FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 474, 2 October 1928, Page 12

FINANCE & MARKETS

Market Buoyant RENOWN COALS SHOW PROFIT INCREASED trading in Ranks and coals were the principal features on ’Change over the past twenty-four hours. The market, generally, has a very healthy tone.

Most bonking shares ire meeting •with a steady inquiry with little alteration in tho market Unions of Australia hove strengthened after a >ole at £ls 6s yesterday afternoon to see buyers leave the market at midday offering £ls 7s 6d. The insurance group is steady, with most quotations unchanged. Nationals sue showing more life, and sales are being put through at 16s sd. In coals, llikurangl ordinaries are changing hands on a slightly easier market, sales being reported this morning at 5s 7d. Both issues of the preference scrip are very firm, with sellers not prepared to make a declaration. Renown coals continue to attract attention, and, although the scrip app#ars fairly strongly held, there still appear sellers prepared to meet the market. A circular issued to shareholders this morning confirms the report that has been current around the city for some; weeks, to the effect that the company’s output has been increased considerably, and that it is now working on a profit-taking basis. “The directors report that there has

been a considerable improvement in the quality of the coal marketed from the top seam, and that it is hoped to be able to work the bottom seam by the end of November, where the coal is estimated to be as good as any in the Waikato. The directors are also investigating the possibilities of low temperature distillation, and active measures have been taken to find an outlet for coal in this direction. Hayward’s Pictures arc very firm, with buyers at 20s failing to draw a declaration from sellers. In tho mining group Waihis hold their recent improved strength, with sales up to 14s. Ohinemurjs have weakened over the past day or so to find sellers at 7s 4d at mid-day, supported by buyers at 7s. Business yesterday afternoon.—Bank of New South Wales, £sl 7s 6d; Union Bank of Australia, £ls 6s; Auckland Gas, 23a 4d; Devonport Steam Ferry, 255; Waihi Mining, 13s lOd ami 14s; New Zealand Breweries, 24s 3d. Business at mid-day.—Reported: Renown Coal, 13s; Mikurangi Coal (ord) 5s 7d; National Insurance, 16s sd; Waihi Mining, 13s lid.

TO-DAY’S QUOTATIONS

Closing quotations at fco-day’« mid day call were:

SOUTHERN EXCHANGES V. YESTERDAY’S SALES Press Association Wellington.—National Bank of Australasia (£5 paid), £9 12s 6d; 5J per cent. Stock, 1941, £99; Bunk of Mew Zealand, 61s 3d; Union Steam (pref.), 20s 9d. Christchurch.—Australian Bank of Commerce, 33s Sd; Goldsbrough, Mort, 51s 4d (two); Howard Smith. 265; New Zealand Refrigerating (10s paid), 8s lOd (three); New Zealand Breweries, 55s 4d; Staples’ Brewery, 395, 38s lid; Mahakipawa, Is Sd (three); Bank of Adelaide, £9 15s 6d; National Bank of New Zealand, £7 7s; Quill, Morris, 19s. LONDON PRODUCE MARKET HIGH COMMISSIONER’S CABLE Press Association. WELLINGTON, Monday. The Department of Agriculture has received the following cablegram, dated September 29, from the High Commissioner. London:— Tallow. —There: was no auction this week. The market is firm at last Quotations. • , . . , Bggs.—There were smaller arrivals and the best met with a good demand. Present Quotations are, a long 100: Unglish, 17s 6d to 225; Dutch, 15s 6d to 20s; Danish and French, 15s to ISs Od: Belgian, lis 6d to 16s: Lithuanian, Polish and Russian, 9s 6d to 13s 9d. Hemp.—The Manila market continues dulL **J” grade. October-December shipment, sold down to £33. with closing value £32 10s. The sisal marKet is uuiet. Closing values were:—-No. l, sellers £35 10s; No. 2, £34. The New Zealand market is quiet and barely steady. Nominal closing values were: .OctoberDecember shipments. high points. 10s: fair. £2B 15s: second grade. ios; third grade, £l7 10s. The wool sales continue, and although competition i» better, the prices descriptions have moved against sellers. DISTRIBUTORS, LTD. « DECISION TO CARRY ON Press Association CHRISTCHURCH. Monday. The managing director of Distributors, Ltd., Mr. J. R. Dench, advises that all agreements between the millowners and Distributors, Ltd., have now been signed, and the company will carry on as previously.

Sellers. Buyers. i: a . d. i; s. , d. BANKS— .Aust. of Commerce . 1 14 3 1 13 0 Bank of Adelaide .. !) 14 Bank of Australasia — 15 Com. of Australia (pref.) 7 7 fi 7 6 0 l 1ft Eng., Soot. A. Aust. 8 15 National of N.Z. . . 7 7 0 7 (con.) 6 Now South Wales .. 3 L 10 Jiew Zealand . . 1 Ditto (D Mort., 20s paid) — < Union of Aust * 6 INSURANCE — A.P.A ft s 6 — National 16 3 New Zealand 2 5 ft 2 5 Qaeensland — 5 0 6 United - - •• — 11 2 LOAN AND AGENCY Dalgety and Co. .. — 15 0 0 Farmers' Co-op. Auctioneering — 19 0 Ditto A (pref.) .. Ditto B (pref.) .. Goldsbrough, Mort . 11 9 2 Nat. Mort. and Newton King. Ltd. (pref.) 0 N.Z. and River Plate 3 N.Z. Guar. Corp. . N.Z. Loan and Merc. Ditto (pref.) .. .. — N Auck. Farmers’ Co-op. (ord.) .. . — COAL— Jiikurangi .. •• -- 0 6 0 ft D 4 Ditto (pref.) .. .■ — Ditto A (pref.) ». 0 12 ft 13 12 Tnupiri 1 7 Ditto (pref, (* div.) W estport — Westport-Stockton . ft 3 Ditto (pref.) .. — — GAS— 1 3 4 1 S Ditto (con.) .. -» 0 17 3 0 SHIPPING— Devon port Steam 1 5 3 1 4 9 — Hud dart-Park er. .. Northern Steam 0 14 6 0 2 Ditto (oon.) .. .. ft 7 P. & O. (def. stk.) . 241 Union Steam (pref.) 0 1 '.TIMBER—Bartholomew • • — 1 1 0 — 6 Leyland-O’Brien — 1 National .. .. -• •• — Farker-Lamb — WOOLLEN— Jva lapoi .. .. •• •• ft 13 3 0 12 9 Ditto (con.) 0 4 Wellington .. .. .. — Ditto (pref.) .. — — BREWERIES— n L. Tnnea (pref.).,. 1 N.Z. Breweries .. 2 15 ft 2 14 9