 0 Westport — 1 15 GAS— Auckland 1 2 9 1 2 6 Ditto <con.) .. -. (J 17 0 lb 6 Birkenhead and Northcote 0 16 0 — SHIPPING— Devonport Steam . . 1 4 0 1 3 ft Muddart-Parker Northern Steam 0 14 11. ft 14 9 Ditto (con.) .. 0 7 1 ft b 1U TIMBER— Kauri Timber . . . . l 9 1 3 0 National 0 13 0 — Parker-Lamb . . . . 0 11) 0 — Taupo Totara . . .. 0 16 0 — Ditto (pref.) .. .. 0 17 0 — WOOLLEN— Kaiapoi 0 S 0 — M osgiel 6 15 ft Wellington v 6 1 0 Ditto (pref.) .. .. — b 2 6 BREWERIES— C. L. Innes (pref.) 1 0 0 N.Z. Breweries .. .. h 6 2 3 6 J. Staples and Co. 1 19 6 — MISCELLANEOUS— Auck. Amuse. Park. 0 1 7 3 0 16 8 British Tobacco 18 0 Burns, Pliilp .. 1 16 6 Bycroft, Ltd 1 9 9 Checker Taxis .. .. 0 19 0 Dental Supply .. .. ft 14 Dominion Picture* 1 0 0 Ditto (pref.) .. .. 1 0 0 Electro. Zinc (ord.) 1 11 9 1 10 Ditto (pref.) .. .. 1 12 9 Grey and Menzles .. 0 12 0 Haywards 0 17 0 Hill and Plummer .. 1 2 0 H.M. Arcade (pref.) I 0 0 Milne and Choyce . 1 4 0 Ditto (deb. stk.) .. 1 3 6 1 3 0 National Pictures . . 0 12 6 N.Z. Paper Mills .. 0 17 0 N.Z. Refrig, (con.) 0 8 6 0 7 10 Northern Boot .. .. 0 18 0 Robinson Ice Cream 1 0 Sanford, Ltd 1 1 0 0 19 9 Ditto (pref.) . . .. 1 l 0 Taranaki Oilfields . . 0 11 0 10 9 Thames Theatre.. .. 1 0 0 Tonson Garlick ft 10 0 Whittome Stevenson* 6 0 6 Wilsons Cement .. 1 16 6 1 16 3 MINING— Alburnia ft 2 8 0 *> Ballarat (con.) .. .. 0 0 2 — Moanataiari (pd.) . 0 2 s ft 1 Ditto (con.) . . .. 0 1 ft 0 10 Empire Reefs (con.) 0 0 8 Golden *ge (paid) . 0 0 2} Ditto (con.) .. .. 0 0 2 Kawarau 0 1 0 0 0 6 Komata Reefs .. .. 0 Kuranui 0 0 6 Lucky Shot (2s pd.) 0 1 7 0 1 5 Maoriland (con.) .. 0 0 S 0 0 4 0 0 2* New Waiotahi (4a pd] 0 0 9 Ditto (con.) .. .. 0 0 9 b 0 0 6 Occidental-Una (2s paid) 0 0 ft 1 S Ditto (con.) .. .. 0 1 7 1 Ohinemuri 0 6 0 Waihi 1 1 6 1 1 4 Waihi Grand June. 0 1 5 0 1 0 AU S TR ALI AN— Mount Lyell 1 8 9 1 7 6 DEBENTURES— Auck. Gas, 192S, 6£ 101 0 0 99 0 0 Auck. Harbour Board 4 p.c 85 0 0 Ditto, 5£ p.c 98 0 0 Ditto, 6 p.c 101 0 0 Citv of Auckland Ditto, 1913, 5b .. 98 0 0 Auck. Electric Power 98 0 0 Auckland Hospital Board, 5J 99 0 0 98 0 0 Bor. Devonport, 6 p.c. 100 0 0 Ditto, p.c 0 o Hamilton Theatres 105 0 0 N.Z. Breweries . . . . 1 3 10 1 7 Glaxo — 90 0 0 GOVERNMENT BONDS — War Loan. 1930, 4} — 97 13 6 Ditto, 193S, 41 96 .15 0 i 6 Ditto, 1939, 4 b 96 7 6 Ditto, 1941, 4J .. 97 0 0 — INSCRIBED STOCK*— War Loan. 1938, 96 2 6 Ditto, 1939, 4X . .. — 96 2 6 Ditto, 1933, 5b 101 3 6 —