FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 509, 12 November 1928, Page 12

FINANCE & MARKETS

N.Z. Breweries Rising

Waihi Mining Firm

(By “Noon Call.") THE market on ’C-hange opened for the week this morning with a sustained firm demand for all the popular securities. New Zeulaud Breweries, on the eve of the referendum. are particularly firm, sales being made at a price which shows a return. based on the latest dividend, of approximately £3 85 9d per cent.

Sellers of English. Scottish and Australian Banks came In again this morning at £ 8 18s, but failed to find support. In the search for high-class securities showing a reasonable yield with prospects, these shares should not l*o overlooked. An interesting point in connection with the scrip is the approaching redemption out of revenue of the 4'j per cent deferred inscribed deposit stock. For this purpose the bank has set aside each year 25 per cent, of the amount available #*r dividend. and the process now gone so far as to make* it probable that, by the beginning of next year, this charge on the bank’s profits will have entirely disappeared. This will mean higher returns for shareholders later on.

N.Z. Breweries are one of the star •securities at the moment, and the scrip is receiving increased attention as the date of the dividend approaches. The scrip moved up 3d to 38s 3d during the morning, lea\'ing a market very firm <at mid-day, with buyers still offering 5Ss. The demand is coming from those anticipating a favourable decision for

the liquor people, but even this does not justify the present price, which is higher than that for the best insurance scrip. Insurances are stable, and their balance-sheets show projects of future increased pay-outs to shareholders. This is more than the N.Z. Breweries balance-sheet discloses. Viewed from every business angle, the Breweries scrip appears too highly priced.

The list of quoted mining shares weekly gets into shorter compass. Attention at the moment is centred almost entirely on Waihis, Ohinemuris and Mount Lyells. Waihis are still very firm, showing a further advance of Id to 13s lid this morning.

Business at this morning’s early call. —On ’Change; N.Z. Breweries, 58s. Reported: N.Z. Guar. Corporation. 8s Bd. Business at mid-day.—On ’Change: N.Z. Breweries, 58s 3d (two parcels); Waihi Mining. 13s lid; N.Z. Breweries (deb.). 24s 6d (two parcels). Reported: Waihi Mining, 13s lid.

TODAY’S QUOTATIONS

" SOUTHERN EXCHANGES SATURDAY’S SALES , Press Association. ‘ Wallington: National Bank or New Zea-‘ land, £1 33; Bank or New Zealand. 613‘ 3d; Bank or New Zealand (D shares).j 235. 3d. j Dunedin: New Zealand Breweries‘ (deb). 24s Gd: .\lounx Lyell, 375. ‘ I SMITHFIELD rmCES The New Zeuland Meal Px'oduuers‘ 'Suurd has received the following cable;ram lrom its London (mice dated Nov~ ember 9. Idvlslng Smilhfield delivered prices averaged for the Week ended at Lhm. date as lollowsz— New Zealand VVethers and Maidens.— 3‘::nterbury quality, selected brands. 56R). and under. 6 7-Sd 8. lb; 571!) to Gill). Sid: oSIb to 721 b, 63d; other brands. 561!) and under, 6 5-841; 571!) to 641 b, 6 3-Sd; 651 k) to 72“). 6 l-Sd. fi'ew Zealand Exn-s.——64|b and under, 4; . .\‘ew Zealnud Lumlmfi—l‘aulerbury quality. 361 b and under. 11nd: 371 D to ~12"), ll) l-Sd; 4311) to 5011), 9 3-31]. Seconds, s 5-8 d: selected brands. 3th uud under. 10d; 37!!) to 4211). I‘d. Other brmlds.‘ second quality. limb-321!) average. 83d. Argentine Lambs—First quality. 3611)‘ and under. 9 l-Sd. .\‘ew Zealuml Bach—Ox (ores. 3 T-Sd; kinds. sd: ruw fol-es. 2:111: hinds. 43d. Argentine l‘hilk‘d Beet—ox forrS, lid: kinds. 6 7—Sd. _ Frozen Pork—Porkers, 50m ‘0 SOlh.i 7hr]: Sllb tn .‘H'llt. 7d: loo”: [0 120”), 7d;; bar‘oners. 1211 b lu lfifllbl 7d. ' Lamb .\lm‘ket.—l‘mner inquiry {or first[ quality. Sr-(‘nnd quality rmnains dull. , Mutton Market—There has been :1 bet- [ 'vr demand for ewes. .\larkot is slow for! “others. Still plentiful supplies home—a killed lamb and mu'tnn. ‘ Rae! Mnrket,-—-Flrmer. 1 Pnrker Pizs.—)lnrk~-t \voakwr owing {o| heavy pltrhlngs of Home-killed. ’ Baconer Pizs.—Mnrkpf is dull owing to over-supply of ("nntinemnl hnoon. ~WW~

. ! 1 BOARDS WEEKLY REPORT l WELLINGTON. Sunday. The New Zealand Dairy Produce Board has received the following market report trom its London ofl‘lce. dated November 9. prices for the previous week being! given in parentheses:— Butter New Zealand: Salted. 1723 to 178$ (1745 to 180 s); unsalted. 1815 to 1903 (1845 to 190 s); first Whey. 1605 (1645): second whey, 154 s (1605). Deliveries New Zea.— land this week. 900 tons: in 5t0re.,3,450 tons. Australian: Finest salted. 1665 to 170;; (1603 to 1705); unsalted. 1805 to 1545 (1808 to 1828). ' Argentine: Finest. unsalted. 170 s to 1765 (170 s to 1763). Irish creamery: Salted. 1735 (1725); unsalted. 176 s (1765). Danish: Spot. 1965 to 1973 (1963 to 1985); i.0.b.. 1875 (1895). . Dutch: Unsalted. 1965 to 1985 (1765 to 1805). ' Siberian: 1585 to 1605 (1565 to 1805). Ukrainian: 1605 to 1645 (1605 to 16-15). Polish: Htls to 1503 (1505 to 1545), Market steady. Retail prices un—i changed. i Cheese ‘ _ 5 New Zeuiund: “‘hite. 1065 to 1088 (10654 to 108 m; coloured. 1045 to 1065 (1045 to' 1065). Deliveries New Zealand this Week.‘ ,5,5:.0 crates; in store. 18.822 crates. I E Canadian: “'ltite. iOB3 to 1125. up toi li-ls tloßs to 1105): coloured. 108 s to 1103.; lup to 1125 (1085 to n 05): tau, 106 s. I Australian: Coloured. 1023 to 1043. Market steady. Retail prices un—changed. _ English: Finest farmers‘. 138 s to 1405: ,tl3bs to 1405). ‘ {North American Prices ' l [The board has also received the follow-l 'in; advice. from its agents in Canada:—-g limiter: New York. 50 cents (‘35 Id); {.\iontrenl. 40 cents (is Sd). I g MINING NEWS § 1' ._— i ! LUCKY SHOT.—The manager reports: {HTIIB .(lrire south on the main reef off the bottom of No. 1 winze has. been (ld- ‘ |vanced art. The reef is 3ft Wide. both [walls are exposed. Gold is visible in the ore from wall to wall, and several pieces of picked stone have been secured during the week. The low level has been - cleaned out for a distance of 500 feet." ‘ AUCTION NOTES Rnbt. C. Carr and Son will sell by nun- : tion. at their rooms. ”.‘0 Swanson Street. ‘ on Friday. November I“. :xt 12 noon, :1 9 wooden dwelling of five rooms, with outbuildings and usual «'onvenlences situ~ ‘ ated at .\‘o. 14 Maxwell Avenue. Grev Lynn. ;

AUCKLAND WOOL SALE

SHEARING HELD UP MARKET PROSPECTS SOUND November 12. 9 a.m. Next week the wool-selling season for New Zealand will commence in earnest. The first sale opens in Wellington on Friday next, to be followed by one at Napier, then Wanganui, and Auck- | land on Monday, November 26. Last year Auckland had a record first sale catalogue, over 23,000 bales | being offered to buyers. Unfavourj able weather conditions over the past nf.ith, however, have held up | shearing operations, and indications j are that even the 192 6 catalogue of I 18,000 bales will not be exceeded this year. The quality of the wool coming for- ; ward is generally reported to be fully , up to that at the first sale of last ■ year. Most brokers report that their | aJtoro receipts are well below those at | the corresponding period of last sea- ) son. while one of the biggest firms has little more than half the wool in store i that it had in at the corresponding ; date of last season. j A wide variety of opinions have been expressed as to what opening : prices will be. Certainly there is nothing to indicate that prices will be | up to those ruling at the close of last I season, but it is quite on the cards that the market will open with competition keen and fairly widespread, on levels little different from those ruling at the opening sales of last year. Owing to the different class of wool dealt with at the Sydney sales, the prices there can only give a very general indication of the trend of values. 1 i ices at the last London sale for wool similar to that which will be offered j 111 New Zealand indicated an opening market for New Zealand of approximately 10 per cent, below last season s opening levels. Since then, however, there has been a decided firming in the demand. An indication of the violent fluctuations in the market, and the futility of making definite forecasts, can be taken trom the following table, showing the average price a lb realised at all sales held m New Zealand during each of tne past six seasons:

BUTTER AND CHEESE Merchants" Reports Uom h - tS report of ove rseas cables as 'date November firm U markeL ImprovTng-'loet ’ ion d „ em and. Danish, 1965t0 197f’ S Dot' tons- stool- d ? h 44? ri t eSi ° f o e "’ Zealand, 907 tons, stock, 3,441 tons. Retail prices un H?4 a T e k d - , Cheese: White, 107 sf coloured* to 4 li">? ok k ??r.y ely C * u ' ct - Canadian, 108 s ♦«,-i • on spot > according maturity. Retail prices unchanged. £ on ’ from their London a. Rowson * under date Noyetnber 9 New season s butter. 174 s to liSs; market steady, with better demand Cheese, coloured 104 s, white 107 s,

Closing Quotations at to(lav’s mid Sellers. Buyers. BANKS- £ 1 X s. d. 1 IS 1 13 Hank of Australasia 14 15 14 13 0 Com of Australia .. 1 10 1 10 Ditto (pref.) . . .. 10 6 National of N.Z. 2 ft 2 (con.) 9 14 6 9 11 6 Ditto (Pfl.) . .. !♦ 0 Com. of Sydney .. 16 New South Wales . 51 1 3 3 Ditto D Mort. . .. 1 8 1 I'nion of Australia. Hng., Scot, and Aust. 8 18 0 — INSURANCE— ,\.P. A — 0 3 6 National 1 7 1 ft 1ft 9 New Zealand .. 9 2 7 0 < Queensland — 0 South British .. .. 3 3 0 3 3 6 LOAN AND AGENCY— Farmers’ Co-op. Auc. — 2 17 6 Ditto A (pref.) — ft 16 6 Ditto B (pref.) .. 0 lb 6 «Joldsbroug-h Mort.. 11 0 Nat. Mortgage.. . 4 7 0 Newton King (pret. > 0 7 -N.Z. River Plate . . 1 12 6 X.Z. Guaran. Corp. lord.) .. .. 0 S 10 X 7 ..N.Z. Loan and Mere. l 17 ft 0 Ditto (pref.) .. 82 0 0 > T . Auckland Farmers* Go-op. (ord.) .. .. 0 3 6 0 2 Ditto B (pref.) .. 0 10 0 — COAL— Hikurangi .. . . .. 0 ft 2 ft 8 Ditto A (pref.) to Renown (ord.) .. .. 0 16 6 ft 15 1 )itto (pret. > . . . . 0 1 1 Taupiri (pret.) 1 Waipa o 1.3 Westport 1 1 1 l 10 Westport Stockton . 3 S ft 3 3 Ditto (prefA .. .. — 0 4 ft GAS— Auckland . - .. T. 4 1 o Ditto (coil.) .. .. 0 17 ft 17 ft * lisborne 9 0 'Thames .. •• .. .. 0 10 0 — SHIPPING— Devonport Steam .. 1 4 9 1 4 6 Hnddart-Parker . .. X S ft Ditto (pret.) . . . . 1 ft 9 Northern Steam .. 0 14 ft Ditto (con.) .. .. 0 6 10 1*. Ac O. (def. stock.) 17 0 14 9 l nion Steam (pref.) — 1 0 6 TIMBER— Bartholomew .. .. l n ft — Kauri Timber .. 1 • • 0 0 If) 0 National 0 10 6 — WOOLLEN— Kaiapoi .. .. .. .. <1 1 4 ft 13 1 >itto (con. ) . . . . 0 9 Ditto (pref.) .. .. 0 15 3 0 14 6 Mosgiel — 4 7 0 Wellington — 6 ft Ditto (pref.) «. . - — 6 18 6 BREWERIES— k\ L. Innes, Ltd. ** — 0 18 6 1 >it to (pref.) . . 1 0 ft IS ft N Z. Breweries . .. 2 IS b 2 IS 0

day calJ were: — Sellei s. Buye MISCELLA X EOU S— Auck. Amuse. Park — 0 3 6 A. J. Entrican .. .. 0 IS 6 — Australian Glass .. — 2 6 6 British Tobacco 2 5 0 2 4 3 Bycroft, Ltd — 1 12 6 Checker Taxi . . 0 10 0 0 7 6 Colonial Sugar Australia) 62 5 0 — Dental and Medical . 0 14 0 0 10 0 Dominion Pictures 1 5 0 1 1 ft Ditto (pref.) .. .. — 1 1 0 Donaghy’s Rope .. . — 1 11 0 Electro. Zinc (ord.) — 1 13 0 Grey and Menzies . — 0 J 9 Hill and Plummer . — 3 2 6 H.M. Arcade (pref.) — 1 1 0 Lewis Eady (ord.) . 1 3 6 — Ditto (pref.) .. 0 19 6 — Milne and Choyce 1 5 3 Ditto (pref.) .. .. — 1 5 3 Ditto (B pref.) .. — 1 3 Ditto (deb stk.) . . 1 4 9 N.Z. Fertiliser .. .. 0 3 8 3 0 17 3 N.Z. Refrigerating (con.) 0 9 6 0 9 0 Sanford. Ltd 0 19 6 0 18 *3 Taranaki Oil .. . • 0 7 0 0 4 6 Thames Theatre 0 15 0 0 10 0 Union Oil (ex div.V 0 6 \ ictoria Nyanza . . 3 Wilsons Cement 2 0 6 1 19 9 Farmers’ Trading (ord.) — 0 7 6 MINING — Moanataiari (paid). 0 1 ft _ Ohinemuri (ord.) .. 0 7 5 0 7 2 Waihi 0 14 0 0 13 10 j Waihi G. Junction . 0 0 It 0 0 | Mount Lyell * 1 18 0 1 17 3 DEBENTURES— Auckland Gas, 1935. 65 per cent — 103 0 0 Bor. Devonport, 6 .. — 101 0 0 Bor. Mt. Eden, 5 — 101 0 0 Ditto, 6 p.c — 102 0 0 Bor. Hamilton, 6 p.c. 102 0 0 i N.Z. Breweries . .. 1 4 7 Nat. Trading, 6 p.c. 100 0 0 Glaxo — 89 0 0 | GOVERNMENT BONDS — J War Loan, 1930, 45 100 0 0 99 Ditto, 1938, 45 p.c. 100 ft 99 0 0 Ditto. 1939, 4J p.c. 100 0 0 99 0 | Ditto. 1941, 41 p.c. 99 0 0 Ditto, 1933, 51 p.c. 101 | Ditto, 1936, 54 p.c. — 101 2 6 INSCRIBED STOCK _ War Loan, 1938. 44 1 P.c 9 9 ft 0 Ditto, 1939, 44 p.c. 99 1 Ditto, 1927-41, 5i f p.c 9S 0 Ditto, 1936, 55 p.c. 101 2 6 Ditto, 1933, 51 p.c. 98 15 0 ! Ditto, 1333, 51 p.c. 101 10 0 101 6

Season. 39223923- .. .. 3924- .. .. 3925- .. .. 1926- .. .. 1927- .. .. Price per lb d. 10.85 15.249 20.212 *• •• •• 11.930 •• •• •• 12.706 • • •• .. 16.98