FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 490, 20 October 1928, Page 12

FINANCE & MARKETS

Market in Good Tone Further Rise in Renowns A HEALTHY tone was registered at the week’s closing call on ’Change this morning. The market for several shares has a very firm tone.

In the banking group New Zealands show increased strength, the market recovering to the level for the week ended September 4. when sales took place at 61s 6d. a u insurance shares meet with a very firm demand, with the general tendency upward. Sellers are very hard to locate. A further advance took place in Renown Collieries this morning, a sale being made in the call room at 16s 6d, compared with yesterday’s market at 16s, and last Saturday's at 13s 6d. Pukemiros are slightly firmer.

Northern Steams are undergoing a period of temporary neglect with sellers at 14s ad unsupported. In mining Waihis remain fairly steady with a buyer in at 14s. The bottom appears to have dropped out of the market for Moanataiaris, and the contributing scrip is available at the lowest quotable price. Buyers cannot be located for either issue. Business yesterday afternoon: Taranaki Oils, 7s 6d; Bank of New Zealand. 61s 6d. Business this morning.—On ’Change: Renown Collieries, 16s 6d; Hayward’s Pictures, 21s.

TO-DAY’S QUOTATIONS

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

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington. —Bank of New Zealand (two parcels), 61s 6d; New Zealand Breweries (two parcels). 55s 3d. Christchurch. —Bank of Adelaide (cum div.), £10; Bank of New South Wales, £sl ss; Bank of New Zealand. 67s 6d; Goldsbrough, Mort, 51o; Howard Smith, 24s 9d; New Zealand Refrigerating (10s paid), 8s 6d (four); Kaiapoi Woollen (7s paid), 4s 6d (two); New Zealand Breweries, 555; British Tobacco, 445; New Zealand Farmers’ Co-operative (65 per cent, stock, 1940), £95; Mahakipawa, Is 3d (40); Tooth’s Brewery, 49s 6d. Dunedin.—Huddart-Parker (ord.), 48s 8d; Goldsbrough, Mort, 51s; Union Bank, £ls 7s. TO VISIT AUSTRALIA DUNLOP COY.'S CHAIRMAN (Australian and N.Z. Press Association) LONDON, Thursday. Sir Eric Geddes, chairman of the Dunlop Rubber Company, will go to Australia in January. He will remain there a fortnight and go thence to Malaya and Singapore. An unconfirmed report says Sir Eric is considering exercising the right to increase the British shareholding in the Australian and New Zealand branches of Dunlops to ensure ultimate control similar to that which Sir J. G. Beharrell, managing director of the company, has just obtained in Canada.

SUN COMMERCIAL SERVICE A special section for readers seeking information on financial and commercial questions is included in these columns every Saturday. Names and addresses must be given in every instance , although not for publication , and inquirers are requested to send in questions early in the week , addressed to the Commercial Editor , THE SUN . W.I. (Epsom).—We intend dealing: with that question in a special article at an early date. N.E.L. (Otahuhu). —You will note that the market has risen as we predicted three months ago. Even-at the present price the scrip has attractions for the investor prepared to hold. Flax (Mount Eden). —We are not in favour of it at any pric?. It is only a long shot speculation.

CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 9.30 a.m. CHICAGO, Friday. Wheat. —December, 1 dollar 14| cents a bushel; March, 1 dollar 19 7-8 cents; May, 1 dollar 221 cents.

POTATO MARKET QUIET POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. The potato market is a little firmer again, to-day’s quotation being £9 10s a ton. There is a fair but not a big demand from the North Island, although Auckland has ceased drawing supplies from here for the time being. Not a very large quantity was taken by the Waipiata when she left yesterday for Wellington. Supplies locally are being used up, and as is usual at this time of the year, not a large quantity is offering. North Island order- -are coming in freely, but the quantities wanted are smaller. New potatoes are now coming in at Auckland, and with the landed cost of the Southern tubers to consumers about 2Jd a lb, many households prefer buying the new season’s supply at a trifle dearer cost. Pukekohe potatoes are bringing 3d a lb, but in Canterbury the price is about double that figure for new crop. The planting of the main crop is now in progress, and at present indications are that the area sown will be up to the average. Wheat is fairly firm at mid-week quotations, and oats have shown no change. Chaff is a little firmer, there being more inquiry from the North. Seeds are unchanged, although farmers’ orders are accounting for a certain amount of business, and some sowing is being done. Th« wholesale business is very quiet. FOR DAIRY RESEARCH NEW APPARATUS ARRIVES Press Association PALMERSTON N., Friday. With new and elaborate apparatus which has just arrived, the laboratory of the Dairy Research Institute now being prepared at the Massey College presents a scene of considerable activity in scientific organisation. Mr. H. R. Whitehead arrived at the college this week from Durham and Leeds Universities to take up the appointment of bacteriologist to the Dairy Research section. For six months before leaving England he visited the leading dairy research laboratories in Europe. While at Kilmarnock *he investigated research methods being applied to cheese and buttermaking in England. The research work which has aroused considerable interest in the Dominion is being carried out concerning the best methods of observing the cleanliness of milking machines, where the milk is used for town supplies. FEILDING STOCK SALE Press Association FEILDING. Friday. There was a small yarding of sheep at to-day’s stock sale. Prices for fats showed a decline. Shorn hoggets sold up to 28s 9d; shorn ewes, 22s 9d to 27s 9d; woolly ewes, 31s. Stores: Four-tooth forward wethers, good, 40s 9d; ewes with 100 per cent, lambs, up to 50s. Cattle.—There was a medium yarding. Dairy stock was firm at late rates. Springing heifers brought £4 10s to £5; heifers in milk, £4 ss; springing cows, £6 10s to £l3 ss; fats, heifers, £4 12s 6d to £ll 2s 6d; cows, £6 7s 6d to £8 15s; fouryear bullocks, £9 18s 6d to £l6; stores, empty heifers, £3 2s 6d to £6 ss; empty cows, £2 10s to £5 18s 6d; cows in calf, £4 5s to £9 10s; yearling Polled Angus steers, £6 2s; yearling Shorthorn bulls, £6 ss; Shorthorn and Hereford heifers, £5. , CONSOLS AND COLONIAL STOCKS

OTOROHANGA STOCK SALE Dalgety and Company, Limited, Te Kuiti, report having held their fortnightly sale at Otorohanga on the 17 th inst., when a large yarding of cattle came forward and a small yarding of sheep to a representative gathering of buyers from all parts of the King Country and the Waikato. The sale was satisfactory, the majority of the offering changing hands under the hammer. The firm quotes: Fat store wethers, £2; mixed hoggets average, 31s; 3-year-old S.H. steers, £8 to £8 ss; 3-year Friesian steers, small, £6 10s; bad coloured 3-year Friesian steers, £6 2s 6d; 2-year old S.H. steers, £6 7s 6d to £6 10s; small yearling steers, £3; good run cows with calves at foot, £7 19s; other cows with calves at foot, £4 7s 6d, £5 10s, £6 7s 6d; S.H. run cows r.w. S.H. bulls, £6 7s; store cows, £4 15s, £4 18s to 6gns.; thin and cull cows, £1 to £2 10s; fat cows, £8 ss, £8 17s, £9 ss, £9 10s to lOgns., yearling Jersey heifers, £5 14s, £5 18s, £6 to £6 10s; empty 2-yeaf-old Friesian heifers, £5 2s 6d; small yearling Jersey heifers, £3 Bs, £4 5s to £4 10s; yearling S.H. heifers, £2 10s, £2 16s to £4; yearling S.H. bulls, £6; other low-conditioned Jersey bulls, £2, £2 7s 6d to £5 4s; best dairy cows, £ls 10s; other dairy cows, £7 10s, £7 15s, £8 to lOgns.; best dairy heifers, £l2 to- £l2 10s; backward .dairy heifers, £5, £5 17s, £6 to £7 10s.

DOMINION PICTURES, LTD. NET PROFIT OF £3,301 A net profit of £3,300 is shown in the accounts of the Dominion Picture Theatre Co., Ltd., for the year ended September 30, 1928. The dividend of 7£ per cent, on preference an dordinary shares for the half year ended March 31 absorbed. £1,471. The directors propose paying a further dividend of 9d a share on both preference and ordinary shares* making 75 per cent, on both for the year. This will absorb a further £1,471, leaving £935 to be carried forward to next year. The issue of the remaining* 5,770 unallotted ordinary shares, recently offered to shareholders at par. was fully subscribed. Messrs. C. R. Chapman and W. S. Whitley are directors retiring and offering themselves for re-election. The net profits for the past four years have been successively £3.879, £4,057, £4,052 and £3,300. In each year but this, £I,OOO has been placed to reserve, now amounting to £3,000, but repairs and renovations to Princess Buildings have cost a considerable sum, the relative item in the balance sheet having increased from £BOO to £2,260. The balance brought into the account three years ago was £415, and this nas now been increased to £935, dividends at the rate of 7| per cent. having been paid annuallv 10 PER CENT. DIVIDEND NATIONAL BANK OF AUSTRALASIA Press Association WELLINGTON, To-day. It is announced that the board of directors of the National Bank of Australasia, Ltd., has decided to pay a dividend at the rate of 10 per cent, per annum on both classes of shares on November 28. LONDON METAL MARKET (Australian and N.Z. Press Association) LONDON, Thursday. London metal quotations (those of October 15 in parentheses). Copper.—Spot, £65 Is 10|d (£64 18s ljd); three months, £65 12s 6d (£65 6s 10id). Electrolytic Copper.—Spot, £7l 5s (£7l ss): three months, £7l 15s (£7l 15s). Wire Bars.—Spot, £7l 15s (£7l 15s); three months, £7l 15s (£7l 15s). Lead. —Spot, £22 2s 6d (£22 3s 9d); three months, £2l 16s 3d (£2l 17s 6d). Spelter.—Spot, £24 2s 6d (£24); three months, £24 12s 6d (£24 ss). Tin.—Spot.— £222 6s 3d (£220 Is 3d); three months, £219 17s 6d (£217 12s 6d). Silver. —Standard, 26 11-16 d (26 9-16 d) an oz.; fine, 28 13-16 d (28 11-16 d). WHEAT, FLOUR AND PULSE LONDON, Thursday. Wheat.—Cargoes are quiet, and quotations mostly lower. Parcels are in poor request, with a threepence decline. Liverpol futures: October, 9s 4£d; December, 9s 4d; March, 9s 3!d; May. 9s 3|d. The spot trade is quiet; Australian, ex ship, 48s. Flour.—Slow, Australian, ex store, 335. Oats.—Dull. Australian Algerian, 27s to 28s; A Gartons, 30s to 325. Peas are inactive. Blue Tasmanian, 380 s to 400 s: New Zealand, 360 s to 380 s. Maples.—Tasmanian, 75s to 80s; New Zealand, 65s to 70s. New Zealand Beans.—4Bs to 50s. BIG PROFITS IN PINEAPPLES The records of the Hawaiian Pineapple Company, Limited, over the past 10 years disclose a most enviable succession of big dividends and bonus payments. Last year a bonus of 10 per cent, to shareholders increased the capital to £2,060,000, while ten years ago the capital was only £206,000. These facts lend interest to the formation of the Fijian Pineapple Company, Limited, which has just been incorporated in New Zealand. Details of this new organisation will be found in an announcement in the advertising columns of this issue. COMPANY REGISTRATIONS New Zealand Flax Investments. Ltd., capital £25,000, has been, registered in Sydney to acquire land suitable for the growing of New Zealand flax, and to carry on the business of planting, cultivating, milling, etc. Subscribers: J. C. Edwards, C. M. C. Money, R. C. Cathels, O. A. Jones, R. D. Grierson, G. Abbott, and K. M. Travis.

Sellers. Buyers. BANKS— Aus. of Commerce . 1 14 0 1 13 0 Bank of Australasia 14 17 11 Com. of Australia. . 1 10 Ditto (pref.) .. .. 27 7 5 Com. of Sydney .. 8 14 6 Eiut.. Scot. & Aus. S 17 Nat of N.Z. Nat Australasia 7 fc> 0 9 11 9 15 0 5L New Zealand .. 3 Ditto. D Wort (20s paid) Union of Aus. •• .. 15 7 6 1 15 6 0 INSURANCE — 0 16 6 0 16 2 New Zealand .• •• —— 5 Queensland .. •• 5 South British .. .. — 3 LOAN AND AGENCY— Abraham & Williams (pref.) — 5 3 Ditto. A (pref.) .. Ditto B (pref ) .. 15 Golasbrough, Mort . National Mortgage 2 11 6 2 10 Agency 6 5 Newton King (pref.) 0 8 N.Z. and River Plate N.Z. Guar. Corp. — 1 N.Z. Loan & Merc. 116 Ditto (pref.) N. Auck. Farmers’ 2 Co-op (ord.) .. .. — COALHikurangi 0 6 0 0 5 6 Ditto (pref.) .. .. 3 Ditto A (pref.) .. 0 10 0 8 0

3 0 16 Ditto (pref.) .. .. 0 6 Taupiri •• •• 1 Ditto (pref.) .. .. 10 0 Westport-Stockton • 0 3 9 0 3 5 Ditto (pref.) .. •• — GAS— Auckland 1 3 2 1 3 0 Ditto (con.) •• .. 0 17 3 SHIPPING— Devonport Steam .. 1 5 0 — Huddart-Parker S Ditto (pref.) .. .. Northern Steam 14 5 — Ditto (con.) .. .. P. and O. (def. stk.) 13 Union Steam (pret.) — 1 TIMBER— # Kauri Timber .. ». 1 0 0 — Levland-O’Brien National .. .. .. .. — WOOLLEN— Kaiapoi .. .. .. .. 0 13 9 0 13 0 Mosgiel .. .. •• • • Wellington “ 6 12 6 Ditto (pref.) .. .. — 15 miscellaneous— Auck. Amuse. Park 0 3 6 British Tobacco 2 4 1 15 Checker Taxicab .. 0 12 0

Sellers. Buyers. Dental and Medical. 0 14 0 Dominion Pictures . 1 2 0 Ditto (pref. ) .. .. 1 2 0 Donaghy’s Rope ... 1 12 U Electrolytic Zinc 1 14 3 1 13 6 Fuller’s Pictures 1 0 9 Gear Meat 2 2 0 Grey and Menzies .. 0 9 G Hayward’s Pictures 1 1 1 0 10 Hill and Plummer.. 1 2 0 H.M. Arcade .. 2 2 6 Ditto (pref.) „. .. 1 1 0 Lewis Eady (pref.) 0 19 6 Milne and Choyce .. 1 4 6 Ditto (pref.) .. .. l 4 6 Ditto (“B” pref.) . 1 4 6 Ditto (deb. stock) 1 4 3 National Pictures . 0 12 0 N.%. Farmers’ Fertiiiser Co 0 17 0 New Zealand Refrigerating (con.) 0 8 ft 0 S G Robinson Ice Cream 1 Sanford, Ltd 0 19 0 0 17 0 Sharland (pref.) .. 1 0 Taranaki Oil .. .. 0 7 9 0 7 3 Tonson Garlick . .. 0 12 6 0 11 0 Inion Oil . .. 2 2 G Whittome Stevenson 2 7 3 Wilsons Cement .. 1 19 0 Farmers’ Trading (ord.) 0 7 6 Ditto B (pref.) .. — 0 9 3 MINING— Moanataiari (pd.) . 0 1 6 Ditto (con.) .. .. 0 0 Golden Age (paid) . 0 0 2 Lucky Shot (4s Maoriland (con.) .. 0 0 9 0 0 Ohinemuri (ord.) .. 0 7 6 0 6 Waihi (] 14 3 8

Waihi Grand Junct. 0 14 Mount Dyell 1 lb 9 1 9 DEBENTURES— Auckland Gao, 1928, 6L per cent 102 10 0 Auckland Harbour Ba. 4 p.c 89 0 0 Ditto, 5£ pc. .. .. 96 0 Ditto, 55 p.c. . . .. 100 0 City of Auckland, 1940, 96 0 0 Ditto, 1943, 5J p.c. 100 0 Auck. Power Bd., 55 99 10 101 Bor. Mt. Eden, 5J 100 0 0 Ditto, 6 p.c 102 0 0 Bor. of Hamilton, 6 102 0 0 Buller County. 1940, 5 per cent 93 10 National Trading:, 6 100 0 GOVERNMENT BONDS— War Doan, 1930, 45 100 0 0 • 99 0 0 Ditto, 1938, 45 p.c. 98 17 6 Ditto, 1339, 44 p.c. 17 Ditto. 1941, 4j p.c. 98 15 0 Ditto, 1933, 55 p.c. 101 10 0 101 2 6 Ditto, 1936, 55 p.c. — 101 0 0 INSCRIBED STOCK— War Doan, 1938, 98 17 6 Ditto, 1939, 44 p.c. 98 17 6 Ditto, 1927-41, 51 . 98 17 6 Ditto, 1933, 55 p.c. 101 2 6 Ditto, 1936, 55 p.c. 101 0 0 Ditto, 1933, 5i p.c. — 98 17 6

(Australian and N.Z. Pres• Association; LONDON, Thursday £ d. £ d. Oct. 18. Consols 55 15 0 Funding Loan, 4, *60-90 88 15 0 85 British War Loan, 5 per cent 103 7 6 103 2 6 Conversion Loan, 35 per cent 77 10 0 77 5 0 C’wealth Australia, 55 p.c., 1922-27 .. 99 10 0 99 2 6 C'wealth Australia, 6 p.c., 1931-41 .. 102 0 0 102 5 0 N.Z., 4 p.c., 1929 .. 98 15 0 99 12 6 N.Z., 35 p.c., 1940 .. 88 15 0 88 12 6 N.Z., 3 p.c., H945 .. .79 12 6 79 7 6 N.Z., 6 p.c., 1936-51 107 17 6 107 10 0