FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 450, 4 September 1928, Page 12

FINANCE & MARKETS

Devonport Steams Firm Auckland Gas Active

Activity in the shipping Devonport Steams was th this morning. 7n banks, Nationals of Australasia are very firm. Unions of Australia are also in good tone, being dealt with yesterday afternoon at £ls ss. New Zealands have a slightly easier tendency. Insurances are quiet, with little movement in the market. Auckland Gas continue to attract a wide share of attention, and show considerable activity on a fairly steady market. Devonport Steams improved at midday to see several parcels change hands in the call room at 24s 6d. Hud-dart-Parkers also show increased strength. New Zealand Breweries are firmer, in sympathy with the market in the South.

gremp and an advance in ; principal feature on ’Change In the mining group, although more companies are being quoted, the market is very weak. Waihi Junctions are unsupported, with sellers fallen to Is 2d. The Australian companies show strength, but no business is recorded. Business yesterday afternoon. —On ’Change: Auckland Gas, 23s 4d. Reported; Union Bank of Australia, £ls ss; Westport Stockton Collieries (ord.), 3s 8d; Hayward’s Pictures, 20s; Ohinemuri Gold and Silver (ord.), 7s 9d. Business at this morning’s early call. —On ’Change: New Zealand War Loan, 1939, 45 per cent., £99 7s 6d; New Zealand Breweries (deb.), £ l 4s. Business at mid-day.—On ’Change: Auckland Gas, 23s 4d; Devonport Steam, 24s 6d (two parcels); Northern Steam (ord.), 14s 6d (three parcels).

TO-DAY’S QUOTATIONS

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

SOUTHERN EXCHANGES YESTERDAY’S SALES Wellington.—4i per cent. War Bonds CIOSS). £99 ss; Huddart-Parker (cum. div.), 48s lOd; Sharland and Co. (ord.), 20s (two pels.). Christchurch. —Union Bank of Australia, £ls ss; National Mortgage, 80s 6d; Kaiapoi Woollen (17s paid, cum. div.), 13s 3d: Christchurch Gas (10s paid), 12s 9d; Tooth’s Brewery. 495; New Zealand Breweries, 48s 3d; Mount Lyell, 34s 9d; Mahakipawa, Is 4d, Is 3d (three pels.), Is 2d (two pels.). Is Id (two pels.), Is (three pels.), lid (two pels.), Is 3d (four pels.). Is 4d (two pels.). Dunedin. —Mahakipawa, Is sd, is 4d; Union Bank, £ls ss. LONDON PRODUCE MARKET Under date September 1 the High Commissioner for New Zealand stationed in London cabled as follows: Tallow.—There was a quiet demand at the auction, and no change in prices. Bggs.—The demand is slow, and prices lower. Present quotations a long 100 are as follow: Knglish, 17s 6d to 225; Dutch and French, 15s to 17s 6d : Danish and Belgian. 14s 6d to 16s 6d : Polish, Lithuanian, and Russian, 9s 6d to 13s 6d. Hemp.—The Manila market was dull during this week, and at the close sellers quote .1 grade £37 for August-October, and September-November shipments. The sisal market is firm. Sales were made of No. 1 at £35 10s to £36, and No. 2 at £34 5s to £34 15s in any position until the end of the year. The New Zealand market remains firm, with a scarcity of offers. The demand is moderate in all positions. Nominal closing values were the same as last quotations. Wool. —The Bradford inquiry for both wool and tops is a little more general, but actual business is still very restricted. Quotations for tops are somewhat easier; 64*s (Merino), warp, 4s 4d a lb, average 4s 3d a lb : 56’s (superhalfbred). 3s Ijd a lb; 50’s, prepared, 2s 7d a lb; 40’s, prepared, 2s Did a lb.

In the Market Place GOOD APPLE DEMAND ORANGES SELL FREELY Apples are in good demand this week on the City Markets, and better grade earting varieties are bringing sound prices. Oranges are still selling freely. Pears are still slow of sale. Lemons have lately been easier in value. For bananas there is a steady inquiry, and prices have been high for repacks. With the approach of warmer weather, marketmen expect that fruit sales will improve considerably. Nearly all lines of vegetables, particularly new potatoes, cauliflowers and cabbage. are in good supply. The demand is fair. Quotations: — FRUIT. Apples.—Sturmers, H . wke’s Bay, Is to Ss; Sturmers, Nelson, poor condition, <s to 6s; Delicious, 6s to 9s 6d; Dougherty, 5s to 7s 6d; Granny Smith, 10s to 12s; Munroes, 5s to 7s; Ballarats, 6s 6d to 7s 6d; Washingtons, 7s. Pears. —Nellis, 9s to 10s; Coles, 6s to 9s. Oranges.—lsland, repacks, 17s 6d to 18s; Poorman, 4s to 6s 6d. Tree Tomatoes.—6s to 15s. Bananas. —Repacks, short supply, 22s 6d to 30s. Mandarins.-r-lls to 14s. Oranges.—Common, Sydney, 9s to 10s 6d; Navels, repacks, 14s to 15s; Sevilles (6s to Bs. Passions.—l9s to 21s. Lemons. —10s to 14s. Pines.—22s to 27s 6d. FIELD PRODUCE Vegetable Marrows.—3s to Cs dozen. Cabbage.—On benches, Is 6d to 4s 6d dozen. Cauliflower. —On benches. Is to 5s dozen. Celery.—First grade, 6d to 7d bundle. Rhubarb.—4s to 5s 6d dozen. Spinach.—2s to 2s 3d dozen. Pumpkins.—On benches, Is 6d to 3s each. Spring Onions. —3d to 6d bundle. Radish. —6d to lOd dozen. Carrots, Parsnips, Beet and Turnips.— Is to Is 6d dozen. Leeks.—2d to fid bundle. Potatoes.—Southern, Ss to 9s cwt; new Norfolk Island, 2£d to 4d lb. Onions.—l6s 6d to 18s crate. Kumaras.—los 6d to 12s fid cwt. Cabbage.—First grade. 7s to 10s sack, second grade, 2s to 4s sack. Cauliflower.—3s to 5s fid sack. Swedes.—2s fid to 3s 9d bag. Pumpkins.—Triumble, 15s to 18s cwt.; others, Ss to 12s cwt. Oitron Melons.—ss to 6s cwt. Beans.—9d to 2s lb. Lettuce.—ls to 5s case. Cucumbers.—6s to 9s dozen.

Grocery Review

THE SUN Office, Sept. 4, 1928. The wholesale grocery nouses have again had a busy week, the improvement in trade being fully maintained, and bookings of Christmas goods for delivery in November and December are now more satisfactory. Owing to excessive stocks the manufacturers of “KL” green peas in 21b. tins have reduced their price by 2s a dozen, and an all-round reduction of Id a lb. in the price of bacon is announced. An advance of £ 1 a ton in molasses in 4-gallon tins is stated to be duo to the increased cost of tins and cases. A shipment of English salt just landed ex s.s. Coptic arrived to a market which was running low in certain packings, particularly 51b. bags. MATCHES The news of the fire on the Port Napier was a little disconcerting to merchants, as certain brands of English safety matches were becoming short locally, and it is reported that the shipment of matches on this vessel has been considerably damaged. Under these circumstances most of the consignees have had to have their quantities repeated by the first available shipment from London, which will probably mean that a shortage of stocks will be noticeable before long. CURRANTS Latest information from Australia is to the effect that stocks of currants are now almost exhausted, but shippers are still offering to take business at present prices for shipment up to the middle of October. SULTANAS Prices of Australian sultanas remain unaltered, but an item of interest to the trade this week is the extension of the forward period of shipment to New Zealand, this now being possible up to the middle of November. RAISINS After steadily falling during the past six weeks, the market in California for all grades of raisins lias now firmed, and indications point to higher prices ruling before long. Seedless have already advanced Is a cwt. for October shipment, and seeded raisins in cartons are now Is 9d a cwt. higher. All lines of bleached raisins, including both oil and soda-dip-ped grades, have advanced, prices for early shipment being about Is 3d a cwt. above previous quotations. For forward shipments still higher rates are quoted. PRUNES Cables just to hand from San Francisco shippers state that the market for all kinds of prunes is very strong. The chief reasons given for the higher prices is that there has been much more shrinkage during the drying process than was expected, also that the short sellers were now covering their sales. Although there are still fair stocks of old crop held locally, supplies of both 20/30 and 30/40 sizes have been short, and are likely to remain so until the arrival of the August shipments. As the advances for the new crop fruit represent an increase of from 5s a cwt. in the larger sizes down to about 2s 6d a cwt. in the smaller grades, this will have the effect of a general advance in prices to the retail trade .immediately. CH ERRI ES As a further indication of the failure of the new season’s cherry crop in France, prices wore again advanced Id a lb. last week. The high rates now ruling are affecting sales to some extent, and it would appear that there is no prospect of lower prices until next season. Stocks of both drained and crystallised are very short at present, hut the first shipments of the new fruit are expected to reach this market during this month. DATES Busir.ess in new season’s dates for October* shipment by the direct steamer from 'Basrah has been very limited, as prices for November-December shipment from London are nore favourable. A considerable quantity of carton dates, both in pitted and ordinary grades, have already been booked, but orders for lib. paper bags have been on the small side. It is now reported that it is doubtful if supplies of this line will be shipped on the direct steamer, consequently orders will have to come via London, and will not be available for the Christmas trade. PEANUTS Local supplies of Java peanut kernels are extremely short and from information received this position cannot be relieved until the new season’s arrive here via Sydney. In reply to cables, shippers advise that shipments have been made by a steamer arriving in Sydney this week, so that transhipments will be here next week. Since the opening business in the new crop was booked, supplies have been very short in first hands, and this has resulted in an advance of £1 a ton on opening quotations. SHELLED WALNUTS Indent prices for all packings v>f shelled walnuts for prompt shipment remain'firm, and this is likely to continue, as the new crop prices for walnuts in shell are about £6 a ton above last year’s prices. As recent shipments of shelled walnuts arrived in bad order, and some of those were condemned, present stocks of good quality will.have to keep this market supplied until the arrival of the new season’s supplies about December. Both French and Manchurian qualities are expected to see much higher prices this year. NUTS Shipments of the new crop of Spanish Barcelona nuts are due to arrive about the end of this month, and meantime local supplies are very limited. Cables from London shippers are just to nand notifying an advance of £2 a ton lor further business. TAPIOCAS

Stocks Oil spot are extremely short, and although small shipments from Sydney have relieved the position, merchants will now have to await the arrival of the Sussex from Singapore before stocks can bo replenished. Prices for the next direct steamer from Singapore in December have not yet been announced. A sharp advance in quotations for Madagascar Lima beans was advised last week, prices for prompt shipment from London being £5 a ton above previous rates. CLOVES. Stocks in London are now getting short and this has resulted in higher prices, the indent rates to-day showing a total advance of over 5d a lb. on the quotations ruling a few months ago. MINING NEWS KURANUI. —The manager reports; “Driving has been continued on Barry’s reef, a distance of 12 feet having been driven for the week, making a. total of 56 feet from the crosscut." The country being met with in this face is still of a very favourable description for making values. The reef still averages i.ts size of about 18 inches wide, and the quartz broken from here looks very promising, but so far no gold has been seen.” AUCTION NOTES George Walker. Ltd., instructed by the trustees in a deceased estate, will sell by auction on the premises, 22 Ascot Avenue, Remuera, to-morrow- at 11 a.m., the complete furnishings of a charming home.

WOOL SALES AT SYDNEY KEEN COMPETITION (United P.A. —By Telegraph — Copyright) SYDNEY, Monday. At the Sydney wool sales to-day there was keen competition. The market was firm at the best point of last week’s sales. The irregularity recently reported was less pronounced, bood clearances were effected. Greasy Merino sold to 24£d. STANDARD INSURANCE COY. A SUCCESSFUL YEAR (From Our Own Correspondent) DUNEDIN, Monday. The fifty-fourth annual meeting- of the Standard Insurance Company was held this afternoon. Mr. W. F. Edmond, chairman of directors, presided. In moving the adoption of the report and balance sheet, a summary of which was published on August 7, the chairman said that in spite of the general and very definite depression throughout Australia and New Zealand during the past year, and the consequential prejudicial effect on business, the directors were able to present what they trusted the shareholders would consider quite a satisfactory statement. The net premium income had increased by £4,30;>. J-Ie complimented the staff on its efforts during the past year. The property account stood at £112,000, being an increase of £32,000. This was accounted for by the completion of the company’s Wellington building, and the redemption of the mortgage on the Sydney premises. All the company’s properties were now free of encumbrance, and conservatively valued. Interest on investments, after the deduction of taxation, now totalled £24,347, and next, year the company should occupy the fortunate position of being able to pay a dividend at the present rate of 2s 6d a share entirely from this source. Messrs. W. F. Edmond and W. E. C. Reid were re-elected directors. NORTHERN BOOT CO. DIRECTORS APPOINTED At the annual meeting of the Northern Boot and Shoe Manufacturing Co. yesterday, Messrs. F. C. Carr and J. Miller were re-elected unopposed to the directorate. Mr. E. L. Jonas was re-elected auditor. The annual report and balancesheet, details of which were published yesterday, were adopted, together with the directors’ recommendation to pay no dividend this year. J. WISEMAN AND SONS, LTD. NET PROFIT OF £lO2 Although profits were not sufficient to pay a dividend, a decided improvement was noted in the trading year of J. Wiseman and Sons, Ltd., according to the report presented to shareholders at the annual meeting, held last the stock and overdraft were reduced. The balance sheet showed the paid-up capital is £47,374. The profit and loss account showed a balance from trading .account of £18,968, which, with interest and dividend on Queen Street Properties, Ltd., shares, made a total of £20,232. Expenses totalled £20,130, leaving a net profit of £lO2. A debit balance of £1,739 was brought forward from the previous year, and this-Jias been reduced to £1,637. Professor H. W. Segar was re-elected to the directorate. It was reported that Mr. Murray Wiseman had tendered his resignation as secretary after long service, and that Mr. Eric J. Wiseman had been appointed to the position. SOUTH AMERICAN BUTTER MARKET (Special to THE SUN) WELLINGTON, Monday. The New Zealand Dairy Produce Board has received the following advice from its agents in San Francisco: Butter, ’Frisco, 49 cents (2s o£d) ; Vancouver, firsts 393 cents (Is 7 7-8 d), seconds 383 cents (Is 7 3-Sd). •INDIAN MATCH INDUSTRY British Official Wireless . RUGBY, Sunday. The Government of India has accepted a recommendation of the Tariff Board that the Indian match industry should be protected by maintaining and converting into a protective duty the present revenue duty of one rupee eight annas per gross. The Government finds that a protective duty is necessitated by the existence of an international combine witji large financial resources. This controls the. manufacture and sale of matches in a. large part of the world. The adoption by a Swedish match company of a policy of supplying the Indian market with matches made in India will require reconsideration for duty. FOREIGN EXCHANGE RATES (United P.A. — By Telegraph — Copyright) CAustralian and N.Z. Press Association) Reed. 1 0.40 a.m. LONDON, Monday. Foreign rates of exchange on September o, compared with par rates, or as averaged first half of 1914 nr*.-

Selle *s Buye vs. £ s. a. £ s. d. BANKS— Aus. Bank of Com. 1 14 3 1 13 f, Bank of Adelaide — 0 11 0 Com. of Australia . . 1 lft 1 10 6 Ditto (pref.) . . . . 7 0 0 7 5 0 Com. of Sydney . . 10 0 15 0 Nat. of N.Z Nat. of Australasia 7 4 0 7 0 0 (eon.) 10 0, 0 « 0 New South Wales . . . 50 New Zealand .. . . 3 1 6 3 0 0 Ditto, D mort. (20s paid) — 1 7 9 INSURANCE—

0 n 0 National 0 i« n 10 5 New Zealand .. . . 4 6 South British .. .. 3 4 0 3 9 Queensland .. .. .. S rnited — 11 0 0 LOAN & AGENCY— Abraham & Williams (pref.) 4 0 Dalgety and Co. . . Farmers’ Co-op. 15 1 6 14 IS 6 Auctioneering (A nref.) _ 0 16 0 Ditto (R pref.) 0 10 0 0 3 5 0 Goldsbrough, Mort . 1 1 9 11 0 N.Z. River Plate N.Z. Guar. Corp. — 1 11 0 (ord.) 0 0 0 0 S 9 N.Z. Roan and Mer. 20 0 0 no 0 0 Ditto (pref.) .. . . X. Auck. Farmers’ — 82 0 0 Co-op. (ord.) — 0 2 0 Ditto A (pref.) — 0 12 0 Ditto (B pref.) .. — 0 8 9

COAL— Hikuransri ft 6 2 ft 5 10 Ditto (pref.) .. .. 0 a « Dito A (pref.) 0 a 3 ft s Pukemiro a (» Renown ft 12 6 o a ft Taupiri 1 a i 6 a Ditto (pref.) .. .. l 3 0 W aipa 0 14 0 \N estport l 1 1 B i 1ft 3 \\ rstport-Stockton . ft ft 6 Ditto (pref.) .. .. — 0 4 0 GAS— Auckland 1 3 5 1 3 3 Ditto (con.) .. .. 0 17 B 0 17 0 SHIPPING— Devonport Steam 1 4 1 4 p. Howard Smith . * 1 B Hiuldart-Parker a 2 9 ft Northern Steam .. 0 14 a 0 14 3 Ditto (con.) . . .. o 7 0 P. and O. (def. stk.) 245 ft 0 236 ft 0 Union Steam (pref.) — 1 0 3

TIMBER— Kauri Timber to 6 0 10 a I^e.vland -O'Brien 1 1(1 0 1 13 0 National Parker-Lamb 0 tl 0 n n 6 WOOLLEN— Kaiapoi 6 0 12 9 I>itto (con.) . 0 4 0 10 Ditto (pref.) . 0 16 0 0 14 6 Mosgriel 7 3 0 Wellington .. — 6 Ditto (pref.) . .. — 6 10 0 BREWERIES— 0 18 0 Ditto (pref.) . .. 10 6 X.Z. Breweries . J. Staples 0

Seller s B uyers. MISCELLANEOUS— British Tobacco 2 6 2 o Burns, Phi Ip r* Bycroft, Ltd l lb 0 1 11 0 Checker Taxi . . . . 0 10 0 Colonial Sugar . . . . 61 0 Lental and Medical 0 14 Dominion Pictures 1 .1 6 Ditto (pref.) .. .. Electrolytic Zinc — 1 1 6 (pref.) 1 15 o 1 14 0 Ditto (ord.) . . . . 1 13 :) Hear Meat ft 9 Grey and Menzies ft 9 0 Hayward’s Pictures. 1 0 5 • ft 19 6 Henry Jones Co-op. 1 18 6 1 H.M. Arcade .. .. — 6 Ditto (pref.) .. .. — 1 1 G Holden’s Motors . . 1 10 6 Lewis Eady (pref.) 1 ft ft Milne and Choyce . 1 Ditto (pref.) .. .. 1 4 G Ditto (B pref.) Ditto (Deb. Stic) .. National Pictures . 0 13 6 Farmers’ Fertiliser. 4 6 N.Z. Paper Mills . . 0 17 6 Morris, Hedstrom .. 1 1 6 _ Ditto (pref.) . . . . — 0 18

N.Z. Refrigerating (con.) 0 9 4 s 10 Robinson Ice Cream 1 3 Sanford, Ltd 1 0 0 Ditto (pref.) .. .. Sharland (pref.) Taranaki Oil Fields 0 9 Tonson Garlick 0 12 9 11 Union Oil 3 6 2 6 Whittome Stevensons 10 Wilsons Cement 1 19 0 Farmers’ Trading (ord.) 0 8 0 Ditto B (pref.) .. — MINING— Moanataiari (paid) 0 1 fi 0 0 9 Ditto (con.) .. . - 0 0 0 Lucky Shot (pd.) .. Maoriland 0 1 Occidental Una (2s paid) Ohinemuri (ord.) .. 0 Waihi 0 12 Waihi Grand June. . 0 1 Broken Hill Prop. .. 1 6 Broken Hill South .. 0 9 Mount Lyell 1 15 Broken Hill North . . 5 0 DEBENTURES—

Auck Harbour Board 0 5£ per cent 96 Ditto, 6 p.c City of Auckland, 104 15 0 104 96 0 0 0 1840, 51 p.c Ditto, 1943, 5i p.c. 104 0 0 101 Bor. of Devonport, 6 Bor. Mt. Eden, 5j{ 102 Bor. of Hamilton, 6 0 101 Hamilton Theatres, 7 9S 10 N.Z. Breweries N.Z. Farmers’ Co1 4 •* 1 3 op. of Canterbury, 84 0 0 Glaxo — 90 0 0 government bonds War Loan, 1930, 4£ —■ 99 0 Ditto, 1838, 41 p.c. 99 10 0 Ditto, 1939, 41 p.c. Ditto, 1941, 41 p.c. Ditto, 1936, 51 INSCRIBED STOCK N.Z. Ins. Stock. 99 '0 1938, 4i Ditto, 1933, 51 p.c. 101 10 0 101 Ditto, 1936, 51 p.c. — 101

Sept. 3. Aug. 30. Par. Brussels fr. . . 34.90 Paris, 34.91 25.225 fr. ..124.28 Stockholm, 124.28 25.225 kr. .. 18.13 Oslo, 18.13 18.12 kr. .. 18.19 Copenhagen. 18.19 IS.12 kr. .. 18.19 Berlin, IS.19 18.12 r.m. . 20.36 20.37 Home, lire . 92.67 Calcutta, 92.63 25.225 pence 18 Yokohama. 18 24 pence 22 11-16 Hong Kong-. 22 3-8 24.43 pence 24 7-16 Montreal, 24 7-16 2 1 dol. . 4.85 1-15 New York, 4.S4 13-16 4.S6S dol. . 4.855 Amsterdam. 4.85 5-16 4.866 fl. • 12.105 Batavia. 12.10 5-8 12.107 fl. • . 12.125 12.115 -T-