FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 471, 28 September 1928, Page 12

FINANCE & MARKETS

Waihis Active Renown Coals Firmer INCREASED interest is being taken in the better class mining scrip. Waihis are decidedly firmer seeing business in the call room at mid-day at 13s sd.

A further slight improvement has taken place in the market for N.Z. Insurances, sales being made at 45s 4d during the morning. Quotations for other insurance shares remain steady. With buyers predominating. In the loan and agency group. N.Z. Guarantee Corps. are registering slightly more activity following the announcement of the result of the year’s operations. Buyers of National Mortgages are very firm at 80s, with sellers hard to locate.

The market for Leyland O’Brien Timbers shows a slight improvement with buyers at 34s and no sellers. Other timber shares are steady

Buyers of Colonial Sugars came on the market again this morning, after

an absence extending over several days, to offer £62 12s 6d. The S per cent, dividend continues to attract attention for Hayward’s Pictures, and the shares are quietly active at par. Renown Coals are slightly firmer, sales being made at 13s Id. Business yesterday afternoon.—Reported: Ohinemuri Mining, 7s 6d; N.Z. Inscribed Stock, 1933, 5£ per cent., £lOl 2s 6d.

Business at this morning’s early call. —Reported: Hayward's Pictures, 20s; Whittome Stevenson, 48s.

Business at Mid-day—On 'Change: Waihi Mining, 13s sd; Mt. Lyell Mining, 355. Reported: N.Z. Insurance, 45s 4d; N.Z. Guarantee Corp., 9s ljd; Renown Collieries, 13s Id; Haj'ward’s Pictures, 20s.

TO-DAY’S QUOTATIONS

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

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington. —National Insurance, 16d 4d; New Zealand Breweries, 65s 6d, 55s 4d; Inscribed Stock, 1938, per cent., £99; English, Scottish and Australian Bank, £8 18s 6d; Taupiri Coal, 26s 6d; Wilsons Cement, 395. Christchurch.—South British Insurance, 62s lid; Carlton Brewery, 46s 6d; New Zealand Breweries, 55s 6d; Staples’ Brewery, 39s Id (2 parcels); Electrolytic Zinc (ord.), C2s 8d; New Zealand Drug, 70s; New Zealand Guarantee Corporation (cum. div.), 9s Id; Inscribed Stock, 1938, 45 per cent., £99; 1939, 4i per cent., £99; War Loan. 1938, 4$ per cent., £99 (two parcels); 1939. 45 per cent., £99. Dunedin. —Bank of New Zealand, 61s 3d; Commercial Bank, 30s 3d; Kildare, 3s 2d. BIG TIN TRUST NEW BRITISH CONCERN British Official Wireless RUGBY, Thursday. The Tin Selection Trust and the AngloOriental Mining Corporation, Ltd., are sponsoring the formation of a new combine of Malayan tin-producing undertakings. This is to be known as the Lon-don-Malayan Tin Trust, Ltd. The new trust, in which 16 important companies with a combined output of about 12 per cent, of the total world production will be associated, will have an authorised capital of £2,000,000. AUSTRALIAN PRODUCE (United P.A.—By Telegraph — Copyright) SYDNEY, Thursday. The following are to-day’s quotations on the Sydney produce market:— Wheat.—Farmers’ lots stored at country stations. 4s; ex truck, Sydney, 4s 71d; parcels silo wheat, 4s 6d to 4s 61d; bagged, 4s lOd. Flour.—Export trade lifeless; local, £l2 10s. Bran.— £7. Pollard.— £7. Oats. —Tasmanian, Algerian, 4s 9d; white, 4s Bd. Maize.—Yellow, 4s 6d; white, 4s 6d. Potatoes.—Tasmanian, £5. Onions.—Victorian, £l4. Adelaide prices are:— Wheat.—Growers’ lots, 4s 6d. Flour.—Bakers’ lots, £ll 15s. Bran.— £6 2s €d. Pollard.— £7 2s 6d. Oats.—3s 3d.

N.Z. GUARANTEE CORPORATION NET PROFIT OF £22,872 A net pro lit of £22,872, compared with £21,160 ior the corresponding period at similar date last year, was made by the New Zealand Guarantee Corporation for the year ended August 31, 1928. As announced yesterday, the directors recommend a dividend of 8 1-3 per cent, for the year. The directors state that, in spite of the effects of the difficult financial position experienced throughout the Dominion, necessitating a cautious policy, the results have again been very satisfactory. The called-up capital remains at £214,390, the amount paid up on the ordinary shares being Bs. It is not contemplated that any further calls will be necessary. The report remarks that “the total losses experienced since the corporation commenced business are so small as to be almost insignificant.*' Interim dividends on the 7 per cent, preference shares and of lOd on the fully paid ordinary shares and 4d on the remainder amounted to £8,799 11s Bd. A similar sum will be required for further dividends at the same rates. The directors recommend the transfer of £5,000 to the general reserve, making this account £25,000. The year’s gross profit was £44,570, as against £50,274 in the previous year. Expenses were £21,698, as against £24,521, in addition to which last year’s account bore an instalment of £4,603 in discharge of preliminary expenses. The principal asset bills receivable stands at £275,822. a reduction of £18,384. Loans have increased by £15,778 to £24,450, and there is a new item, advances on mortgage, £17,452. Deposit accounts have been reduced by £5.100 to £11,044, but bank overdraft at £52,081. is higher by £15,423. Following is a comparison of the company’s results and appropriations for the last three years:—

♦After writing- £4.602 10s Id off preliminary expenses, the balance of which was discharged .by a special appropriation last year. DECREASED PURCHASES AUSTRALIA FROM AMERICA (Australian and N.Z. Press Association) (United Service) Reed. 9.5.a.m. WASHINGTON, Thurs-. Australian purchases from the United States for the first six months of 1928 were £13,306.000, a 23 per cent, decrease , from the corresponding period in 1927.

POTATOES CAUSE CONCERN SHARP RISE IN MARKET PAPER SELLERS ACTIVE Potatoes have been the cause of considerable excitiment in the market over the past week. Ai- ' ■ though stocks on the spot are still sufficient for immediate requirements, values, in sympathy with a j general movement throughout the Dominion, have appreciated almost £3 a ton. Paper sellers are at their wit’s end to cover commitments, and their activities are further accentuating the position. The heavy stocks of potatoes held here a week or so ago are gradually being worked off, and as the position is still practically under the control of one holder, the price has been kept on a level with the Southern parity, a sensational rise taking place over the past 48 hours, during which the marked jumped over £2 a ton, to close last night very firm, with many forward sellers still uncovered. Cancelling out has been a frequent occurrence over the past few days. When the market first began to show and advance it was thought in many quarters that it was the work of a few speculative operators who had practically secured a corner of visable stocks. The fact that the recent high prices has failed to draw any noteworthy increase of supplies, however, has largely discounted this view, and it is now generally held that there are not many tubers held in the South. This fact has caused many paper sellers of October potatoes to come on the market during the last day or so to compete for visible stocks, leaving the profit, not so much in the hands of the farmer, but with fortunate speculators. Yesterday the tubers were available through store Auckland at £ll ss, but late in the afternoon wholesale lots to merchants changed hands at that figure. Indications are that next week’s opening through store quotations will be little short of £l3.

Limited quantities of Pukekohe potatoes are now coming on the market, but it is expected that it will be two to three weeks before anything like sizeable parcels can be expected from near Auckland growers. The fact that the new season’s potatoes are so close must have a steadying effect on the market for the Southern tubers, however, and any attempts to send it much higher will be tempered by this factor. Onion Stocks Remain Low Stocks of onions on the spot remain extremely light, and values are very firm. Through store both bags and cases are offered at 30s.

The Ulimaroa on Tuesday is reported to be bringing about 500 cases of Japanese onions which arrived at Sydney this week, but this parcel must be the last this market can expect from that quarter this season. The next sizeable shipments are due on the Hauraki and Niagara early next month. It is hard to see how there can be any improvement in the position until January. • Firmer Tone in Maize

A firmer tone is noted In the maize market. The greater part of the Bay ol .Plenty surplus has disappeared, and attempts to do business in those parts on a 5s Id f.o.r. basis over the past week have been futile. Remaining stocks are more strongly held and business has been done at 2d to 3d in advance of last week’s market. Nominally, the price is reported to be unchanged at 5s 7d ex rail or boat Auckland, but no sales of sizable parcels have been reported near that level during the past day or so. There is every indication that Gisborne holders can look for increased inquiry in the near future. Through, store Auckland the cereal is selling around 6s 6d a bushel. The recent firmer tone in the wheat market has been fully maintained, and spot quqtations have improved slightly in sympathy with the movement in the South. Through store Auckland, merchants askfrom 7s 6d to 7s 8d a bushel. The oat market is lifeless, B Gartons selling through store at 4s 7d a bushel and A’s 3d dearer.

Ample stocks of chaff are held on the spot with quotations unchanged at £9 5s a ton.

Normal business in bran and pollard is being transacted, bran selling at 8s 6d a cwt and pollard at 10s 3d. Produce Boat Movements

The Wingatui arrived in Auckland last Sunday from Southern ports and sails tonight to load for the North again. The vessel is expected back here in about three weeks.

The Waipiata, from Dunedin and way ports, left Picton yesterday for Auckland, and is due here on Sunday. The Kurow left Dunedin yesterday, thence Oamaru, Timaru, Lyttelton and Wellington for Auckland. The vessel is due here toward the end of next week.

The Katoa loads at Bluff and possibly Port Craig this week-end, thence Dunedin, Lyttelton and Wellington for Auckland. The vessel is due here about October 12.

The Ulimaroa, from Sydney, is due in Auckland on Tuesday next. The Tofua Is due on Monday from Western Pacific Islands. The Maui Pomare arrived this morning from Nuie Island and Samoa, via Southern ports, and clears to-morrow for Norfolk Island. The Waipahi is due in Auckland on Tuesday from the Cook Group. This is her last voyage to these islands this year. She leaves here on October 5 and 18 for Suva, in place of the Tofua, which undergoes her overhaul at this port. The Niagara, from Vancouver, is due in Auckland on October 8. The Waikawa, from Pacific Slope ports, via Apia, is due at Auckland on Tuesday next. • The Hauraki, from the Pacific Slopes, is due here on October 11. FOREIGN EXCHANGE RATES (Australian and N.Z. Press Association) (United Service) Reed. 10.50 a.m. LONDON, Thursday. Foreign rates of exchange on September 27, compared with par rates, or as

CONSOLS AND COLONIAL STOCKS (Australian and N.Z. Press Association) (United Service) Reed. 10 a.m. LONDON, Thursday.

Sellers. Buyers. JJ s. d. Ju s. d. HANKS— A us. Bank of Com. 1 14 3 1 13 0 Id 0 0 •Com. of Australia, 1 10 6 1 10 0 Ditto (pref.) .. .. 7 8 0 7 5 0 • 'urn. Bank of Sydney 27 0 0 Kng*., Scot, and Aus. 9 0 0 X 16 0 Nat. of New Zealand 7 G National of Aust. (con.) 9 12 0 9 11 0 New South Wales .. 51 10 0 51 7 G Zealand .. .. 3 1 6 1 0 . Ditto D. Mortg. (20s paid) 1 7 9 i nion of Australia 15 7 C INSURANCE — Aust. Provincial 0 8 0 l(i 7 0 1G 2 New Zealand .. .. 6 0 South British .. .. 3 2 0 G Queensland •. 3 6 0 0 United Standard — 3 3 6 LOAN AND AGENCY— Farmers' Co-op. Auctioneering — 2 17 0 Ditto A (pref.) .. 0 16 0 Ditto B (pref.) .. 0 13 Goldsbrough, Mort . 2 11 0 2 11 0 •Nat. Mortg. &. Agency Xewton King, Ltd. 0 8 1 11 3 N.Z. Guar. Corp. .. c ► 9 3 l > X 11 112 0 Ditto (pref.) . . . . — 82 0 0 Co-op. (ord.) .. • — 0 2 0 COAL— Hikurangi 0 6 0 3 Ditto (pref.) .. .. 0 Ditto A (pref.) 0 8 Pukemiro G 0 13 0 Taupiri 1 7 0 1 6 Ditto (pref.) .. .. Waipa 0 14 0 Westport 1 Westport Stockton (pref.) — GAS— 1 3 4 1 3 2 Ditto (con.) .. .. 0 1( 3 0 1G 10 SHIPPING— Devonport Steam .. 1 5 6 1 4 G Howard Smith .. .. l 0 6 Huddart-Park.fr 8 6 7 Northern Steam 0 14 6 0 14 2 Ditto (con.) .. .. 0 6 9 Union Steam (pref.) 1 1 0 1 0 3 TIMBER— Bartholomew .. .. 1 1 0 0 17 0 Kauri Timber . . .. 1 0 G 0 19 0 Leyland-O'Brien l 14 0 National 0 11 6 0 9 0 Parker-Lamb .. .. — 0 17 6 WOOLLEN— 1 Kaiapoi .. .. .. .. 0 13 3 0 12 9 Ditto (.con.) •• • 0 4 3 0 a 8 — 7 0 Wellington — G 10 0 Ditto (pref.) •• .. — G 12 G BREWERIES — C. L. Innes, Ltd. .. 0 IS 6 Ditto (pref.) .. .. — 0 19 0 N.Z. Breweries .. .. 2 It. .0 2 14 6 J. Staples and Co. .. 1 19 6 — MISCELLANEOUS— Auek. Amuse. Park 0 3 0 Australian Glass .. 2 5 6 British Tobacco 4 9 4 0 Burns, Philp 5 0 Bycroft, Ltd 1 15 0 1 11 0 Checker Taxicab .. 0 10 0 Col. Sugar (Aust.) 62 15 0 Dental and Medical 0 14 0 Dominion Pictures . — 1 1 9

Sellers Ditto (pref.) .. .. 1 1 Donaghy’s Hope .. 1 12 0 Electrolytic Zinc (ord.) 1 13 0 Ditto (pref.) .. .. 1 14 6 1 14 0 Puller s Pictures .. — 0 19 6 Dear Meat — Drey and Menzies . 0 Hayward’s Pictures. 1 0 6 19 Hill & Plummer . . II.M. Arcade Theatre Ditto (pref.) .. .. N.Z. Drug10 Lewis Eady (ord.) .. 1 5 0 Ditto (pref.) .. .. 1 0 0 Milne & Choyce Ditto (pref.) .. .. Ditto B (pref.) .. Ditto (deb. stk) .. National Pictures .. Fertiliser 0 Morris, Hedstrom . 1 Ditto (pref.) .. .. N.Z. Refrig:, (con.).. 0 Robinson Ice Cream 1 Ditto (rights) . .. 0 Sanford, Ltd Sharland (pref.) .. Taranaki Oil .. .. 0 8 Tonson Garlick 0 12 l nion Oil Whittome Stevenson 2 9 0 W ilsons Cement Farmers’ Trading (B pref.) 0 9 0 Ditto (ord.) .. .. 0 8 0 0 7 6 MINING— Alburnla (6d paid) . 0 0 8 Moanataiari (paid) . 0 1 6 Ditto (con.) 0 0 6 Golden Age (paid) . 0 0 2 Lucky Shot (4s paid) 0 0 6 Maoriland (con.) . 0 0 10 Occidental Una (2s paid) 0 1 0 0 0 3 Ohinemuri (ord.) .. 0 8 0 0 7 4 Waihi 0 13 6 0 13 5 Waihi Grand June. . 0 1 3 Mount Lyell 1 16 3 1 15 10 Broken Hill South — 2 7 0 INSCRIBED STOCKAuckland Gas, 1932, 5 p.c 93 0 0 Ditto, 192S, 6J p.c. 102 0 0 Auckland Harbour Bd. 89 0 0 Ditto, 5\ p.c. 96 0 0 Ditto, 5i p.c. 100 0 0 Ditto, 6 p.e. 103 0 0 City of Auckland, 1940, 51 p.C 96 0 0 Ditto, 1943, 51 p.c. 100 0 0 Auckland Hospital Board, 5J p.c 101 10 0 99 0 0 Auck. Fire Board. 105 0 0 Hamilton Fire Board, 104 0 0 Bor. Devonport, 6 p.c. 101 0 0 Bor. Mt. Eden, 5J . 100 0 • Ditto, 6 p.c. 102 10 0 Bor. Hamilton, 6 p.c. 102 0 0 N.Z. Breweries . . . . 1 4 5 ' 1 4 3 N.Z. Farmers’ Coop. of Canterbury, 1935 86 0 0 Glaxo — 90 0 0 GOVERNMENT BONDS — War Loan, 1930, 4J 100 0 0 99 0 0 Ditto, 1938, 4J .. 99 b 0 Ditto, 1939, 41 .. 99 5 0 Ditto, 1933, 5J 101 5 0 101 0 0 Ditto, 1936, 5J . . 101 10 0 101 0 0 INSCRIBED STOCK— War Loan, 1936, 5J p.c. . • 101 0 0

1926. 1927. 1928. T-JrougrTit forward .. 0^490 l7l70 419 Xo profits .... . 24,629* 21,150* 22.S71 To reserve .... £2S,119 £ 22,620 £23,290 — 5.000 Prelim, eves. . . . 4.603 1 )’vldends— Pref., 7 p.c. • . 1,400 1.-400 1,400 Ordinary, p.c. . . . 10.416 8.33 8.33 Amount . . . . . 20.249 16,199 16.199 Carried forward . £1,470 £419 £691

averaged first half of 1914, are:— Sept. 27. Sept. 24. Par. Brussels, fr. . 34.90 34.91 25.225 Paris. fr. . 124.00 124.1 2 25.225 Stockholm, kr. IS.13 18.14 18.12 Oslo, kr. . . 18.20 Cop enhagen, 18.19 18.12 kr. . . . IS.20J 1 8.19 18.12 Berlin, r.m. . 2 0.34 20.35 Rome, lire . 92.70 92.73 25.225 Calcutta, pence 18 Yokohama, 18 24 pence . . 22 11-1G 22 11-16 Hong Kong, 24.43 pence . . 24 3-8 24 3-8 24 Montreal, del. 4.85 1N e w Y o r k, 16 4.84 7-8 4.866 dol. . . . 4.85 4.84 15-16 4.SG6 Amsterdam, fl. 12.09* 12.09* 12.107 Batavia, fl. . 12.10 12.10 —

Sept. 27 Se pt. 20 Consols Brit. Fund. Ln., 4 p.c. 55 15 0 55 15 0 1960-90 (n.i.) .. .. S8 6 Brit. War Bn., 5 p.c. 102 12 6 102 12 6 Corn*. Loan, Zh p.c. . Com. Aus., 5i p.c. 77 5 0 77 6 1922-27 99 2 6 99 2 6 Ditto, 6 p.c., 1931-41 101 12 6 102 10 0 InT.Z. 4 p.c., 1929 .. 100 7 6 100 5 0 Ditto, p.c., 1940 S3 31 3 88 12 6 Ditto, 3 p.c., 1945 79 7 6 79 ft 0 Ditto, 6 p.c., 1936-51 107 12 6 107 7 6