FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 361, 23 May 1928, Page 12

FINANCE & MARKETS

'Change Market Quiet ELECTROLYTIC ZINC SELLING

Although the market is quiet, a | healthy tone exists, and most of the j better class of shares are in demand. More attention is being drawn to j miscellaneous shares. Electrolytic j Zinc has sold at 31s. Sanford, both \ ordinary and preference, are in demand. Banks are keenly sought after, and good figures are being offered for most of these shares. Bank of Australasia are in strong demand. Buyers are also appearing for English, Scottish and Australian Bank, and National Bank of Australasia, no shares offering. Coal shares are in most cases steady. Pukemira scrip still maintains a good demand, with buyers 645, sellers 665. Mining is lifeless, with the exception of Waihi, which maintains a fair price.

| Government and local body securities j are eagerly sought after at firm prices. ! Yesterday afternoon’s business:—Ke- ; ported: Holden’s Motors, £1 10s 9d; Sanford, Ltd. (ord.), £1; Taranaki Oili fields, 9s lOd. Business at this morning’s early call:—Reported: Electrolytic Zinc (ord.), £1 11s. Business at to-day’s mid-day call: On 'Change: Bank of New South Wales, £4B 10s: South British Insurance, £3 10s; Kauri Timber, £1 Is; Taranaki Oilfields, 9s; Wilsons (N.Z.) Portland Cement, £1 19s; New Zealand Breweries (deb.), £1 3s 6d. Reported: Union Bank of Australia, £l4 17s 6d; Wellington Woollen (ord.), £6 4s 9d: New Zealand Inscribed Stock, 1936, 5J per cent., £lOl. Closing quotations at mid-day to-day were:

TO-DAY’S QUOTATIONS

PUBLIC TRUST OFFICE APRIL BUSINESS The following particulars of tlie loan transactions of the Public Trust Office ancl new business reported during the month ended April 30, 1!)28, have been supplied by the Prime Minister:— The amount paid out in settlement of new loans was <t; 157,770. Further new loans were granted to the amount of £ 30,293, and the total new loans now awaiting completion is £568,230, while offers of loans less than the full advances applied for amount to £117.985—a grand total of £686,235. Applications for additional new loans amounting to £284,287 are now under consideration. The new business for the first month of the new financial year was satisfactory. the total value of the estates aci ented for administration being £543,173, On March 31 the total value of estates under administration was £44.155,548. Four hundred and forty new wills appointing the Public Trustee executor were deposited for safe custody by living testabjrs. and the total number now held AUCTION NOTES Messrs. Bye and Kelit will hold their usual weekly sale of furniture, clothing <nd household sundries at their rooms, corner Pitt Street nd Grey Avenue, tomorrow at 12 noon. Mr. H. H. McCarthy is the auctioneer.

SOUTHERN EXCHANGES Press Assoczazzon. Wellington.—New Zealand Breweries | Bonds, 23s 6d; Bank of New Zealand, 60s 4d. Christchurch. —Bank of Adelaide, £9 II s 6d; Australian Bank of Commerce, 35s Id; Commercial Bank of Sydney, £27; Bank of New Zealand, 60s 3d; Goldsbrough Mort. 51s (three); Howard Smith, 28s sd; Tooths Brewery, 42s 3d; Electro. ! Zinc (prof.), 32s sd; Mahakipawa, Is fid; Commercial Bank of Australia, 20s 4d; British Tobacco, 43s Od. Dunedin. —New Zealand Paper Mills, 15s; New Zealand Insurance. 41s Jd; Smith and Smith (pref.), 17s 6d; National Insurance, 15s fid (two); WestportStockton (ord.), 3s. A.C.T. BUILDING SOCIETY MR. J. ENTi'cICAN CANDIDATE POSITION IN CANTERBURY As a successful business man with over 40 years’ mercantile and commercial experience, Mr. James C. Entrican is a candidate for the vacancy on the board of directors of the Auckland Cooperative Terminating Building Society. The position has been made available by the death of his brother, the late Mr. R. J. Entrican. One of the founders of the society, Mr. James Entrican has taken an I active part in furthering its interests 1 cilice its inception, and every effort in I the direction of progress has received j his support. | He is soliciting the. support of shareholders. and his efforts will be such as ! to justify their confidence fully. POTATO MARKET FIRMER Press Association CHRISTCHURCH, Tuesday. The potato market is a shade brighter, j though there is little change in values locally. Prompt deliveries have been I sold at £5 f.0.b., s.i. The basis of prices on trucks is about £3 15s a ton, but there is little response at this figure. The Kurow took 3,200 sacks at the week-end for Auckland, and the Waikouaiti, due to leave to-morrow, will take up to 6,000 sacks. Forward deliveries are quoted at £6 2s fid to £6 5s a ton, f.0.b.. s.i., JulySeptember, but merchants are not keen to speculate at these figures. Onions have met with a promising price, and up to £5 15s has been paid on trucks. The main reason is the demand that has set in from North and South. In addition, the rise in Australian values during the week has affected the local market. Pollard has been selling at £9 7s a ton for some weeks. A fair amount of wheat is offering. A good deal of rejected wheat is in store in Eyttelton, and this is being sold at 5s od to 5s fid a bushel. For good milling os 9d is available, and there are cases of this being exceeded by merchants. Values for oats are a shade easier than a week ago. About 4s 2d f.0.b., s.i.. is the quotation for June. There is some inquiry for cocksfoot, which is quoted at 12d to 121 d per lb. for stamlarrl seerl

With Investors on the 'Change WEEK OF QUIET TRADING DEMAND FOR BONDS (By “.VOON CALL”) May 23, 9 a.m. Quiet trading, with a considerable falling off in the volume of business, has been registered on Change over the week. The upward trend of the market for all the better classes of securities; registered over the past three or four weeks has been checked, and buyers are seemingly acting more warily. COMMERCIALS of Australia have brought the most life to the banking section. Leaving last week with sales in the South at 2Ss 9d, the market moved up to see the scrip change hands at 29s 4d. Viewing the range of investments offering in banking. Commercials, even at this figure, appear to be about the most attractive buying, offering a return of over 5 per cent. In view of their recent appreciation, it is interesting to remember that in May last year their market value was fairly steady round 30s.- From June a gradual easing was recorded, and in August, dividend month, sellers were asking 29s Cd with no buyers quoting. The end of September saw a further decline with sellers asking 28s. The ! shares may see higher money in the ! near future.' but. even though there is I another issue of shares in the air, the | return to sharr-holdcrs will not be such j as to bring about any startling appreciation in market values. The best that can be said about the shares as a safe investment seems to be the fact that at the moment their value allows a return that compares more than favourably with similar scrip. Bank of New Zealands have been somewhat erratic over the week. Opening with sales at 60s'3d to 60s 6d the market eased slightly over the week, and yesterday parcels were dealt with in Auckland at 60s. Wellington and Christchurch handled the scrip at 60s 4d and 60s. New South Wales came back to early April levels at £4B 7s 6d. Nationals of New Zealand were 6d below last week’s levels. Other scrip in this section meets with a quiet demand on late levels. A firm tone is registered in Insurance, although trading lias been limited at the higher levels. Hikurangi Coals Move Up Hikurangis have received the greatest attention in coals, and the market has hardened appreciably over the week, though there is still a fair way to go to par. Successful negotiations for further outlets for coal are rumoured to be the cause of the rise. Other coals are quiet. YVaipas are depressed, with no buyers «<noting. Parker-Lambs were dealt with at 17s 6d in timbers. Kauris are sought at 21s, but the section, generally, is quiet and registering little movement. Breweries appear to be registering a slight downward tendency. Whether or not it is the result of the coming referendum it is hard to judge. New Zealand debentures were traded at 23s t »cl yesterday, a shade under last week's closing figures. Buyers are hard to locate at the moment for the ordinary Lnterest in miscellaneous securities is sustained, though tiie upward tendency of many oi the better classes of shares has been checked. In pictures, Fullers and Haywards are in Letter tone. Sanfords are also receiving more attention. Movement in Oils Taranaki Oils provided the greatest life to the section over the week, displaying their usual sensitiveness when a report came to hand regarding the success of a sister company in the Taranaki district. Much of the strength came from across the Tasman, where the scrip must be largely held. The scrip was slightly easier yesterday. A strong tone is registered in the gilt-edged section, a widespread demand being registered for most Government and local body debentures. Mining is mostly depressed and lifeless, with the market for many of the smaller Thames companies seemingly going from bad to worse. Waihis remain in good tone. Moanataiaris are slightly better. Mount Lyelis are firm. Return on Investments Following is a summary of sales made on the Auckland ’Change 1- -r the week ended May 22, giving 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 ’Change over the week: Latest Approx. Sale. Return

fDoes not include redemption. DAIRY COY. PAYMENT (From Our Own Corresp«mdent) OPOTIKI, Tuesday. The Opotiki Dairy Association’s payout for April was £13,944, at Is 9d a lb of butterfat.

LONDON MARKETS FOREIGN EXCHANGES (United P.A. —By Telegraph—Copyrightj (Australian P.A.—United Service) LONDON, Monday. The following rates on foreign exeliangos are current to-day, as compared with the cabled quotations on May 17 and par:—

Amsterdam, fl. . . 12.10 12.093 12.10 Batavia, fl. . . . 12.11 J 12. Hi 12.10 THE METAL MARKET (Quotations on May 17 in parentheses). Copper.—Spot, £63 4s sid (£62 11s 3d); three months, £63 Ss ltd (£G2 16s 3d). Electrolytic Copper.—Spot, £67 5s (£67); three months, £6S 5s (£67 10s). Wire Bars.—Spot, £6S 5s (£67): three months, £6B 5s (£67). Bead.—Spot, £2O 3s 9d (£2O 3s 9d) * three months, £2O 13s 9d (£2O 7s Gd). Spelter.—Spot, £26 (£26 Is 3d); three months, £25 12s Gd (£25 13s 9d). Tin. —Spot, £229 11s 3d (£230 13s Del) : three months, £228 17s 6d (£230 3s 9d). Silver.—Standard, 283 d (27 3-Sd) an oz.: fine, 31 1-lGd (29 3-16 d). BRADFORD TOPS On the Bradford tops market there is a slightly better undertone owing- to tirm-ne-:s in London, but business is still limited. WH EAT lhe extension of the strike in Argentina! Quotations are 3d to Gd higher. but the i and are held for 3d to Gd advance ° L^ver-' ; pool futures: May. 10s G.'d •-> cental; July. I ,0s 9 5-Sd; Oirtnhpr. 11s Old. THE PRICE OF GOLD Cold is quoted at S4s UJd an oz. CHICAGO WHEAT (United I*. A. —By Telegraph — Copyright) (Australian Press Association) Itecd. 9.5 am. CHICAGO, Tuesday. Wheat.—May. 1 dollar 4Sj,' cents a bushel; July, 1 dollar 50:1 cents; Septem- | her, 1 dollar 503 cents; December, 1 cloli lar 53.1 cents. HAMILTON STOCK SALE (Special to THE SUN) HAMILTON, To-day. The Farmers’ Co-operative Auctioneering- Company reports on their weekly stock sale in the Frankton yards yesterday as follows: We had a full yarding, principally of cow and heifer beef, and the demand for good quality prime cattle was equal to last week’s rates. Light fat steers made from £lO 12s to £l2 2s; small and young, to £8; good quality prime heavy cows, £lO to £11; medium weights, £8 10s to £9 17s Gd; light and young fat cows and heifers, £7 to £S; unfinished, £4 15s to £5 15s; cows and boners, £3 10s to £4 10s; small vealers, to 395; store cows, £2 15s to £3 ss; culls, £2 to £2 Is; dairy cows and heifers, at profit, £8 to £9. A small entry of mutton was offered, and all classes advanced in values. Fat wethers sold to 35s 3d; extra good prime two-tooth ewes to 36s 2d: heavy prime lambs, to 30s; medium prime woolly, to SGs Id. A full yarding of fat pigs came forward, and competition was keen at last week’s rates; Prime heavy baconers sold from £4 8s to £4 16s; medium-weight baconers, £3 15s to £4; light baeoners, £3 3s to £3 Ss; heavy porkers, £2 10s to £2 15s; light porkers, 30s to 375; slips, 13s to 16s; weaners, 6s to 10s. TAUMARUNUI STOCK SALE (Fro 7)1 Our Own Correspondent) TAUMARUNUI, Tuesday. There was only a small yarding at the Taumarunui stock sale to-day, the entries changing hands at the following prices: Cull lambs, 11s 3d; good springing heifers, £5 ss; cows in milk, £3 14s to £4 8s; empty oofs, £2 10s to £5; bulls, £3 5s to £4 15s. A cattle fair will be held at the Taumarunui yards on the 28th inst., and the winter ewe fair on June 12. PEDIGREE JERSEY SALE (From Our Own Correspondent) HAMILTON, Tuesday. Well-sustained competition was registered at a sale of pedigree stock on behalf of F. J. Saxby, Ohaupo Road, Hamilton, to-day, when Wright, Stephenson and Company, Ltd., and Abraham and Williams, Ltd., offered to a large bench of buyers 96 pedigree butter-fat Jerseys. In all, 50 heifers, eight cows and 38 bulls were offered for sale and 50 heifers. 2 cows and 25 bulls were cleared. The heifers averaged 60i guineas a head and the bulls 29 guineas. Holly Oak Darling, a heifer with a great pedigree, realised the top price at 165 guineas, R. E. Robertstein, of Rukuhaia, being the buyer. A champion heifer, Alfalfa Supremacy, •wa-s offered on behalf of the estate of A. A. Wagstaff, but was passed in at 190 guineas. Waivale Masterpiece, a bull bred by Mr. Saxby and sold on behalf of R. E. Robertstein, realised tlie top price in the bull section, 70 guineas, the buyer being W. Preston. Other bulls commanding prices over 30 guineas were:—Waivale Master, 66 guineas; The Flute ,of Diikusha, 60 guineas; Young Masterpiece, 40 guineas; Fern Glade Master Maycar, 38 guineas. FRANKTON STOCK SALE Dalgety and Co., Ltd., report having held their usual weekly stock sale on May 22, as under:— There was a large entry of beef, but only a small proportion of prime quality. Fat bullocks, £l2 2s 6d. For extra prime quality late prices were well maintained. Extra choice young cows and heifers sold at up to £9 17s 6d. On account of Vere Chitty, an extra heavy good-quality Polled Angus cow sold at £ls ss, and was purchased by Ayers and Smith, after very keen competition. Ordinary cows and heifers made from £6 to £7 17s 6d; light and inferior fows and heifers, £5 to £6 ss; runners, £3 17s 6d to £4 6s; vealers, up to £3 2s 6d. There was a moderate yarding of fat sheep, which sold at 2s to 2s 6d above last week's rates. Best fat wethers made 35s to 36s 3d; fat ewes, medium quality, 25s 6d to 27s 6d; heavy fat ewes, 28s 3d; fat shorn lambs, 25s Gd. A line of 300 four and six-tooth wethers made 33s 3d; 1,068 ditto, 32s 3d; 130 ditto, 28s; a pen of full-mouthed ewes in lamb, 28s 3d; store lambs, 19s 6d; store ewes, 235. There was a large yarding of fat and store pigs. Fats sold at late rates, while stores were a shade easier.

Closing quotations at mid-day to Sellers Buyers. BANKS— £ d. £ s. d. Aus. Bank of Commeree 1 1 l Bank of Adelaide.. 5 Bank of Australasia 11 12 6 14 6 0 Ditto, new issue . 14 2 Com. of Aust 1 10 0 1 Ditto (con.) .. .. 13 0 Ditto (pref.) .. .. 7 0 0 < 'om. of Sydney .. 0 15 0 Kng., Scot. Aus. 8 National of N.Z. 0 7 Bank of Australasia IS Ditto (con.) .. .. 9 6 9 l 0 New South Wales. 4X 10 48 New Zealand 0 0 0 Ditto motg. (15s paid) 1 6 Ditto inert. (20s paid) 1 7 6 1 Union of Australia. 14 10 0 INSURANCE— National 0 16 ft 0 35 0 New Zealand .. .. 0 1 6 South British .. .. 3 1 0 3 0 3 LOAN AND AGENCY— Abrahams & W illiams (pref.) — 4 0 0 Farmers’ Co-op. Auc., A (pref. > . . — 0 16 0 Ditto (B pref.) 0 14 6 < loldsborougrh Mort. 11 9 Newton King. Ltd. N.Z. & River Plate 6 N.Z. Guar. Corp. . N.Z. Loan & Merc. 110 0 0 103 Ditto (.pref.) .. .. — 82 COAL — Renown (ord.) .. .. 0 14 3 — Hikurangi 0 4 Ditto (pref.) .. .. Ditto (A pref.) 0 8 «) 4 Dukemiro Collieries 0 Taupiri 6 Ditto (pref.) .. .. Waipa 0 Westport 1 Westport-Stockton . 0 3 4 Ditto (pref.) .. .. — GAS— Auckland 1 3 9 1 3 6 Ditto (con.) .. .. 0 Birkenhead 0 16 — Thames • • 0 10 o — SHIPPING— 1 t; l 3 6 f : .1 Smith . . . . 1 1 1 uu. uart-Parker 0 0 N■ . hern St: a unship 0 Jo S Ditto (con.) .. .. 0 9 1*. and O. (det. stock). 0 Union Steam (pref.) — 1 0 4 TIMBER— Kauri Timber .. .. 1 1 6 1 0 0 Leyland-O Brien 1 15 — National 0 12 0 Parker-Lamb .. .. 0 17 V\ UULL10.NKaiapoi 0 10 0 0 S 9 Ditto (con.) .. .. 0 0 Wellington a 0 Ditto (pref.) .. .. 3 BREWERIES— c. L. Innes (pref.) i 0 ft — N.Z. Breweries . .. 2 4 6 •- MISCELLANEOUS— Auck. Amuse. Park 0 s 6 A J. Entrican &. Co. (pref.) 0 IS 6 \ ustralian Glass .. British Tobacco 6 Burns. Philp and Co. Bycroft. Ltd 1 < 'heeker Taxicab . . 0 16 — Ditto (con.) .... 0 6 0 —

day were: — f Sellers Buyers Colonial Sugar (Australia) .. .. Gl 0 0 GO 0 0 I»ental and .Medical 16 Dom. Pictures l 0 6 I >i tto ( pref.) .. .. 1 Dunlop Rubber . . . . 1 »> l n Electrolytic Zinc (ord.) 1 11 9 1 10 6 Ditto (pref.) .. . . 1 1 1 •’ 6 Fullers’ Pictures .. l 1 0 1 II Gear Meat 6 1 IS (Trey and Menzies . 12 0 Hayward’s Pit turfs 0 Henry Jones Co-op. 1 1 7 Hill and Plummer.. 1 2 H.M. Arcade Theatre (pref.) _ 1 9 u Kempthorne Prosser Holden’s Motors l Lewis Eady. Ltd., (pref.) 0 19 6 Milne and Choyce.. Ditto (pref.) .. .. Ditto (P» pref.) .. 4 Ditto (deb. stock) — 1 3 Morris Hedstrom 1 1 National Pictures . . 0 14 N.Z. Farmers’ Fer4 13 0 4 0 0 N.Z. Paper Mills N.Z. Refrigerating . Ditto (con.) .. -- Northern Boot and Shoe 0 IS 0 _ Phillipps and Impey 6 1 Sanford, Ltd 1 Ditto (pref.) .. .. 6 0 Taranaki Oilfields Tonson Garlick 0 13 o Union Oil Whit tome-Stevenson Wiseman and Sons 0 6 6 — 0 Wilsons Cement MINING— Moanataiari (paid) 0 2 0 0 1 5 Golden Age (paid) 0 4 — Kawarau S 0 New Waiotahi (4s paid) 0 1 0 1 0 0 6 Ditto (con.) .. .. GJ — Occidental Una (2s paid) 0 1 — Ditto (con.) . . • • 6 6 Ohinemuri (ord.) . . 5 0 4 Waihi Grand June. AUSTRALIAN— Mount Lyell 1 13 3 1 12 9 DEBENTURES — Auckland Gas, 1935, 10. 13 0 102 0 0 Auck. Har. Bd., 5.\ 97 0 0 Ditto, 6 p.c 103 0 0 103 Citv Auck., 1040. Auckland Elec. Povv( Board r 9S 0 0 Auck. Pi re Hoard. (> Bor. ML Eden, . Bor. of Hamilton, 6 N.Z. Breweries, Ltd. 1 Hamilton Theatres, 7 10 L 101 10 90 Glaxo — GOVERNMENT BONDS War Doan. 1030, ii — 13 0 Ditto, 1928, .. — T“2 Ditto, 1939, ii . . Ditto, 1941, — 100 Ditto, 1936, 5J .. — a INSCRIBED ST OCR War Loan. 1929, 08 0 0 Dit to, 1938, 11 0 9S 99 0 100 15 to Ditto, 193 6, 51 .. 101 - G 100

£ d. £ iS d. BANKS— Com. of Australia 1 9 4 5 2 3 New Zealand . . . . 0 4 15 7 New South Wales . 4.X 6 4 2 8 Nat. of N.Z 4 IS 3 Eng., Scot, and Aus. s s 0 4 9 1 INSURANCE — New Zealand . . . . 2 1 9 4 11 10 MISCELLANEO U S— British Tobacco 2 3 3 4 11 9 Fuller's Pictures 1 0 y S 17 9 Kempthorne Pros., N.Z. Drug: 3 9 15 6 N.Z. Farmers’ Fert. 4 14 ft V 19 7 Taranaki Oilfields . 0 10 Auckland Gas . . . . 1 3 6 15 8 Wellington Woollen 6 4 9 S 1 7 N.Z. Itefrig (con.) .. 0 8 4 9 0 ft Sanford (pref.) 1 ft 6 IS Lewis Eady (pref) 0 19 6 6 Sanford (ord.) 1 0 0 7 ft 0 Hikurangi Coal (ord.) ft 4 6 Holden’s Motors 1 10 9 9 15 1 DEBENTURES— N.Z. In. Stk, 193!), 41 97 15 ft 4 15 5 N.Z. In. Stk., 1932, 54 98 10 0 13 7 Auckland Gas, 1935, 61 103 0 ft 19 N.Z. Breweries 1 3 8 10 lOf City of Auck., 1940, 51 96 0 0 5 14 5

May 21. May 17. Par. Brussels, belga . 34.1*8 34.98 35.00 Paris, fr 124.02 124.02 25.225 Stockholm, kr. . . 18.20 18.20 1S.159 Oslo, kr 18.22 18.23 18.159 Copenhagen, kr. . IS.20 IS. 20 18.159 Berlin, r.m 20.40 20.40 20.43 Rome, lire .... Prague, kr. . . . 1642 1642 24.02 Calcutta, pence . 18 1-32 IS 1-16 24 Yokohama, pence. 22 15-16 24£ Hongkong, pence 25 3-8 25 1-8 — Montreal, dol. . . l.SS 17-3 2 4.88 7-16 4.866 New York, dol.. . 4.8Si l.SS 3-16 4.866