FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 462, 18 September 1928, Page 12

FINANCE & MARKETS

Market Buoyant

N.Z. Insurances Improve HEALTH Y trading has been recorded on ’Change over the past 24 hours. Sellers of many of the more popular securities are showing greater inclination to meet buyers’ * ideas of value.

In the banking group New Zealuiids sre active at 61s 3d. The market registered a slightly firmer tendency at mid-day. Nationals of A’sia are very firm, the market having a decided upward tendency in sympathy with the movement on outside exchanges. New Zealand Insurances, active at 44s 6d, show an improvement of 6d on the last Auckland sale, and are in line with the market made at Wellington yesterday. In coals Taupiris have strengthened to see buyers in at 26s 3d. Renowns hold their improved position of last week and sellers at 13s are supported by buyers at 11s 6d. Buyers of Taupo Timbers came in this morning after many months of silence to offer 6s for the ordinaries. In the miscellaneous group Wairakeis were offered at 12s 6d, but were not supported. Australian Glass show a slight improvement with buyers in at 465. Respite the unfavourable

financial position disclosed at the annual meeting of the company yesterday buyers still offer 5s for Checker Taxi ordinaries. Waihi mining are slightly easier and sales have been made at 12s lOd, following yesterday morning's business* at 13s. To mark the occasion of the arrival of the Tasman flyers in Auckland no late call will be held on 'Change this afternoon. Business yesterday afternoon. —Reported: Queensland National Bank, £9 Is 6d: Bank of New’ Zealand, 61s 3d; Union Oil, Soap and Candle Company, 42s 9d. On 'Change: Waihi Mining, 12s lOd. Business at this morning’s early call. —On 'Change: Bank of New Zealand, 61s 3d; New Zealand Insurance, 6d; Auckland Gas, 23s Id. Reported; Westport Coal, 30s 6d; New Zealand Insurance. 44s 6’d: Bank of New Zealand, 61s 3d.

TO-DAY’S QUOTATIONS I

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

> SOUTHERN EXCHANGES .. YESTERDAY’S SALES s . Presa Association Wellington.—National Bank of Australasia (£5 paid), £9 12s; New Zealand Insurance, 44s 6d; Westport Coal, 30s 6d ttwo); British Tobacco, 445. Christchurch. —English, Scottish and Australian Bank, £8 12s; Commercial Bank of Australia (new, fully paid), 29s lOd (two); Dalgety and Company, £ls Is; Ooldsbrough, Mort, 51s 4d (four); Christchurch Gas (10s paid), 12s 9d: New Zealand Breweries, 52s lid: Wilsons Cement, 39s (two); Milne and Choyce (debenture stock), 255; Wellington Frozen Meat, 11s 6d. Dunedin.—English, Scottish and Australian Bank, £8 5s Sd. , INSTALMENT SELLING Gradual extension or the instalment plan elsewhere has followed upon its success in America, according to “The index." published by the New York Trust Company. It is estimated that in 1927 about 61 per cent, of the motor vehicle sales in Europe was consummated under an instalment selling plan as with an estimate of 64 per cent, in the# sale of new passenger cars in the United States. The increase of approximately 300 per cent, in automotive registrations ii Europe in the past eight years is said to be due almost entirely to instalment selling. The soundness of the plan in Europe is indicated by the fact that repossessions have amounted to less than 1 per cent. The system is particularly widespread in Britain and Germany. In Great Britain it is estimated that from 50 to SO per cent, of the motor-cars, 70 per cent, of the sewing machines, 70 per cent, of the pianos and talking machines. 50 per cent, of the furniture and 10 per cent, of the jewellery are sold on instalments. Tn Germany likewise about 75 per cent, of the motor-cars and 75 per cent, of the furniture are marketed on the instalment plan. In addition to a wide variety of other commodities.

FARMERS NOT HARMED WHEAT CROP SURPLUSES U.S. SECRETARY’S PROPHECY (Australian and N.Z. Press Association) Reed. 9.5 a.m. WASHINGTON, Mon. The Secretary of Agriculture, Mr. William M. Jardine, declared that American farmers -will be unharmed by the agricultural surpluses this year, and despite the forecasts of record crops. He pointed out that despite the fact that the United States wheat crop will exceed last year's by 30,000,000 bushels, and that Canada expected to harvest the greatest crop in its history, it was anticipated that the surplus will largely be offset by the rye shortage. Mr. Jardine, however, advised American farmers that it would not be wise to sell any more wheat at present than is necessary, since wheat is low*er than its economic position justifies, and heavy selling is certain to injure the farmers’ interests. COMPANY REGISTRATIONS Two private companies were i egistered in Auckland yesterday. Details are:— Newton Garage, Limited, motor engineers. Capital. £2,000, in £1 shares. Subscribers: L. G. Watson, Robert Burns, A. E. Lowry and A. W. Page, SCO shares each. Pines, Limited, saw’millers and timber merchants. Capital, £SOO, in £1 shares. Subscribers: Mrs. M. E. Cheadle, 399 shares; B. Cheadle, 100 shares; E. Cheadle, one share.

Sellers. Buyers. £ s. d. £ s. d. BANKS— A us. of Com 1 14 n Bank of Australasia 15 0 — Ditto, new issue . 14 IV « < ,'om. of Australia . 1 10 9 1 10 0 Kng., Scot. Aus. 8 13 0 S 10 0 National of N.Z. .. 6 0 7 2 6 Nat. of Australasia 19 0 0 Ditto (con.) .. .. 9 12 6 9 10 6 New Zealand .. .. 3 1 6 3 1 3 Ditto (D mort.. 20s paid) 7 Union of Australia 5 INSURANCE— 0 8 9 — New Zealand •• .. 2 4 6 Queensland .. •• .. 4 6 South British .• .. Lnited 11 0 0 DOAN &. AGENCY— Abraham & Williams (pref.) 4 0 Farmers' Co-op. — Ditto (A pref.) .. — 0 16 0 Ditto (B pref.) .. — 0 15 0 Goldsbrough, .Mort . 11 0 2 0 9 Newton King (pref.) 0 7 0 N.Z. Ac River Plate. 1 11 0 N.Z. Guar. Corp. . 0 S 10 N.Z. Loan and Mer. 120 0 0 112 0 0 Ditto (pref.) .. .. — 82 0 0 N Auck. Farmers (ord.) .. ... .. .. — - 0 2 0 COAL— Jrlikurang’i .. .. •• Ditto (pref.) .. .. 0 6 2 0 0 5 9 7 9 Ditto (A pref.) .. 0 8 9 3 11 0 Renown .« . • .. •• 0 13 0 11 6 Taupiri .. 1 6 9 1 6 3 Ditto (pref.) 1 0 Waipa .. .. •« «% 0 14 0 Westport 1 11 0 1 10 0 Westport-Stock ton , 0 3 10 Ditto (pref.) •• ,« — 4 0 GAS— Auckland •• «« •* 1 3 2 1 3 1 Ditto (con.). *,• 0 17 4 0 17 0 SHIPPING— Devonport Steam 1 5 6 1 4 9 Howard Smith . . 1 7 Muddart-Parker 9 Northern Steam •« 0 14 14 Ditto (con.) .. •• 0 6 3 0 6 s I*. & O. (def. stk.) — 237 0 0 Union Steam (pref.) — TIMBER— Bartholomew *.« — 0 15 s Kauri Timber .. .., l 0 6 JLeyland-O'Brien .. 1 13 6 National .. .. .. . . 0 12 0 0 9 0 Parker-Damb .. .. 0 17 6 Taupo To tar a »«. — 0 6 0 WOOLLEN— Wellington .. «•: — 6 10 0 Ditto (pref) .. .. — 6 11 0 BREWERIES— 18 9 Ditto (pref.) •• .. 0 19 0 N.Z. Breweries •• 2 14 0 2 11 0 MISCEL LANEOUS— Australian Glass . • 2 7 3 2 6 0 British Tobacco . • 2 4 U 2 3 9 Burns, Philp ... 2 b 9 Bycroft, Ltd. • • • • 1 lb 0 1 11 0

Sellers. Buyers. Checker Taxi .. 0 10 0 0 5 0 Dental and Medical 0 14 0 — Dominion Pictures 1 1 9 Ditto (pref.) .. .. 1 1 9 Donaghy's Rope 1 12 0 Electrolytic Zinc (pref.) 1 13 0 — Ditto (pref.) . . . . 1 14 0 1 13 3 Geat Meat 1 0 Grey and Menzies.. 0 3 Henry Jones Co-op. 0 Hill and Plummer .. l 0 H.M. Arcade .. Ditto (pref.) .. .. l 1 c Dew is Eady (ord.) - 1 0 Milne and Choyce . l 4 • Ditto (pref.) .. .. i 6 Ditto (R pref.) l 4 6 Ditto (deb. stk.) .. i 4 6 National Pictures ft Farmers’ Fertiliser . 4 0 Morris, Hedstrom .. 1 1 6 0 Ditto (pref.) .. .. 0 IS N.Z. Refrigerating (con.) 0 9 9 Robinson Ice Cream (rights) •NO ft Sanford. Ltd 1 0 0 Sharland (pref.) .. 1 0 0 Taranaki oilfields . 0 9 0 Thames Theatre 0 18 0 Tonson Garlick .. .. 0 12 6 Wairakefr Ltd 0 12 6 Wilsons Cement 1 19 0 1 IS 9 Farmers’ Trading (ord.) — 0 7 6 Ditto (B pref.) . — 0 9 0 MINING— Moanataiari (paid) . ft 1 6 0 0 6 Ditto (con.) .. .. 0 0 4 Golden Age (pain) 0 0 2 Lucky Shot (4s pd.) 0 0 S Maoriland (con.) 0 0 10 — Occidental-Una (2s paid) 0 1 0 — Ditto (con.) .. .. 0 0 — Ohinemuri (ord.) .. 0 s 0 0 7 4 Waihi 0 12 10 0 12 8 Waihi Grand June. . 0 1 3 Mount Lyell 1 15 9 1 15 0 DEBENTURES— 93 0 0 Auck Harbour Board 4 per cent so 0 0 Ditto, 5t p.c., 96 0 0 Ditto, 5£ p.c. .. 100 0 0 Ditto, 6 per cent . 104 0 0 City of Auckland, 1940, 51 p.c., .. 90 0 0 Ditto, 1943, 5£ p.c. 100 0 0 Ham. Fire Bd. 6 p.c. 104 0 0 100 0 0 10b 0 0 100 0 0 Bor. of Devonport, 6 101 0 0 Bor. Mt. Eden, 5| Ditto, 6 p.c 302 0 0 Bor. of Hamilton, 6 102 0 0 Hamilton Theatres, 7 98 0 0 N.Z. Breweries . . . . 1 4 6 N.Z. Farmers’ Co-op of Canterbury, 1935 —- 85 Glaxo — GOVERNMENT BONDS — War Loan. 1930, 4i 100 0 0 99 0 0 Ditto, 1939. 44 p.c. 99 5 0 Ditto, 1938, 4& p.c. 99 101 10 0 Ditto. 1936, 54 p.c. 101 10 0 101 INSCRIBED STOCK— 101 5 0 100 17 6 Ditto, 1936. 5£ p.c. — Ditto, 1933, Si .. .. 100 0 —