FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 420, 31 July 1928, Page 12

FINANCE & MARKETS

Pukemiro Coals Improve

AUCKLAND GAS ACTIVE

AVERY" healthy tone is registered on ’Change in the market for all the better class securities.

N’ew Zealand Banks are easier and, offering at 59s 9d this morning, could only find support at 59s 6d. Commercials are very firm. Insurances are in good tone, with buyers predominating and sellers hard to locate. Pukemiros moved up a further Is this morning, buyers at mid-day offering 68s 6d, without drawing sellers on to the market. Hikurangis are steady at late quotations. Auckland Gas continue to improve and several sales were put through this morning at 22s 4d. the market • losing firm at mid-day and registering a rising tendency. In the miscellaneous section Colonial Sugars are slightly firmer, with buyers improved to £SB ss. Taranaki Oils are receiving more at-

tention and buyers moved up a point or so at mid-day. Ohinemuri Gold and Silver Mining scrip is firmer, with-sales at 7s. More wanted at that figure at mid-day saw sellers withdraw to 7s 3d. Government bonds and stocks continue to be sought on a very firm market. Business yesterday afternoon.—Gear Meat, 40s 6d; Electrolytic Zinc, 335; Wilsons Cement. 38s 6d. Business at this morning's early call.—Reported: New Zealand Breweries, 44s 6d. Business at mid-day.—On ’Change: Wilsons Cement, 38s 6d: Auckland Gas (paid),, 22s 4d (two parcels). Reported: Ohinemuri Mining, 7s: Xew Zealand War Loan, 1941, 41 per cent. : £9B 17s 6d; Commercial Bank, 30s 6d.

TO-DAYS QUOTATIONS

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Christchurch. —Commercial Bank of Australia. 30s 9d; Electro. Zinc Corel., cum div.), 32s Sd; New Zealand Refrigerating (10s paid.), Ss 6d* Hayward’s Pictures, 20s. BANK OF COMMERCE SLIGHT SHRINKAGE IN PROFITS \ slight shrinkage is shown In the profits of the Australian Bank of Commerce, due apparently to increased expenditure in conducting the business. The net return for the year to .Tune 30 was £216.741. against £215,067 for the preceding 12 months. The year’s dividend is again 8 per rent., and total distribution when the final payment is made will be £176,640. The directors have usually written £IO,OOO off bank premises annually, but this vear no such allocation is to be made. A sum of £40.000 is to be transferred to the reserve fund, raising it to £1,046,550, and £26,761 carried forward, against £26.663 brought into the account. By payment of the final instalment of £13.760 on capital account on July 1, 1027. in connection with the bank’s last new share issue, the capital was tn- « reased to £2.208,000, and £6,SSO, representing premium on shares, was transfer! od to reserve fund. During the year deposits increased from £13,201,514 to £14,018,935, and bills in circulation and balances due to other banks declined from £1,859.653 to £1,234,553. Liquid assets are £314,040 higher at £6,851,973, the percentage to public liabilities being 4 4.9 against 43.4 at the previous balancing date. Advances were £36,79S lower at £11,406,259, while bank premises now appear at £365,220. The shares, which are paid to 20s, are backed by net assets of 2fs Bd, ex dividend. MINING NEWS I moanatAlAFU —The manager reports: ‘ During the week only two shifts were worked in the winze and no ore was broken as we timbered, and bored out when a big fall of earth occurred at the entrance of the main level. We have been engaged cleaning this up and it will take another day or two to finish. Driving was continued on the new leader. About sft. of leader is now stripped and will be broken down shortly. A strong flow of water is now issuing from the face, which may indicate our proximity to the winze. Very little is being done on previous workings, as only short intervals can be diverted in that direction. ALBURN I A. —The manager reports as follows: “At the point where we are prospecting in the Norwegian level we have risen to a height of over 7ft. over the level. The average width of the reef is about 2}fx. and in each breaking down gold has been seen and a few pounds of rich stone selected from the ore broken. The general indications to meet with rich values are good. Little or no work has been done under the floor of the Orlando level, which gives ISOft. of backs from our present workings. The whole oT next week our time will be occupied nmbering and putting in a pass, therecre there will be no breaking down of wre until the timbering is completed. - ’

N.Z. DAIRY CO-OP. DIRECTORS NOMINATIONS CLOSE Press Association. HAMILTON, To-day. Nominations for seats on the directorate of the New Zealand Co-operative Dairy Company closed last night. Four of the 13 directors retired by rotation. These were Messrs. H. McKenzie (Northern Eltctoral District), J. It. Young (South-western), G. T. Bryant (Southeastern) and W. E. Hales (Hauraki Plains, a ward of the Thames Valley Electoral District). Messrs. McKenzie, Youi .4 and Bryant were returned unopposed. Three nominations were received for the Hauraki seat, Messrs. W. E. Hales (Turua), P. R. Henry (Turua) and J. W. Meate (Ngatea). The election takes place two days before the annual meeting.

LONDON MARKETS WOOL TRADE DISAPPOINTING Under date July 2S; the High Commissioner for New Zealand, stationed in London, cabled as follows: Tallow. —The spot market is quiet, but steady with fair demand at auction. Mutton, fine, advanced Od and good mixed 3d: others are unchanged. Apples.—The market is practically clear of fresh apples, except for a few large Stunners at 11s to 12s a case, cold stored making - 13s to 14s. First arrivals of American this week, Gravenstein making 15s a case. Hemp.—The Manila market is dull and unchanged at last quotations. Sisal: The market is quiet, but closed steadier. Values of July-August shipments are: No. 1, £33 10s; No. 2, £32. There is a little more inquiry for tow, No. 1, at £26 for July-August shipment. New Zealand: The market is dull and values are nominally unchanged. Wool.—Business in all sections is disappointing and buyers are unwilling to make forward commitments until the new clip position is clear. Present quotations for tops are: 64’s (Merino), warp, 4s 6d a lb.; average. Is sd; 56 s (super halfbred), 3s -id, 50 s (halfbred), 2s 7d; 40 s, prepared, 2s Id

Closing quotations at today’s mid d Sellers. Buy« » £ a. d. £ d. BANKS— Bank of Australasia 14 is 0 14 15 0 * om. of Aue li 10 1 10 Ditto (con.) .. .. 0 ID 3 Ditto (pref.) .. .. Kng., Scot. & Aus. 8 11 fi s S 0 Vat. of N.Z 0 Xat. of Australasia IS Ditto (con.) . . .. New South Wales . 50 in 50 6 Mpw Zealand .. .. ID ID G I>itto, D Mort. (,20s paid) 7 o Union of Australia . 15 0 0 . INSURANCE — National 0 IB 2 0 15 8 New Zealand .. .. 0 2 JI South British .. .. Standard LOAN AND AGENCT — Farmers* Co-op Auctioneering 3 0 0 12 0 Ditto (B pref.) .. 15 Goldsbrough Mort. 12 11 Newton King (pref; 0 G N.Z. and River F*late 1 10 3 N.Z. Doan & Merc. — 10fi 0 0 Ditto (pref.) .. .. — so 0 0 COAL — Hikurangl n fi 4 0 10 Ditto (pref.) .. .. 0 9 3 Ditto (A pref.) .. n 8 G Pukemiro G 0 12 6 Taupiri 1 Ditto (pref.) .. .. 1 Westport-Stoekton . 0 3-11 G Ditto (pref.) .. .. — GAS— Auckland .. .. l 2 5 1 2 4 SHIPPING— Devonport. Steam .. 1 4 0 1 0 Huddart-Parker Northern Steam .. P. & O. (def. stk.). 240 0 Union Steam (pref.) 1 TIMBER— -Bartholomew .. .. — 0 15 0 0 ID Ley land-O’Brien 1 National . .. .. -» 11 * WOOLLEN— Kaiapoi — O' 10 3 Ditto (con. > .. .. Ditto (pref.) . • .. 6 Mosgiel 10 Wellington — Ditto (pref.) .. —■ 6 BREWERIES— C. L. Innes — 0 IS 0 J. Staples and Co... 1 17 3 — N.Z. Breweries 2 o 3 2 4 0 MISCELLANEOUS— * Auckland Amusement Park .. .. 0 70 British Tobacco 0 G Burns Philp 0 Bycroft. Ltd 1 15 0 1 10 G Checker Taxicab . . 0 0 Colonial Sugar (Australia) .. . . 58 0 Dental and Medical 0 I 4 6 Dominion Pictures. 1 1 0 Ditto (pref.) .. .. 1 1 0

lay call were: — Sellers. Buy ers Dunlop Rubber .. .. Electrolytic Zinc 1 0 6 ' — (ord.) 1 13 6 1 12 6 Gear Meat 2 0 Grey & Menzies . . 0 9 3 Hayward’s Pictures 1 1 0 Henry Jones .. .. 1 IS % Hill and Plummer . . l 1 1 H.M. Arcade (prof.) 1 0 N.Z. Drug Lewis Eady, Ltd. 3 10 6 3 S 9 0 6 Milne and Choyce .. 1 4 Ditto (pref.) .. .. 1 4 6 Ditto (B pref.) . 1 4 6 Ditto (deb. stock) 1 1 National Pictures .. 0 13 0 Farmers’ Fertiliser. 4 8 0 4 0 0 Morris Hedstrom . . 1 1 3 1 6 3 N.Z. Refrigerating: 0 IS 0 Ditto (con.) . . . n 8 9 0 8 Northern Boot.. 0 IS Robinson lee Cream i 3 0 1 2 3 Sanford. Ltd. (pref.) 1 0 6 Sharia nd and Co. . 1 0 6 0 1!) 6 Taranaki Oilfields .. 10 0 0 8 Thames Theatre . . 1 0 Tonson Garlick 0 11 Union Oil 2 3 6 0 Vic. Nyanza Sugar 2 5 0 2 4 0 hittome Stevenson 2 6 6 ilsons Cement .. 1 IS 9 1 18. 3 MINING— 0 Ditto (con.) . . .. 0 Golden Age (paid). New Waiotahi (4s 0 0 3 0 0 1 paid) 0 0 4 Ditto (con.) . . . . Occidental Una 0 0 6 __ (con.) 0 0 5 Ohinemuri (ord.) .. n 7 3 0 7 Ditto (pref.) .. .. 0 7 3 Waihi 0 12 0 12 6 Wailii Grand June. n 1 5 Blount Lyell 15 10 1 15 Broken Hill South 2 6 3 2 5 3 DEBENTURES — Auckland Gas, 1932 5 93 0 0 Ditto, 1935, 65 . . Auckland Harbour 103 0 0 102 5 0 5\ p.c 95 10 0 Ditto, &J p.c 99 5 0 City of Auckland, 1940, 5i p.c. . . . . . . 95 10 0 Ditto, 1913, 55 p.c. Borough of Devon- — 99 7 6 port, 6 p.c 100 0 • Borough of Mt Eden, 61 P.c 100 0 0 Ditto, 6 p.c 102 0 0 Borough of Hamilton. 6 p.c Hamilton Theatres 100 0 0 ■ p.c 105 0 0 Ditto, 8 p.c 106 0 0 N.Z. Breweries .. 1 4 0 1 3 Glaxo 95 0 0 90 0 0 GOVERNMENT BONDS — War Loan, 1938, 45 — 98 10 0 Ditto, 1939, 45 p.c. — 98 10 0 Ditto. 1941, 45 p.c. — 98 10 0 Ditto, 1933, 55 p.c. 101 5 0 100 10 0 Ditto, 1936. 55 p.c. — 100 15 0 INSCRIBED STOCKWar Loan, 1938. 45 99 5 n 98 12 6 Ditto, 1939 4 5 p.c. — 98 10 0 Ditto, 1927-41, 54 — 98 15 0 Ditto, 1933, 55 p.c. — 100 10 0 Ditto, 1936, 55 p.c. 100 15 0 Ditto, 1933, 54 p.c. — 99 0 0