FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 449, 3 September 1928, Page 12

FINANCE & MARKETS

Market Quiet

Pukemiro Coals Firm

BUSINESS on ’Change this j small compass. No sales

"Banks and insurances are quiet, with steady buyers for most shares. Buyers of Pukemiro Coals improved to 69s 3d again this morning, without attracting sellers. Taupiris are unsupported, with sellers of the ordinaries at 27s 9d. Devonport Steams are firm, buyers moving up 3d to 24s at mid-day. The miscellaneous group shows little movement. Colonial Sugars are very

lorning fell To within a very were made in the call-room.

firm, buyers moving up to £6l at midday. Mining, generally, is weak and depressed. Ohinemuris and Mount Lyells are the only shares showing any strength. Gilt-edged securities continue to attract steady buyers on a very firm market. Business at mid-day: Reported— Xew Zealand Refrigerating Co. (con.), 8s lid.

TO-DAY’S QUOTATIONS

Closing quotations at to-day’s mid day call were:

SOUTHERN EXCHANGES

SATURDAY’S SALES Press Association. Christchurch. —Commercial Bank of Australia (new, fully paid), 29s 9d; South British Insurance, 63s 3d; Huddart-Par-ker (ord., cum div.), 48s 9d (two parcels); Mahakipawa, Is lOd, Is 9d, Is 8d (two parcels); Dalgety and Co., £ls Is. Dunedin. —New Zealand Paper Mills, 16s 9d. •>r rl? fir Sir rJS A? $1? sls Hr rfc %’■ SUN COMMERCIAL SERVICE A special section for readers seeking information on financial and commercial questions is included in these columns every Saturday. Names and addresses must be given in every instance, although not for publication, and inquirers ore requested to send in questions early in the week addressed to the Commercial Editor, TRE SVN. -ji SK ib rS *W * w !*• SV* * * LONDON MEAT MARKET SMITHFIELD VALUES Under date May 31 the London office of the New Zealand Meat Producers* Board cabled the following advice regarding Smithfield delivered prices averaged for the week ended at that date;— New Zealand Wethers and Maidens. — Canterbury quality, selected brands, 561 b and under* 7 5-Sd a lb; 571 b to 641 b, 7 3-8 d; 651 b to 721 b, 7 l-Bd. Other brands, 561 b and under. 7 3-8 d; 571 b to 641 b, 7}d; 651 b io 721 b, 7d. Xew Zealand Ewes.—64lb and under, 6 1-Sd. Xew Zealand Lambs. —Canterbury qualitv 361 b and under, lOld; 371 b to 421 b, 10.\d: 431 b to 501 b. 9 7-Bd. Seconds, lOd. Selected brands, 361 b and under, 10 3-Sd: 371 b to 421 b, 101 d. Other brands, first quality, 361 b and under, 10$d: 371 b to 421 b. *lO 1-Sd: second quality, 301 b to 321 b.. average, 10 1-Sd. Xew Zealand Beef.—Ox. fores 3 7-Sd; hinds, 53d. Cow fores, 3id; hinds, ssd. Argentine Chilled Beef.—Ox fores, 4 3-8 d; hinds, 7 5-Bd. Frozen Pork.—Porkers, 601 b to 801 b, 7 id; 811 b to 991 b. 7d; 1001 b to 1201 b, 7d. Baconers, 12lib to 1801 b, 7£d. Lamb. —The market keeps firm for prime lamb. Consumption is satisfactory. The tone of the market is slightly weaker for secondary lamb owing to competition of Scotch hill lambs. Mutton. —The market is firm. There has been a good demand for light-weight ewes. Beef.—The market is steady.

MILK FOR CHEESE

REPLY TO CRITICISM DANGER OF SKIM MILK Press Association. HAWERA, Saturday. In presenting the annual report of the Hawera Dairy Laboratory to the Taranaki Dairy Federation, Mr. P. O. Veale, research chemist, who conducted the recent tests into the values of high and low-test milk for cheese-making, made the following comment:— “Since publication of the report in the newspapers much controversy has raged, very - largely, I am afraid, upon points not in the least relevant to the aim and scope of the report. I would like to remind partisans of various breeds who have* expressed their opinions through the Press that this research was entitled ‘The relative values of high and lowtesting milk for cheese-making in New Zealand,’ and that although different breeds of cattle were necessary in order to secure differences in test the investigation was not designed as a ‘battle of the breeds.* “It is a great pity that the findings have been so hastily used to promote petty squabbles between fanciers of different breeds of dairy cattle. The issue is too large and too important for such a procedure.” Referring to the controversy regarding the suggestion that a system of standardisation of milk might be used to combat losses to dairymen through an unnecessarily high standard in the fat content of New Zealand cheese, Mr. Veale gives a warning against the danger with the system of skimming milk owing to popular against cheese made from anything other than whole milk. Mr. Veale concludes; “We may take it that, danger to the good name of our produce caused by nopular prejudice against the use of skim milk, even in very limited quantities in cohjunction with a very rich milk, is a real danger likely to do our industry infinite harm, although T believe .that with proper scientific control over the annlmation of. the process and over the final eomnosition of the product there is pot the slightest foundation *n fact for the prejudice, whether on the score of flavour, body, texture or food value.” LONDON MARKETS (United P..4.— 8y Telegraph — Copyright.) (Australian and X.Z Press Association) LONDON Saturday. Frozen P.eef.—Australian crops, 4d. Chilled Beef.—Argentine fores. 4 5-8 d; hinds, 7 5-Sd: others, unchanged. Cotton. Rubber, Hemp, Etc. (Last week’s prices in parentheses.) Cotton.—October delivery, 9.90 d (9.97 d) a lb. Rubber. —Para. 109 d (Hid): plantation and smoked. 9d (9Jdl. Jute.—September-October shipments, £36 10s (August-September. £37) a ton. Hemp—July-September shipments, £32 10s (£3O 10s) a ton. Copra.—September-October shipments, £24 15s (August-September, £24 15s) a ton. Linseed Oil.— £2B 10s (£29) a ton. Turpentine.—4ls 3d (425) a cwt. Tallow Stocks The stocks of tallow are 1,564 tons; imports, 1,069; deliveries, 1,041.

NATIONAL BANK OF N.Z.

GROWING INSTITUTION FUTURE PROSPECTS BRIGHT The history of the National Bank of New Zealand over the past quarter of a century has been one of steady progress. From a net turnover of £49,907 in 1905, the business of the institution has , grown to show a net profit of £290,000 for the year ended March, 1928. Commenting on the operations of the bank over the past year, the chairman of directors, the Hon. W. Pember Reeves, at the 56th ordinary general meeting of the bank, stated that the net profit of £290,000 had been arrived at after paying a bonus of £15,000 to the staff, and placing £IO,OOO to pension and gratuity funds. Full provision had been made for all bad and doubtful debts out of the profits for the year. “While the position is somewhat less satisfactory than usual, I may point out,” said Mr. Reeves, “that the recent improvement in New Zealand trade did not set in until last November. It came at the end of two years of pronounced depression which affected both our business and our policy. During the last 12 months, we felt constrained to pursue a conservative policy subject to reasonable regard for the interests of our clients. The result was a considerable fall in our advances, while at the same time, deposits increased. “While the exchange business in New Zealand has been large, reflecting the increased value of the country’s exports, the diminution of imports into the Dominion, while necessary and good for the country, has made the transmission of money from London to Wellington somewhat difficult. Exchange rates, too, have been low, and the moderate increase made recently came too late to have much effect on the year’s profits. These are a few of our passing difficulties, but we have a business which is not only large but sound. The position of our bank is excellent, and there is good reason to anticipate that the improving position in New Zealand will be felt by our institution during the coming .year. The directors therefore decided to pay the usual bonus of 2 per cent., in addition to the dividend for the half-year at the rate of 12 per cent, per annum. The carry-forward at £16G,000 is £IO,OOO less than last year. Expansion of Business

“Ten thousand pounds has been allocated to premises account. We are now past the peak of our building programme, which was commenced about ten years ago. Two large buildings have been completed in Wellington and Palmerston North, while a start' has been made on new offices in Courtenay Place, Wellington, and at Invercargill. Only one erectiqn of any considerable size has now to be gone on tvith —new premises at Wanganui. While the cost has been large, the work was necessary and has greatly added to the general efficiency of our service. At Wellington, we have now a handsome and commodious building, long overdue, and a much needed help to the general manager and our large staff there. No new branches have beejt opened during the year, but agencies have been established at Otahuhu and Pokeno. It has been decided to open an agency in Colombo Street, Christchurch, while it is expected that Ave may have to open one or two branches in Christchurch in the near future. The Directorate

“We very much regret that Sir James Coates has resigned his position as honorary director, for the sole reason that with advancing years, he desires to be relieved as far as possible from business responsibilities. Sir James’s distinguished career in the service of the bank is well known to all New Zealanders. Your directors have much pleasure in reporting that Mr. R. D. Trotter accepted their invitation to join the board in December last in place of the late Sir Arthur Myers. Mr. Trotter is chairman of the Provincial Bank of Ireland, and local director of the National Provincial Bank.” Mr. Reeves concluded by expressing the thanks of the directors to the general manager, Mr. G. W. Mclntosh, and the staff in New Zealand and London.

BUTTER AND CHEESE BOARD’S MARKET REPORT Under date August 31 Che London office of the New Zealand Dairy Produce Board cabled as follows. Last week’s prices are given in parentheses:— Butter New Zealand, salted, 180 s to 182 s up to 186 s a cwt (ISOs to lS6s); unsalteil, 183 s to 190 s (184 s to 190 s). Deliveries New Zealand this week, S6O tons. In store, New Zealand, this week, 5,600 tons. Australian, finest salted, 166 s to 172 s (166 s to 1725). Argentine, finest unsalted, 170 s to 171 s (168 s to 1745). Irish creamery, salted, 175 s to 176 s (1765); unsalted, 179 s to 180 s (180 s). Danish, spot 186 s to 188 s (ISSs to ,190 s); f.qb., 182 s (179 s to 180 s). Dutch creamery, unsalted 180 s to 182 s (lS4s to 186 s). Esthonian, salted, 170 s to 174 s (172 s to 1745); unsalted 172 sto 176 s (174 sto 1765). Siberian, 158 s to 160 s (156 s to 158 s). Ukranian, 164 s to 156 s (164 s to 168 s). Polish, salted, 140 s to 150 s (145 s to 158 s; unsalted, lG2s (150 s to 1625). Lithuanian. 158 s to 164 s (158 s to 1645), French, Baskets, salted and unsalted, 150 s to 174 s (146 s to 170 s). Market slow. Retail prices unchanged. Cheese New Zealand, white Ills to 112 s; exceptional 113 s (112 s to 113 s). New Zealand coloured, 109 s to 110 s, up to Ills (110 s to Ills). Deliveries New Zealand this week, 13,000 crates. In store, New Zealand, this week, 59,000 crates. Canadian, white and coloured, 110 s to Ills (110 s to 112 s); exceptionally. 112 s; c.i.f., 108 s (109 s). Australian, white, 109 s (110 s); coloured, 108 s to 110 s (109 s to 110 s). Market steady. Retail prices unchanged. English, finest farmers’, 130 s 'o 134 s (128 s to 1325). Market firm. North American The board has also received the following advice from its agents in Canada: Butter, New York, 48 cents (2s); Montreal. 40 cens (Is Sd). MERCHANTS’ REPORTS Amalgamated Dairies, Ltd., advise receipt of the following cable from their London house, dated September 31:— “Butter; Prices unchanged, Anchor 186 s; market slow, but anticipate improving demand *next week; Danish, 186 s on the spot; 182 s, f.0.b.; deliveries of New' 2lealand, 860 tons; stock, 5,674; retail prices unchanged. Cheese: White, 112 s; coloured 110 s; maaket quiet; Canadian, 110 s to Ills -on the spot; 108 s, c.i.f.; retail prices unchanged.” MINING NEWS LUCKY SHOT.—The manager reports: —“During the past week operations have been confined to driving on the footwall dropper north orr the bottom of No. 2 winze. This will allow us to work two faces north and south in conjunction with one another. This drive is now out 9ft and the dropper has opened out to 2ft 6in wide, and show's colours of gold. In the drive south on the main reef off the bottom of the winze 3ft 6in has been driven. The reef is sft wide and the hanging wall is not exposed. In the last holes fired here the quartz showed sti'ong dabs of gold. No work has been done on the hanging wall vein main level north for the past week.”

£ ers. Sell ers £ d. £ d. BANKS— Com. of Australia . . 1 10 10 1 10 G Ditto (pref.) . . . . 7 5 0 Kngr., Scot. & Aust. S 13 G 8 11 Nat. of N.Z 0 0 0 Nat. of Australasia (cop.) .’ 10 0 9 6 0 New South Wales.. 12 <1 50 0 0 New Zealand . . . . 1 9 1 0 Ditto, D mort. (20s paid) — 1 7 9 Union of Australia . 15 6 0 15 4 0 INSURANCE— National .. 0 1G S 0 16 5 New Zealand .. .. 2 4 6 2 3 6 Queensland . . . • .. ?, 0 South British .. .. 3 t 0 3 3 0 LOAN & AGENCY—

Abraham & Williams (pref.) 4 0 Dalgety and Co. . . 15 6 Farmers’ Co-op. Auctioneering (A pref.) _ 0 16 0 Ditto <13 pref.) .. 0 If) 0 0 15 0 • loldsbrough Mort . 11 11 0 .Newton King (pref.) 0 X 0 0 6 N’.z: & River Plate >J.Z. Guar. Corp. — 1 11 0 0 0 1 0 s r> N.Z. Loan & Merc. 110 0 0 Ditto (pref.) .. .. N. Auck. Farmers’ — 82 0 0 Co-op. (ord.) — 0 2 0 Ditto A (pref.) — 0 12 0 Ditto (B pref.) .. — 0 X

COAL — Ilikurangi 0 6 2 0 5 10 Ditto (pref.) .. .. 0 9 (I i >ito A (pref. ) 0 9 0 s G Pukemiro Collieries 9 3 Renown 0 12 0 0 s 6 Taupiri (pref.) .. .. 1 0 Ditto (ord.) .. .. 1 7 Waipa .. jm 0 14 0 Westport 1 11 1 10 3 Westport-Stockton . 0 3 10 0 3 7 Ditt* (pref.) .. .. — 0 4 0 GAS—

Auckland 3 r, 6 1 3 2 Ditto (con.) .. .. 0 17 6 ■ 0 16 10 SHIPPING— Devonport Steam . 1 4 9 1 4 0 Iluddart-Parker. . .. 6 S 6 Northern Steam 0 14 9 0 14 6 Ditto (con.) . . . . 0 7 0 0 6 8 I\ and O. (def. stk.) 233 0 Union Steam (pref.) — 1 0 o TIMBER— Bartholomew 3 1 0 0 35 6 Kauri Timber 1 0 6 0 ;3 1 and-O'Brien 1 15 6 1 Parker-Lamb .. .. — 0 17 6 WOOLLEN— Kaiapoi .. .. .. 0 12 9 Ditto (eon.) .. .. 0 4 0 3 10 Ditto (pref.) 0 16 0 0 14 6 Mosgiel — 7 3 0 Wellington — 6 9 0 Ditto (pref.) .. .. — 6 10 0 BREWERIES— C. L. Innes (pref.) 1 0 6 0 19 « Tooth's — — 2 7 0

Sellers B ers. MISCELLANEOUS— A uck. Amusement Park 0 6 0 British Tobacco 6 3 0 Bycroft, Ltd 1 11 0 Checker Taxicab 0 10 0 Col. Sugar (Aus.) . 61 0 0 Dental and Medical 0 14 Dominion Pictures 1 1 6 Ditto (.ii ef.) .. .. Electrolytic Zinc 1 1 6

(ord.) — 1 13 ft Grey and Menzies 0 9 0 Hayward’s Pictures 1 0 0 19 Hill and Plummer 1 ft H.M. Arcade . . .. ft Ditto (pref.) .. .. 1 1 Milne and Choyce . ‘1 4 6 Ditto (pref.) .. .. 1 4 6 Ditto (B pref.) 1 4 « Ditto (Deb. Stk) .. 1 4 0 National Pictures . 0 13 6 Morris, Hedstrom .. 1 1 6 1 0 G Ditto (pref.) . . . . 0 IS 9 N.Z. Fert N.Z. Refrigerating — 4 3 0 (con.) 0 9 2 0 8 S Sanford, Ltd 1 0 0 Ditto (pref.) .. .. 0 in Sharland (pref.) .. 0 19 9 Taranaki Oilfields . 0 9 9 0 8 Thames Theatre .. 0 19 0 Tonson Garlick 0 12 9 0 1 1 9 Union Oil . 6 2 W hittome Stevensons 2 10 0 Wilsons Cement Farmers’ Trading 1 19 0 — (ord.) 0 8 0 ft ft 9 Ditto B (pref.) .. MINING— ft 9 0

Moanataiari (paid) ft 1 6 Ditto (con.) .. .. 0 0 6 Golden Ape (paid). 0 0 New AVaiotahi (con) 0 0 •1 Occidental Una (2s paid) 0 1 0 Ditto (eon.) .. .. 0 ft r» Ohinemuri (ord.) .. 0 8 0 ft 7 9 Ditto (pref.) .. .. ft 0 Waihi . 0 12 4 0 12 0 Waihi Grand June. 0 1 4 .Mount Lyell 1 15 0 1 14 0 DEBENTURES— Auck Harbour Board 4 per cent — 89 0 0 Ditto, p.c. .. — 90 0 0 Ditto, 5i p.c. .. .. 100 0 0 Ditto, 6 p.c 105 10 0 102 10 0 City of Auckland, 1940, 5i p.c 96 0 0 Ditto, 3.943, 5i p.c. 3 00 0 0 Bor. of Devonport, 6 101 0 0 Bor. Mt. Eden, 52 J00 0 0 Ditto, 6 p.c 3 02 0 0 Bor. of Hamilton. 6 102 0 0 Hamilton Theatres, 7 98 0 0 N.Z. Breweries — 1 3 10

N.25. Farmers’ Coop. of Canterbury, 1935 .. .. — 84 0 0 Glaxo .. .. — 90 0 0 GOVERNMENT BONDS— War Loan, 1930, 4b — 99 0 0 Ditto. 1938, 4& p.c. — 99 0 0 Ditto. 1939, 4b P.c. — 99 0 0 Ditto, 1941, 4b P.c. — 99 0 0 INSCRIBED STOCK— War Doan, 1938, 4 b 99 10 0 99 0 0 Ditto, 1939, 4b P-c. — 99 0 0 Ditto, 1933, 5 b P-c. 101 10 0 101 0 0 Ditto, 1936, 5b P.c. — 101 0 0