With Investors On ’Change

Sun (Auckland), Volume I, Issue 309, 21 March 1928, Page 12

With Investors On ’Change

THE WEEK REVIEWED INDUSTRIALS BRIGHTER By NOON CALL Wednesday, 9 a.m. Increased activity in industrials and Other better known profit-returning scrip as distinct from banks and insurances has been registered on ’Change over the week. Heavy trading was done in banks at the opening, but as the week progressed more and more attention has been paid to other classes of investments. This tendency has been noticeable on all New Zealand ’changes. From the viewpoint of trade and finance, generally, this movement, if it is to be sustained—and there is nothing to indicate tnat it is a mere flash in the pan—must be regarded as satisfactory. To say the least about it, it is an indication of increasing faith in the trading concerns of the country, and when an indication such as that comes from the Stock Exchange it is not to be treated lightly. It proves that some investors, at least, are not in accord with the view that bad times have not yet been left behind and that depression is still with us. Of course, there may not be much in the movement, but over the last month, while the volume of business has not been heavy, there has been a decidedly better tone in the market for miscellaneous securities, indicating a revival of interest in this class of scrip as a reasonably safe investment, apart from such almost giltedged scrip as banking and insurances. The banking section remains in good tone, with a wider selection of scrip offering to investors than has been the case for some time. Little movement is registered in the market. Insurances are among the better favoured scrip, the feature in this section over the week being an improvement of South British from sales during the previous week at 58s 3d to one at 60s on Saturday. The afternoon call closed yesterday with more offering at that figure, but buyers were only prepared to give 59s 3d. Nationals have been frequent sellers at 15s 6d: 15s 7d was obtained for the scrip in Dunedin on Friday. The loan and agency section has been quiet. New Zealand Loan and Mercantile Agency ordinaries were dealt with at £IOO, representirig an improvement of £2 on sales recorded last month. Coals are mostly steady at late rates. Renowns have seen business at 13s, and sellers have Increased their demands over the week. Waipas, following the an-, nouncement of the reduction of dividend to 8 per cent., are weaker and it appears a moot point whether the week’s recorded sale at 16s lOd would have been obtained if the company’s balance sheet had been published at that date. In timbers, Kauris were dealt with at ,21s 6d, and more are wanted at that figure, but sellers appear hard to locate on the present market. Mining remains mostly dull and neglected, with little strength in the market for any special scrip. Ohinemuris registered an improvement during the last day or so following better news from the mines, but whether the market will go any further is hard to forecast; 7s 4d was reached yesterday at mid-day, but there was an easier tendency at the afternoon call. Waihis were dealt with in Auckland at 10s yesterday and in Wellington at 9s lOd. The demand for gilt-edged stocks is well sustained and healthy business is reported on most New Zealand ’changes. RETURN ON INVESTMENT Following is a summary’of sales made on the Auckland 'Change for the week ended March 20, giving the approximate return on investment based on the latest dividend. The first column gives the figure at which the latest sale was made on the Auckland 'Change over the week. Latest. Approx. Sale. Return.

SYDNEY WOOL SALES PRICES WELL MAINTAINED By Cable.—Press Association. — Copyright. SYDNEY, Tuesday. At the Sydney wool sales to-day demand was keen. Prices were well maintained for all Well-grown descriptions and were fully equal to the best rates of the week. Skirty and inferior lines were irregular. Greasy Merino sold to 29Sd.— A. and N.Z.

WELLINGTON CITY LOAN ISSUE OVER-SUBSCRIBED By Cable.—Press Association. — Copyright. LONDON, Tuesday. The City of Wellingon loan of £163,000 has been over-subscribed.—A. and N.Z. The issue referred to in the cablegram comrises £IOO,OOO for paving and surface sealing of streets, these debentures being redeemable on March 1, 1941, and £63,000 for footpaths, the latter being redeemable on March 1, 1950; The price of issue was 98. Interest will be ayable on March 1 and September 1 of each year. | A coupon for 355, due on September 1, will be attached to the scrip. BUOYANT MARKET NEW YORK STOCK EXCHANGE By Cable. —Press Association. — Copyright. NEW YORK, Monday. • To-day is the seventh consecutive day on which 3,000,000 shares have changed hands in five hours on the stock market. It is also.announced that two seats on the Exchange were sold at £65,000 each, which is a new record and £I,OOO more than the previous figure. Stocks which are usually quiet were dealt in and particular gains were made in rubber and utility shares. Foreign exchange, which has been dull for a month, was enlivened by a rise in sterling above 4 dollars 88 cents. This buoyancy raised most other European gold currencies a point or two. —A. and N.Z. KEEN DEMAND FOR OATS

POSITION IN THE SOUTH Press Association. CHRISTCHURCH, Tuesday. The business with Britain in oats reported at the week-end has made the market decidedly firm. To-day A Gartons cannot be bought at 3s Sd, f.0.b., s.i., and the current quotation by sellers is 3s 9d, but no sales are reported at this figure. Oats have been bought in Otago for shipment Home. The wheat market is very quiet:. Offers by farmers have been small during the week. The ryegrass market is very firm, Southern seed being now quoted at 5s a bushel, f.0.b., s.i., against the previous 4s 9d. The local market has responded to some extent to the southern hardening, and on truck values range about 3s 6d. The potato market has been very firm, but a slight weakening tendency developed to-day for July-September deliveries. The cause is not apparent. In the meantime the April market is quoted at £5 10s, f.0.b., s.i. That potatoes are wanted in the North is shown by the fact that 4,400 sacks were shipped by the Katoa on Saturday. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington.—Waihi, 9s lOd (two); Gear Meat, £1 17s 3d. Christchurch.—Commercial Bank of Australia, 27s 9d; Commercial Bank of Australia (pref.), £6 18s; Commercial fßank of Sydney, £26 3s, £26 3s 6d, £26 4s (two), £26 3s 6d, £26 3s (two); English, Scottish and Australian Bank, £8 2s (three); Dalgety and Co., £l4; Howard Smith, 28s; New Zealand Refrigerating (con.), 7s 6d; New Zealand Government Inscribed Stock, per cent., 1938, £97 15s. Dunedin. —New Zealand Insurance, 41s; English, Scottish and Australian Bank, £8 2s; Otago Daily Times, 80s. HIDE AND SKIN VALUES AUCKLAND SALE Compared with the previous sale there was a decidedly brighter tone at the fortnightly hide, skin and tallow sale held in Auckland yesterday. Values ranged:— Cowhides.—Light, medium, heavy, at one price, ll|d to Is a lb; second grade, light, 10£d to lid; cuts, 10£d to 102 d; medium, 9£d to lOd; ox hides, light, 113 d to 12d; medium, 113 d to 12d; heavy, 113 d to 12£d; heavy, with substance, 13d to 13Jd; cut, 103 d to lljd; strips, ll|d to 12d; second grade, 9£d to lQd; yearling, best, 12d to 13d; second grade and cut, 9d to lid; strips, 6id to 73d; calfskins, best, 15d to 15Jd; calfskins, best, 15 id to 16Jd; heavy, 12d to 13d; cut, llid to 12£d; slips, 93d to IOJd. Sheepskins.—Dried, 12|d to 133 d; fine crossbred, 13Jd to 14Jd; coarse crossbred, 12d to 123 d; faulty, 10id to ll£d; damaged, 9d to lOd; broken, 9d to 9£d; half-wool, medium crossbred, 113 d to 121 d; coarse crossbred, lOd to lid; faulty, 9d to 93d; damaged, 6d to 7£d; quarter-wool, 10Jd to lid: faulty, B?id to 9Jd; pelts, sound, 9£d to 10£d; faulty, 9d to 9£d; damaged, 6d to 7?,d; ** salted sheepskins, half to threequarter wool, large, 6s lOd to 7s 3d; medium, 6s 3d to 6s 9d; light, 5s to 5s 8d; quarter to half-wool, large, 4s 4d to 4s 7d; medium, 3s 8d to 4s 2d; light, 2s 9d to 3s 6d; salted lambskins, large, 4s 6d to 5s 9d; medium, 3s 3d to 3s 6d; light and small, 2s 3d to 2s Bd.

METAL MARKETS By Cable. — Press Association. — Copyright. LONDON, Monday. Following are metal quotations, those on March 15 in parentheses:— Copper.—Spot, £6l 4s 4?.d (£6O 18s three months, £6l 4s 41d (£6O 18s lid). Electrolytic Zinc.—Spot, £66 10s (£66 10s); three months, £63 5s (£66 15s). Wire Bars. —Spot, £66 15s (£66 15s); three months, £66 15s (£66 15s). Lead.—Spot, £l9 17s 6d (£l9 15s); three months, £2O 7s 6d (£2O 3s 9d), Spelter.—Spot, £24 18s 9d (£25 2s 6d); three months, £24 15s (£24 18s 9d). Tin.—Spot, £234 12s 6d (£225 12s 6d); three months, £235 17s 6d (£227 16s 3d). Silver.—Standard, 261 d (25 5-16 d) per oz; fine, 2S 5-Sd (283 d). —A. and N.Z.-Sun. WHEAT MARKET By Cable. —Press Association. — Copyright. LONDON, Monday. Wheat. —Cargoes are firmer and 3d higher. Quotations from 52s 6d to 53s 3d. Parcels are firm at 3d to 6d dearer. Australians are in active demand at from 52s to 52s 9d. Liverpool futures: March, IJs 3 1-Sd per cental; May, 10s 5 3-Sd; July, 10s 7d.—A. and N.Z.-Sun. BUTTERFAT PAYMENTS Payments to suppliers for February butterfat are reported as follow by the undermentioned dairy companies:— Waiapu Dairy Co.— £2,331 2s sd, at the rate of Is 3d a lb for butter-fat. Tauranga Co-op. Dairy Association. — £7,315. at the rate of Is 6d a lb lor super-fine butter-fat. Rangitaiki Dairy Comepany.— £17,872, at the rate of Is 3£d a lb for super-fine butter-fat.

BANKS— £ s. d. £ d. Com. of Australia.. 1 7 9 5 8 1 Ditto (pref.) .. .. 6 17 6 b 16 4 Nat. of N.Z 6 18 6 5 0 9 New South Wales .. 47 12 6 4 4 0 New Zealand .. .. 2 19 0 4 17 Australasia 14 19 0 4 13 7 INSURANCE— South British .. .. 3 0 0 3 15 0 0 15 6 4 16 9 New Zealand .. 2 1 3 4 8 10 DOAN AND AGENCY— N.Z. Loan and Merc. 100 0 0 7 10 0* Abraham & Williams 3 15 0 6 13 4 COAL— Renown (con.) .. Waipa 0 0 13 16 0 10 6 9 9 GAS— Auckland 1 1 10 6 15 11 SHIPPING— Northern Steam .. .. 0 15 1 7 13 9 MISCELLANEOUS— Sanford, Ltd 0 19 6 7 1 6 Kauri Timber . . 1 1 6 5 3.1. V Wilsons Cement 1 38 0 b b 3 Robinson’s Ice Cream 1 6 8 10 Checker Taxi .. 0 19 8 6 3 Wellington Woollens 6 0 8 10 British Tobacco.. .. 1 19 9 5 0 7 DEBENTURES — N.Z. Inscribed Stock, 1938, 4J p.c 97 15 0 4 15 10 Ditto, 1936, 5-i .. 100 10 0 8 G Milne and Choyce (deb. stock) . . . . 1 3 9 6 14 8 •Less English income tax of 2s i n the £1.