FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 483, 12 October 1928, Page 12

FINANCE & MARKETS

Market Buoyant

Renowns Continue to Improve

A BUOYANT tone is registered in the market for most of the better class securities. Increased activity on higher levels is noted in two or three shares.

Most banking shares meet with a steady demand, although any tendency at the moment appears to be for the market to move toward levels which would give a greater immediate return on investment. New Zealands were slightly easier this morning, sales being recorded at 61s, compared with vosterday’s market of 61s 3d. Nationals of New Zealand are sought by steady buyers at £7 3s. The insurance group is registering little movement. Renowns have come to the front in c oals, the market firming over the past •_*4 hours to see business at 13s Cd. Buyers remaining in at that figure find sellers withdrawn to 14s 6d. The company's balance sheet, well overdue, is "not yet available, but better reports are now being received from the mine. Sellers of the Hikurangi preference shares have now come on the market

at 11s, to find buyers strengthened to 10s 2d. The market for all issues in this concern is very firm. The demand for pictures continues. Both Haywards and Fullers are very firm, with the former selling readily at 20s 9d. Gear Meats are firmer, and, with no sellers, buyers improved to 41s 9d at mid-day. Sanfords are weaker, sellers at 19s finding support at 17s. Business yesterday afternoon.—-On ’Change: Auckl % d Hasfcour Board. 4 per cent., £9O; Renown Collieries, 13s 6d. Reported: Hayward’s Pictures, 20s 9d; Wilsons Cement, 39s 3d. Business at this morning’s early call. —Reported: Electrolytic Zinc (ord.), 32s 6d. Business at mid-day.—On ’Change: Bank of New Zealand, 61s. Reported: Hayward’s Pictures. 20s 9d; Wilsons Cement, 39s 3d.

TO-DAY’S QUOTATIONS

Closing Quotations at to-day’s tnld day call were:—

SOUTHERN EXCHANGES j YESTERDAY’S SALES Press Association Wellington.—Bank of New Zealand, 61 fe Bd; Union Bank, £ls 6s; Wright, Stephenson <ord.), 235. Christchurch.—New Zealand Government 5£ per cent, inscribed stock (1933), £lOl ss; Bank of New South Wales, £sl ss; Union Bank of Australia, £ls 7s 6d; National Insurance, 16s 3d; Carlton Brewery, 47s 3d; Ward’s Brewery, 435; Mahakipawa. Is 7d (five). THAMES MINING NEWS INTEREST IN WAIHIS (From Our Own Correspondent) WAIHI, Thursday. The advance in price of the Waihi Gold Mining Company’s shares is causing a good deal of interest in Waihi. Reports of rich finds in the lower levels of the mine have been bandied about, but the most reliable impression is that the rise is due to the prospects of the companv acquiring tin mine interests in the Malay States, where the superintendent, Mr. E. «T. Banks, has been investigating tin propositions for some time. * * The supplementary estimates passed by Parliament included a sum of £I,OOO for the purpose of equipping the Rising -'in Company’s battery at Owharoa as a public crushing plant, and an additional vote of £4,RSI was authorised as assistance toward prospecting for gold. No doubt a good deal of this sum will be acquired for the Ohinemuri field. LONDON MEAT MARKET The New .Zealand Meat Producers’ has been advised by its London manager that the following retail prices were being Quoted for New Zealand lamb and mutton retailed in London on October s: Lamb.—Legs, 16d a lb.; shoulders, lod; loins, lid; necks, 9d; breasts. 6d -Mutton (wether).—Legs, 12d; shoulders, lOd; loins, lOd; necks, Sd; breasts, 4d.

| NEW ZEALAND’S TRADE EXCESS OF EXPORTS SEPTEMBER FIGURES (From Our Resident Reporter.) WELLINGTON, Thursday. A large increase in the value of exports is shown by the return of overseas trade for September. The amount was £2,592,532, as against £2,133,993 for September last year, an increase of £458,539. Imports were valued at £4,147,742, as against £4,578,666, a reduction of £430,924. The returns for nine months show an excess of exports of £12,627,431, which is £8,394,782 more than the balance for the corresponding period last year. That great improvement is due to an increase ' in exports of £7,752,238 and a reduction in imports of £642,544. The following summary of exports and ! imports for periods of nine months shows the great recovery in the last year:— Nine

The total value of exports in 1927 was £48,496,354; this exceeded the imports bv £3,713,408. AUSTRALIAN PRODUCE (United P.A. — By Telegraph—Copyright) SYDNEY, Thursday. The following are to-day’s quotations on the Sydney produce market:— Wheat. Growers' lots at country stations, 4s; ex truck at Sydney, 4s 71d. Flour—£l2 10s. Bran and Pollard.— £7. Oats.—Algerian, 4s 9d; white, 4o 6d. Maize.—Yellow or white, 4s 6d. Potatoes. —Victorian, £6; Tasmanian, £6 10s. Adelaide prices are:— Wheat.—Growers’ lots, 4s 7d. Flour.—Bakers’ lots, £ll 15s. Bran.— £6 2s 6d. Pollard.— £7 2s 6d. Oats.—3s 3d. SYDNEY WOOL SALES (United P.A. — By Telegraph — Copyright) SYDNEY, Thursday. At the Sydney wool sales to-day the market was firm for all good descriptions at late rates, but faulty, dusty and irregular wools were difficult to quit. Competition was strong, all sections operating freely. Comebacks and crossbreds were also in demand. Greasy Merino sold to 252 d. The day's sales totalled 12,514 bales.

OFFERS WANTED

POTATO MARKET EASIER SOUTH SEEKING ORDERS * October 12, 9 a.m. | Considerable activity has been registered in grain, seed and produce circles over the week. ! The potato market has a decidedly easier tone; wheat has firmed appreciably; maize shows increased strength; onions have been mov- i ing with greater freedom on a rising market. I As indicated in these columns in pre- ! vious reports, the fears of a potato I famine and excessively high prices | proved groundless. With the new high ! prices of a week ago passed on to the public, consumption has fallen off considerably. In addition, the trend had been to neglect the old potatoes in favour of lesser quantities of the new, as at present levels actual values show littlo difference when it is considered that there is not the loss through peeling and otherwise with the new season’s tubers. Where last week optimistic holders in the South in isolated instances asked up to as high as £l4 10s for prompt, to-day quotations are offering freely at £ll f.o.b. Auckland merchants are not responding, however, prefer to await developments and buy from hand to mouth. This policy has resulted in wires from the South asking for offers, indicating a slightly weaker position down there, and a tendency to take fright at the prospect of the small balance of old season’s tubers being left unsold when the new season really starts. Just how far the market will go it is hard to forecast. Southern sellers certainly cannot expect to place any further large parcels on this market again this season, as indications are that Auckland merchants here will not take more than is sufficient to carry them from boat to boat, knowing that all the time the demand for old tubers is diminishing. Any attempt on the part of the South to send forward heavy parcels woqld knock the bottom out of the market. Through store quotations, Auckland, show a wide variation, ranging from 13s lOd to 15s a cwt., according to quality and the position of the holder. Indications are that there will be a slight easing of the top price next week. New season’s tubers are coming in with greater freedom from nearAuckland growers, and their value, generally, can be taken as 30s a cwt. through the marts, i#lickland. Big Profits Made in Onions Big profits have been made in onions over the past day or so by those fortunate importers who bought forward earlier in the year for shipment on the Niagara and the Hauraki. Onions that were bought to arrive on a basis of under 17s 6d a crate have been resold at 30s this week. The Niagara on. Monday brought approximately 3,000 crates from Canada, while the Hauraki's cargo of Californian yesterday was approximately 2,000. Portion of the shipment was sent to other parts of the North Island. The market, at the moment, is very firm, registering an upward tendency. Sales were made through store yesterday of merchants’ lots at 30s, but a firmer tone was registered this morning, and the through store parity was very firm at 355. An indication of the general shortness of onion stocks can be taken from the fact that inquiries were received in Auckland from Sydney yesterday. No price was mentioned. No further direct shipment is due in Auckland until the Aorangi, due about the second week in November. The vessel is reported to be bringing only a light shipment. Wheat Market Very Firm Wheat has been giving merchants greater concern over the past week or I so, and a decidedly firmer tone is registered in the South, the market advancing fully 5d a bushel. Southern quotations for prompt will bring the Auckland through store parity up to 7s 9d. Quotations for November-December shipment will see wheat selling through store at Ss a bushel again. Stocks in Auckland are light, and the new parity should operate almost immediately, although it can still be bought on the spot at 7s 6d. Greater Activity In Maize With weak holders in the Bay of Plenty out of the way, Gisborne merchants have come on the market with increased strength during the week and business for Auckland from there lias been done °n *6. basis of 5s 4d f.o.b. Merchants there are forecasting a further rise in price, quoting 5s 6d for later deliveries. There is a steady demand for the yellow grain in Auckland at the moment, and it seems quite likely that the Gisborneites’ hopes will be realised. The stronger position in the wheat market will certainly have a tightening effect on maize. The position in regard to oats and chaff is practically unchanged. The market for L» Gartons has firmed slightly over the We * k or so - Good bright sample chaff sells through store at up to £9 5s a lon. Bran and pollard sell at unchanged rates. Produce Boat Movements The Kurow left Auckland last evening for the South. The vessel commences loading for the North about Thursday next. The Katoa, from Port Craig, Bluff, and Dunedin, should leave Wellington to-night to complete loading at Picton, thence Auckland. The vessel is due here on Monday next. The Wingatui, from Dunedinfi Oamaru and Timaru, is expected to clear Lyttflton to-night for Auckland, to arrive here on Tuesday next. The Waipiata is at present loading at the Bluff, thence Dunedin, Oamaru, Timaru, Lyttelton, and Wellington. The vessel is expected here toward the end of next week. The Hauraki, from the Pacific Slopes, arrived yesterday. There will be no direct Sydney boat to Auckland next week. The Waipahi is expected to leave Suva to-day for Auckland, and is due here on Wednesday next.

CASEIN FACTORY OPENED INDUSTRY IN TARANAKI (Special to TUB SUNj new PLYMOUTH, Thursday. Taranaki’s first casein-drying factory was officially opened to-day by the Minister of Agriculture, the Hon. O. J. Hawken. The building, a threestoreyed structure, was erected at a cost of £15,000, at Midhurst, near Stratford, by the Midhurst Co-opera-tive Hairy Company. The Minister congratulated the suppliers on their enterprise which showed the faith the district had in the dairying industry and in the manufacture of casein. The quality of New Zealand casein was now equal to the French, which was considered the standard of excellence. Since 191 S dairying production had been doubled, and the production per cow, which indicated the improvement in the individual skill of the farmer, had increased by 25 per cent. Mr. H. E. Pacey, chairman of the. New Zealand Casein Company, said he was confident of the future of the casein industry. New Zealand had not got very far, yet it had been making casein for 17 years, and had attained an output of 2,500 tons a year. The Argentine, which had been operating for 25 years, had reached an annual output of 20,000 tons, the whole of which was readily absorbed by increasing uses. He thought that the manufacture of butter and casein over a catcle of years would give a better return than cheese.

£ s. d. £ s d. BANKS— A us. of Commerce . 1 13 9 1 13 0 Bank of Adelaide .. 15 Rank of Australasia 15 Com. Bank of Aus. 1 10 2 Ditto (pref.) . . •• 7 8 6 7 5 Kng., Scot, and Aus. 7 New South Wales . 51 1 3 Ditto, D Mort (20s paid) 1 8 0 3 Queensland National 2 Nat. of Asia (con.) 9 INSURANCENational 0 16 6 0 16 0 New Zealand .. .. — South British .. .. — Queensland — 3 ° 1,0AN AND AGENCY— Farmers’ Co-op. Auc. 3 10 0 3 0 0 Ditto, A (pref.) .. 16 Ditto B (pref.) .. xo «Joldsbrough, Mort . 2 2 National Mortgage Agency 4 N.Z. and River Plate 1 N.Z. Guar. Corp .. N.Z. Loan and Merc. 120 ft 0 116 Ditto (pref.) .. .. Co-op. (ord.) .. . — COAL— % Ditto (pref.) .. .. 0 11 o 0 10 2 Ditto (pref.) . . .. 0 110 Ditto A (pref.) .. 0 8 3 10 0 3 Renown (ord.) .. .. 0 14 6 0 13 Ditto (pref.) .. .. 0 Taupirl I X Ditto (pref.) .. .. Waipa .. 0 14 0 IVestport AVestport-Stockton . 0 3 10 6 Ditto (pref.) .. .. 0 GAS— Auckland 1 3 2 1 3 ft Ditto (con.) .. .. 0 17 3 SHIPPINGDevonport Steam .. 1 5 3 — Huddart-Parker X Ditto (pref.) .. .. Northern Steam .. 0 14 5 14 Ditto (con.) .. .. 0 6 11 I’. & O. (def. stock) 240 ft 0 L'nion Steam (pref.) 1 1 0 1 0 6 TIMBER— Leyland-O’Brien — 1 14 0 National ft 11 0 — F’arker-Lamb •• .. 0 19 0 — WOOLLEN— Kaiapoi — ft 13 0 Ditto (con.) .. .. 0 9 Ditto (pref.) .. .. 0 15 6 0 14 0 Mosgiel 0 Wellington — 6 6 Ditto (pref.) .. .. — 6 13 0 HREIVERIES— <\ L. Innea (pref.) 0 18 6 N.Z. Breweries .. .. 2 14 0 2 13 0 MISCELLANEOU S— Auck. Amus. Park . 0 *> 6 British Tobacco 3 9 3 Burns. Philp 3 0 Bycroft, Ltd 1 15 0 1 11 6 < ’hecker Taxi 0 12 0 0 6 0 Dental and Medical 0 14 0 Dominion Pictures . . 1 P Ditto (pref.) .. .. 1 2 0

Electrolytic Zinc (ord.) 1 12 9 1 12 3 Ditto (pref.) .. .. 1 14 1 13 6 Fullers’ Pictures .. 1 0 9 Gear Meat 2 1 9 Grey and Menzies 0 9 6 Hayward’s Pictures 1 0 1 0 LO Henry Jones Co-op. 1 19 0 Hill and Plummer .. 1 3 6 1 0 H M Arcade Theatre 2 6 Ditto (pref.) .. .. 1 1 0 Kempt home-Prosser 9 Lewis Eady (pref.) 0 19 9 Milne and Choyce .. 1 4 6 Ditto (pref.) . . . . 1 4 6 Ditto <B pref.) .. 1 4 6 Ditto (deb. stk.) .. ] 4 National Pictures N.Z Farmers’ — 0 12 G Fertiliser .... 0 17 (1 N.Z. Refrig. (con.) . 0 9 0 0 S 6 Robinson Ice Cream 1 3 0 Sanford, Ltd 0 19 0 0 17 Sharland (pref.) .. 1 0 Taranaki Oils .. .. 0 8 6 0 7 Tonson Garlick .. 0 12 6 Union Oil 2 2 Whittome-Stevenson 8 0 2 0 Wilsons Cement Farmers’ Trading1 19 6 1 19 Ditto B (pref.) .. — 0 9 0 MINING— Moanataiari (paid). 0 1 fi Ditto (con.) 0 0 6 Golden Age (paid) . Lucky Shot (4s 0 0 2 paid) 0 0 6 Maoriland (con.) . Occidental Una (2s 0 0 9 — 0 1 0 Oliinemuri (ord.) . . 0 7 2 0 6 9 Waihi 0 14 3 0 14 Waihi Grand June. . 0 0 11 0 0 9 Mount Lyell DEBENTURES— Auckland Gas, 1932, 1 16 3 5 p.c 93 0 0 Auckland Harbour Bd. 90 0 0 Ditto, 54 p.c 96 0 0 Ditto. 55 p.c. . . .. 100 0 0 Ditto, 6 p.c 103 0 0 City of Auckland, 1940, 5* P.c 96 0 0 Ditto, 1943, 55 p.c. 100 0 0 Auck. Power Bd., 5i Auck. Fire Board. — 99 0 0 6 p.c. . Hamilton Fira Board — 100 0 0 6 n.c — 100 0 0 Bor. Devonport, 6 p.c. — 101 0 0 Bor ML Eden. 52 . — 100 0 • Ditto. 6 p.c 102 0 0 Bor. Hamilton, 6 p.c. Bn Her County, 1940, — 102 0 0 93 10 0 Hamilton Theatres, 7 98 0 0 1 — N.Z. Breweries 1 4 6 4 Glaxo — GOVERNMENT BONDS War Loan, 1930, 41 100 0 0 99 0 0 Ditto, 193S, 41 . . 98 17 6 Ditto, 1939, 41 . . 98 17 6 Ditto, 1941, 41 p.c. 98 15 0 Ditto, 1933, 51 101 10 0 101 2 6 Ditto, 1936. 51 .. INSCRIBED STOCK101 2 G 98 17 6 Ditto, 1939, 41 p.c. 98 17 6 Ditto, 1927-41. 54 . 99 0 0 101 Ditto, 1933, 55 .. Ditto, 1936, 55 p.c. — 101 2 0

months. Exports Imports. Excess. 1923 £ 37,591,106 £ 31,481/795 £6,109,311 1924 41,057,208 36,137,756 4,919,452 1925 44,191254 38,234,807 5,956,447 1926 37,346,920 37,404,368 •57,448 1927 37,916,688 33,684,039 4,232,649 192S 45,668,926 33,041,495 12,627,431 •Excess of Imports.