ON ’CHANGE

Sun (Auckland), Volume II, Issue 421, 1 August 1928, Page 12

ON ’CHANGE

INVESTMENTS REVIEWED GENERAL RISING TENDENCY By “Noon Call.” August 1, 9 a.m. A very firm tone is registered j in the market for ai sound investment securities. The tendency noted over the past month or so to hold prices at a level which mostly gives a comparatively low immediate retur non investment is restricting business. With the improved state of our primary industries over the past six months or so there lias been a corresponding increase in the amount of interest taken in investment circles, and the market for all the better class securities has showin a rising tendency. This has been accentuated by the reduction in the bank rate, and is apparently throwing large sums on to the gilt-edged market. A very firm tone has been registered here during the past week or so, and values have been gradually appreciating with sellers extremely hard to locate. Table Showing Rising Market No better indication as to the appreciating trend of the market could be found than in the following table of representative securities showing the market at the end of the March quarter, compared with prices at yes-

High Prices Restrict Turnover The volume of trade throughout the Dominion over the past week has not been large, but this can only be attributed to the high prices, as there is a very healthy undercurrent in the market, showing that there is ample money available for investment in any worth-while proposition. Bargains are certainly hard to locate. The banking section has been steady with Commercials of Australia the only scrip ,to show any appreciable upward movement. These shares have moved to 9d in advance of last week’s level. New Zealands have shown a slightly easier tendency and weakened to under 59s 9d yesterday on the Auckland market. In Wellington, however, they came back to 60s. New South Wales scrip is 5s weaker than at the close of last week. Insurances remain in good tone, with more buyers than sellers. A fairly heavy turnover in Nationals was registered on the three Southern ’Changes yesterday. Goldsbrough Morts Still Rising The loan and agency section saw a further advance in Goldsbrough, Mort scrip, the market jumping another point or so in the South yesterday afternoon. Messages from Christchurch record an advance of 6s in . .ational Mort scrip yesterday afternoon, when compared with sales in Auckland during the morning. A very strong tone in the market for Pukemiro Coals has been shown over the past month or so, and this was further accentuated during the week, when buyers brought their offers up to 68s 6d, without drawing sellers. Sellers are very hard to locate. Since payment of the dividend, Auckland Gas shares have come in for increased attention, and the scrip has been active on a rising market. Industrials Quiet The miscellaneous section is very quiet, and, although attention is fairly widespread, the volume of business has not been heavy. Colonial Sugars fell out of favour early in the week, but found a market in the South again yesterday afternoon at £59, 17s 6d below !as r . week’s level. Pictures are in good tone, meeting with a steady demand. l Buyers predominate. Lewis Eady, Ltd., after a long period of neglect, have been quietly active over the week on a market firm at 235. Return On Investment Following is a summary of sales made on New Zealand ’Changes over the week ended July 31, giving the approximate return on investment based on the latest dividend. The first column gives the best figure at which the latest sale was made: Latest Approx. Sale. Return.

CAMBRIDGE DAIRY COY.

BIG PAYMENTS TO SUPPLIERS ANNUAL MEETING (From Our Own Correspondent) CAMBRIDGE, Tuesday. The 27th annual meeting o£ the Cambridge Co-op. Dairy Company vae held to-day, til© chairman, Mr. F. it. Ander- , son, presiding over an attendance of 250 suppliers and shareholders. In marked contrast to a few years ago was the happy, prosperous tone of the meeting, the result of the recovery of the financial affairs during the past three years. During the year cheese suppliers have received an average advance of Is 5.58 d and an estimated final payment of 2.209 d, bringing the payment for cheese up to Is 7.789 d. The average advance to butter suppliers was Is 4.lid, and the estimated final payment 1.75 d, bringing the total payout up to Is 5.86 d. In all probability the final payments for both butter and cheese will be in excess of the figures stated. The total butter-fat handled during the year was 2,898,0881b5, which is in excess of any previous year. It indicates what might have been had the climatic conditions not been so unfavourable in the summer months. Owing to the drought the increased expenditure on dairy cattle and fertilisers did not bring in the returns anticipated. The financial position of the company is sound. Returns showing the company’s operations for the season are as follow, the figures for the previous season being given in parentheses: Butter-making, number suppliers, 357 (324); tons butter made, 600 (602); average test, 4.54 (4.32) ; average price realised per lb, Is 5.01 d (Is 3.4 d). Cheesemaking. suppliers, 204 (198); average test, 3.98 (3.86); tons cheese made, 2,152 (2,181); tons whey butter made, 39$ (37); average price realised, 9.85 d (7 l-8d). In the course of a comprehensive review of the season’s operations Mr. Andersen said it was most gratifying that, despite the drought last season, production had been a record, and he gave credit to the extensive use of fertilisers and herd testing. Testing meant replacements, and he hoped the time was not far distant when all replacements would come from their own district. Better Results Hoped For In view of the production last season he was satisfied that under ordinary conditions they would pass the three million butter-fat mark in the coming season. Indicating the progress of the company of late years the chairman stated that since 1918 the company had doubled its production. Continuing the chairman said that, despite the fact that no butter was placed on the local ma,rket last year, their gradings were higher. Mr. Anderson spoke at length on the application of science in dairying and the need for encouraging greater efforts in this direction. He paid tribute to the good work of the Massey College and to the live interest by the Agricultural Department. Apart from these activities he believed the time was not far distant when the larger companies would have to go in for small laboratories of their own. Mr. .Anderson also refererd in appreciative terms to the interest of the Taranaki Federation of Factories. Efficiency of Board Questioned The chairman characterised the Control Board as a battleground of opposing influences. He seriously questioned if the welfare of the industry had not been, lost sight of. He admitted that the board had done good work in connection with shipping, freight rates and insurance. If no more stable policy was evolved the industry would have to consider some alteration of the constitution. In referring to the the chairman pointed out that it was the first time in many years that the assets were on the right side of liabilities. They had reduced indebtedness from £ 41,750 to £ 39,000. The chairman spoke optimistically of the coming season and stated that the board had disposed some of the June and July butter at Is 6£d. Mr. Lye, a member of the board, said that when the final realisations for cheese were received the total pay-out would be approximately Is 84. Election of Directors The election of two directors resulted in the re-election of Messrs Edward Allen 531, and M. Wells 575; unsuccessful: W. Moore 411, H. p Hewitt 230 and W. Sands 123. The directors remuneration was fixed at £ 500, the same as last year. Messrs. Sansen and O’Meara were reappointed auditors. It was decided that no interest be paid on share capital.

FEWER BANKRUPTCIES

In Auckland last month there were 19 bankruptcies, compared with nine in June and 21 in July of last year. For the seven months of this year the number of bankruptcies is 86 which is much lower than figures for a similar period in 1926 and 1927. The following table shows a comparison of bankruptcies for the first seven months of the past three years;

terday’s closing calls. No effort ms been made to take extremes — Market Market March 28 July 31. s. ci. £ d. BANKS— Com. of Aust. 1 7 10 1 10 6 New South Wales .. 47 15 0 50 0 0 Nat. of Australasia (£5 paid) 8 17 6 9 6 9 INSURANCES— National 0 15 6 0 16 0 South. British .. .. 2 19 0 3 0 3 GAS— Auckland (cum div.) 1 1 10 Ditto (ex div.) .. — 1 2 4 INDUSTRIALS— British Tobacco .. 1 19 9 2 2 9 Gear Meat 1 17 3 2 0 0 DEBENTURES— N.Z Ins. Stock, 1938, 4 h P.c 97 10 0 99 0 0 Ditto, 1936, 5J p.c. 100 7 6 101 0 0

£■ iS d. BANKS— Com. of Aust. Nat. of Australasia 1 10 6 4 18 4 (con.) 9 6 9 5 7 1 Ditto (paid; .. .. IS 16 0 5 6 New Zealand .. . . 3 0 0 Adelaide 9 13 0 3 Nat. of N.Z 7 4 0 New South Wales . 50 0 0 Australasia Union of Australia 14 17 6 4 14 1 cum. div.) .. .. 15 4 0 4 18 8 Eng., Scot. & Aust. INSURANCES— a 11 6 4 7 5 New Zealand c. .. 2 *>, 6 4 National 0 16 0 South British .. .. JJ 0 17 Standard 3 5 6 3 17 1 LOAN AND AGENCY— Newton King- (pref.) 0 6 9 Dalgety and Co. .. 14 15 0 5 Goldsbrough, Mort . 2 11 3 Nat. Mortgage .. .. 4 6 0 5 16

COALS— Westport-Stock ton (ord.) 0 8* Ditto (pref.) .. .. 0 4 0 Taupiri GAS— 1 6 0 7 9 6 Auckland Christchurch (ord. 1 2 4 7 3 S cum. div.) 1 4 G Ditto (10s paid) . 0 12 0 6 13 4 SHIPPING— Devonport Steam .. TIMBER — 1 4 0 6 5 0 Leyland-O’Brien 1 12 ft Kauri 0 19 0 BREWERIES— New Zealand .. .. MISCELLANEOUS— 2 4 6 4 9 10 Wilsons Cement Electrolytic Zinc 1 IS 6 s 3 11 (ord.) 1 13 0 7 ft ft Gear Meat 0 Hayward’s Pictures N.Z. Refrigerating: 1 0 0 9 0 0 (10s paid) 0 s 6 Colonial Sugar . . . . 59 0 0 Lewis Eady, Ltd. . . 1 3 0 British Tobacco Kaiapoi Woollens (7s 2 2 9 4 1 1 paid) 0 2 1 Sanford, Ltd. (ord.) 0 19 7 Milburn Lime .. . . 1 12 9 N.Z. Drug 9 0 Shariand and Co. .. MINING— 1 0 0 0 0 Ohinemuri 0 Mahakipawa 0 2 Mount Lyell .. 1 9 Upper Nevis DEBENTURES— N.Z. War Loan, 1941 0 4 6 4i per cent 9S 17 6 Ditto, 1938, 4& p.c. 99 0 0% Ditto, 1933, 54 p.c. N.Z. Ins. Stock, 1936 101 0 0 5 1 5J per cent .. .. 101 0 0 Ditto, 1933, 5£ p.c. 100 17 « Ditto, 1938, p.c. 99 0 0 4 12 7 N.Z. Breweries . . N.Z. Farmers Co-op 1 3 11 8 7 6i p.c. stock, 1935 85 0 0 —

January .. 192S. 6 1927. 17 1926. February.. .. 15 March .. .. IS April .. .. 15 May .. .. 21 June . . 29 July .. .. 21 14 Totals S6 135 100