With Investors on the ’Change

Sun (Auckland), Volume I, Issue 291, 29 February 1928, Page 12

With Investors on the ’Change

THE WEEK REVIEWED A QUIET MARKET By NOOX CALL Wednesday, 9 a.m. A quiet tone prevailed on ’Change over the week. The turnover throughout New Zealand was the lowest registered for several weeks. ' With the limited selection of sound pro- 1 gressive industrials offered New Zealand investors, attention continues to be confined chiefly to banks and insurances, j A firm demand is registered in this quarter. and, despite minor fluctuations, the , market has, if anything, an upward ten- ; dency. In banks, New Zealands are slightly I firmer than last week’s sales, and at 59s 1 show an advance of 3d. The bulk of the • business throughout the week, however, | was done at the lower figure. Austral- , asias register a firming tendency. Xa- i tionals of New Zealand are steady at j £6 19s 6d. Business in insurance scrip has been limited, though the market continues in good tone, with a steady demand for all shares. Little movement has been recorded in the loan and agency section and Christ- ; church, with two sales of Dalgetys at £l3 14s, contributed practically the only life to the section. Renowns Seek More Capital In coals, Renowns were dealt w'ith at 13s for the 18s paid scrip. The announcement by this morning's mail that this I company requires £IO,OOO to £15,000 to 1 enable it to start out marketing coal on 1 a profitable basis in April will no doubt be received with mingled feelings by the shareholders. The directors propose raising the desired amount by the issue of 120,000 ten per cent preference shares fully paid at 2s 6d each. The scrip will be preferential both as to capital and dividend. Though detracting slightly from the value of the ordinary scrip, the new ! issue certainly appears an attractive proposition, especially when it is considered that the company is reported to have made satisfactory arrangements in regard to marketing its output. Present holders are certainly paying for what must have been blunders made in the early control, but there is nothing to indicate that better times are not ahead and that within a few months the company should ! not be turned into a profit-making concern. Waipa Colliery scrip reached 17s 6d during the week, representing an advance of 3s 9d from its lowest level during the past year. The market is slightly easier at the moment, with buyers offering 17s 3d. Shipping scrip continues to hold a place in the minds of investors, with Xorthern Steams, Devonport Steams and Howard Smiths receiving the greatest attention on a steady market. The two former have improved slightly over the week. Huddart Parkers are out of favour at the moment and are not wanted in Auckland. Wellington put through a sale at 49s (cum div.) on Monday. The market for timbers, woollens and breweries registers little movement. An Industrial Worth Watching The miscellaneous section mostly holds only a nominal attraction and little movement is registered in the market. An industrial that is being given increased prominence on the Auckland ’Change, though it has been dealt with in the South for some time, is Victoria Nyanza Sugar. This is an Hast African growing and refining concern with a paid-up capital of £300,000. It sprang from the brain of a Xorth Queenslander some years ago and was registered in Victoria in 1921. Quoted on a market where worthwhile industrials are scarce, the scrip is certainly worth watching. Its net profit in 1923 was £1,699, *in 1924 £37,179. in 1925 £10,408, in 1926 £43,698, and in 1927 the grand total was shown at £75,159, allowing a dividend of 20 per cent. It is reported in some quarters that shareholders will be given the opportunity at a later date of participating in the formation of a company for the cultivation of coffee in the Kenya. There is also some talk of an issue of additional Victoria Nyanza shares to present holder*?. Mining scrip continues mostly idle and depressed, with even speculators unwilling to place much confidence in the future of any scrip apart from perhaps Waihis and Mount Lyells. The market for gilt-edged securities is quiet, but quotations are practically unchanged and a steady demand is maintained for most debentures. Return on Investment Below is a summary of sales made on the Auckland ’Change for the week ended February 28, giving the approximate return on investment based on the latest dividend. In the case of Government and other redeemable securities the return includes redemption. The first column gives the figure .at which the latest sale was made on the Auckland

TAUMARUNUI STOCK SALE (From Our Own Correspondent) TAUMARUNUI, Tuesday. There was a very large yarding of sheep of all classes at the local stock sale to-day, and the attendance of vendors and buyers was one of the heaviest for some time past, there being a keen desire to witness the effect of the recent rain on prices. Late rates were well maintained, the top price being 30s Id for a fine lot of two-tooth ewes from the Kirikau district. Prices ranged:— Forward wethers, 27s 9d; others, 17s to 20s; old ewes. 10s to 15s 3d; good twotooth ewes, 255, 265, up to 30s Id; other ewes, 20s, mixed sex lambs, 15s: wether lambs, 12s 7d; ewe lambs. 17s; good wether lambs, 15s; good m.s. lambs, 17s 9d. LONDON MARKET ADVICES 1 Under date February 24, the London office of the Bank of New South Wales cabled as follows; Wool.—Market very firm and active. Frozen Meat. Wethers, 4id to 7£d: nominal, short supplies; ewes, 4id to s£d , nominal, short supplies; lam S, 9d to lOd; reduction in price has improved demand; beef, 3RI to sd. quiet; pork, 6*d to Sd butter. 162 s to 16ss, firm; cheese, 94s to 955, steady.

'Change:— Latest. Approx. Sale Return. BANKS— £ s. d. £ s. d. Nat. of N.Z 6 19 0 5 1 5 New Zealand . . 19 0 4 1 7 Com. of Australia.. 1 7 6 9 1 Nat. of Australasia IS 1 0 5 10 9 Ditto (con.) .. .. 8 18 9 h 13 3 Australasia INSURANCES— lb 0 6 4 13 2 South British .. .. 2 IS 0 3 17 7 18 COALS — Renown 0 13 0 — 17 6 11 SHIPPING — Northern Steam 0 15 1 7 13 9 Devonport Perry BREWERIES— 1 4 9 6 i 1 Staples 1 17 3 5 7 4 New- Zealand .. .. 2 2 LOAN AND AGENCY— Farmers’ Auct. (A pref.) 0 15 6 7 14 10 MISCELLANEOUS— Auckland Gas (pd.) 1 2 2 7 2 8 Ditto (con.) .. .. 0 16 3 7 8 Sanford (ord.) . . . . 0 19 6 7 7 Holden’s Motors 1 9 10 b 1 Tonson Garlick . . .. 0 10 9 Whittome Stevenson DEBENTURES— N.Z. Inscribed Stk., 0 12 1938, 4i p.c 97 0 4 17 1 Ditto, 1931*, 4i p.c. yv 0 4 16 8 Auck. Harbour Board, 1937, 51 p.c 96 0 0 16 Auck. City, 1940, oi 96 10 0 b 13 2