FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 619, 22 March 1929, Page 10

FINANCE & MARKETS

A Buoyant Market

Ample Funds for Investment

By

"Noon Call."

AVERY healthy tone is registered on ’Change at the moment, with a steady flow of capital into sound investment channels. One of the week’s features has been the over-subscription of the issue of £.150,000 7-J per cent. e - debentures made by the Brick and Pipe amalgamation.

Fluctuations Price movements shown in sales over the past 24 hours when compared with the market at the time of the previous reported sale include:— Pukemiro Collieries, rise of 6d. Mount Lyell, rise of 3d. National Insurance, rise of 3d over the week. Bank of N.S.W., fall of ss. Grey Valley, rise of 3d. Australian Bank of Commerce, fall of »d. * * * The rush of investors for debentures Jr* the new Brick and Pipe amalgamation did not come as a surprise to those conversant with the movements of the investment market. On paper, it appears one of the soundest propositions placed before the public for some time. In fact, it is made to appear so attractive, that wonder is expressed in some quarters that it was found necessary to fix the interest on such comparatively high levels. In the banking group Australians of «'ommerce, although selling at slightly lower rates than at the time of the last reported sale, are firmer than a day or so ago, indicating that the opinion is held in many quarters that there was something in the rumours of an amalgamation after all. If one is not mooted in the immediate future, prospects of some tangible movement that way at an early date are quite sound. At the present price of 375, the scrip returns approximately £4 J2s per cent., and is therefore worth » onsideration to those who can take a long view and have confidence that

J an amalgamation proposal will be t>tit to them within the next year or so. * * * In the miscellaneous group K3empthorne Prosser’s New Zealand Drug j scrip have strengthened in the. South to see sales yesterday at 82s, leaving the market very firm. The upward . tendency of Farmers’ Fertilisers has ! eased and sales have been made at 21s lOd. The market holds very firm, u * * In the mining group Mt. Lyells show greater strength following reports from London regarding an improvement in the metal market. Waihis are also firmer, buyers moving up to 13s 6d this morning without drawing sellers below 13s 9d. The management of this concern's Waihi properties, reporting on operations for the four-weekly period ended March 9, show’s returns from the Waihi mine averaging 31s 4d a ton of stone handled. The Junction f.rea gave a return of 51s 2d a ton. • Business yesterday afternoon;—On | Change: National Insurance, 16s 9d; Northern Steam (con.), 7s 2d. Reported: Aust. Bank of Commerce, 37s 3d; A.P.A. Insurance, 7s lOd; Pukemiro Coal, 6Ss; Mount Lyell, 44s 3d; New Zealand War Loan, 1933, 5J per cent., £lOl 5s and £lOl 7s 6d. Business at this morning’s early call: Reported: English, Scottish and Australian Bank, £ 8 17s; Bank of New South Wales, £SO 15s; Kaiapoi Woollens (ord.), 14s 6d. Business at mid-day:—On 'Change: Auckland Gas (ord.), 24s 4d. Reported: Australian Bank of Commerce, 37s 3d; Grey Valley, 21s 9d; Kaiapoi ’ Woollens (ord.), 14s 6d.

TO-DAY’S QUOTATIONS

losing quotatoins at to-day’s mid-day call were:—

3 SOUTHERN EXCHANGES % YESTERDAY’S SALES A*' Press Association Wellington.—Mount Lyell, 43s lid. 44s Id; New Zealand Farmers’ Fertiliser, 225; Wilsons Cement, 40s 9d; New Zealand Breweries, 6ls. Christchurch.—Bank of Adelaide, £lO ss; Australian Bank of Commerce, 37s 3d; Commercial Bank of Australia, 29s lOd (four), 29s 9d; National Bank of Australasia (£5 paid), £9 14s; Goldsbrough, Mort, 62s 9d; New Zealand Guarantee Corporation, 9l* 4d; New Zealand Refrigerating (£1 paid), 16s; New Zealand Breweries, 61s (four); Staples Brewery, 44s Sd (three); Death and Co., 33s Sd (cum div.); Beath and Co. (Is paid), Sa od (two); British Tobacco (cum div.), j 4Ss 10d; Electrolytic Zinc (ord.), 36s Id, ! 35s 10d; Mount Lyell. 44s Id (two); New j Zealand Farmers’ Fertiliser, 21s 10d:' Mahakipawa, Is; Wunderlich, 44s 3d; j New Zealand Government, 4i per cent. Inscribed Stock, 1939, £100; Waihi, 13s 6d: Wilsons Cement, 41s. Dunedin.—New Zealand Refrigerating (paid), 16s 6d (two); New Zealand Drug, S2s; New Zealand Breweries (shares). 61s 6d.

BUTTER AND CHEESE LONDON MARKET REPORT (Australian, and N.Z. Press Association) Reed. 10 a.m. LONDON, Thursday. The butter market is dull. Danish has slumped to 1665. C hoicest salted New Zealand, 164 s to 1665: Australian, 162 s to 1645. For unsalted these is a negligible demand. and quotations are nominal. Cheese is steady. New Zealand, -white. SSs coloured, 90s; Australian. f>6s to 87jl

COMMONWEALTH BANK PROFITS FOR HALF-YEAR (Australian and N’.Z. Press Association) j SYDNEY, Thursday. The half-yearly report of the Commonwealth Bank, for the period ended December 31, shows a profit in all departments of £817,204, as compared with U 870,741 in the corresponding period of 1927. To this total the general banking department contributed £218.267, the rural credits department £20,528, the j savings bank department £129,315, and i the note issue £449,094. The directors state that the bank con- I tinnes the steady progressive development of its usefulness as a national institution which does not encroach upon the legitimate fields of other banking j institutions. The bank’s profit for the first half- j year was £966.524, the total for 192 S | being £1,783,728. as compared with £ 1.515.603 in 1927. CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 10.27 a.m. CHICAGO, Thursday. Wheat.—March. 1 dollar 23 cents a bushel: May, 1 dollar 27 cents; July, 1 dollar cents; September, 1 dollar 31 3-S cents. MINING NEWS HAURAKI CONSOLIDATED. The manager reports: “At the 400 ft. level, stoping operations on the Stockwood reef are limited until ventilation is effected with the Union Beach section. In the meantime the reef is being stripped in the leading stope. and the timbers placed lin position as the work proceeds. A further six of eight feet will reach the I point where the last gold was got ill the level. The drive from the bottom of i The Tangye winze, to connect with the ! rise from the 400 ft. level, is nearing connection. as the trucks in the 400 ft. level can be heard when passing the rise. ; The unwatering of the 150 ft. of new , shaft below the 400 ft. level will be commenced this week, as the preparatory work is nearing completion.”

Sellers. Buyers. RANKS— £ s d £ s d A ust. of Commerce 1 17 9 17 Adelaide Australasia (ex div.) .Com. of Australia . 15 1 0 10 3 0 1 10 0 1 9 .Ditto (con.) .. .. 0 13 Ditto (pref.) .. .. 7 12 0 7 8 6 J5n g., Scot. & Aus. National of N.Z. .. National of AustraS IS 7 5 0 0 8 1G G lasia (con.) . 2 15 9 New South Wales . 51 0 50 10 0 New Zealand Ditto. D Mort. . . i X 6 Union of Australia . INSURANCE— 15 12 0 15 10 0

A. PA 7 Mat ion al 0 17 0 n £ f«ew Zealand .. ., 7 South Rritish .. .. 3 7 0 3 LOAN AND AGENCI— Abraham and WilHams (pref.) 4 I- tinners* Co-op. Auc. 10 V 1H 0 Ditto, A (pref.) .. ii Ditto. B (pref. > .. < Joldi-brough, xVlort . 13 12 Newton King (pref.) 0 8 N.Z. Guar. Corp. 0 n N.Z, Doan & Aten.-. 132 0 0 3 27 Ditto (.pref.) .. .. N. Auck. Farmers* Co-op . (ord.) .. .. 0 Ditto. B (pref.) .. 0 12 0 0 8 6

COAL— Hikurangi 0 4 ft ft 9 0 r>itto (pref.) .. .. «• X Ditto A (pref.» . . 0 6 0 Pukemlro X Renown 0 IS 0 Ditto (pref.) .. .. 0 3 1 0 Taupiri 1 7 0 1 Ditto (pref.) .. .. 1 TV a i pa 0 12 K T\ estport TV estport-Stockton . n :t 0 0 Orey Valley .. .. (iAS— 1 2 0 1 l 6 Auckland 1 4 5 Ditto (con.) .. .. 0 18 0 18 Birkenhead and North cote 0 1ft Gisborne .. .. ... SHIPPING— 0 14 0 0 10 « Devon port Steam .. 1 4 Huddart-Parker 5 £ Ditto (pref.) .. . . Northern Steam ft 15 4 Ditto (con.) 0 7 ft Union Steam (pref.) TIMBER— 1 0 6 Kauri Timber . . .. ft 17 0 ft National ft 1) ft Farker-Lamb .. .. 0 ID 0 0 13 6 WOOLLEN— Kaiapoi 0 14 9 0 14 Ditto (con.) .. .. Ditto tpref.) .. .. 0 17 0 ft Mosgiel 7 12 ft 7 Wellington BREWERIES7 6 6 C. L. Tnnes Ditto (pref.) .. .. N.Z. Breweries . . . . J. Staples 6

Sellers Buyers. MISCELLANEO U S— Auck. Amuse. Park o 0 Ditto (pret. > . . . . 0 13 Aust. Iron and Steel (pref.) Bycroft, Ltd Checker Taxi . . .. Dominion Pictures . Ditto (pref.) .. .. Donaghy’s Rope . . Electrolytic Zinc » ord.) .. . . . . .. 1 15 Ditto (pref.) . . . . 1 17 « i Farmers’ Trading . 0 8 10 0 8 Ditto A (pref.) .. 0 17 0 Ditto B (pref). . 0 14 ft Gear Meat 2 4 0 Grey and Menzies . Hayward s Pictures 1 1 0 i 0 0 Henry Jones co-op. l 16 9 H.M. Ax-cade Theatre Ditto (pref.) .. .. 1 1 0 N.Z. Drug4 4 0 9 Lewis Eady (pret.) . 0 10 3 Milne and Choycs .. 1 6 0 Ditto (pref.) .. .. i 6 0 Ditto (B pref.) .. 1 6 0 Ditto (deb. stock) 1 7 0 t N.Z. Farmers’ Pert. l 2 0 N.Z. Paper Mills . . 0 19 0 Sanford, Ltd 0 IS 0 0 16 Ditto (pref.) .. .. 1 0 0 0 18 6

Sharland and Co. (pref.) — 106 Taranaki Oilfields . . 0 4 10 0 4 3 Thames Theatre .. — 0 10 0 Tonson Garlick .. 0 8 6 — Union Oil — 2 2 6 Victoria Nyanza . . 2 5 0 — Wilsons Cement . . 2 1 0 2 0 3 MINING— Lucky Shot (4s pd.) 0 1 4 0 0 0 Ditto (con.) .... 0 0 10 0 0 4 Occidental-TJna (2s paid) 0 0 72 0 0 3 Ohinemuri (ord.) .. 0 S 10 0 8 3 Ditto (pref.) .... — 0 8!) Waihi 0 13 0 0 13 6 Waihi Grand June. . 0 0 10 — Mount Lyell .... 2 4 6 2 4 0

Kuala Kampar Tin 0 15 0 b 14 5 DEBEN T URES— Auckland Gas, 1932. 5 p.c. 94 n 0 Ditto, 1935, 6i Auck. Harb. Board, 103 0 0 5i per cent 100 ft 0 Ditto, 6 p.c 103 0 City of Auck. 1940, 51 p.c Bor. of Devonport, - 98 15 0 6 P.c 1 03 0 0 Ditto, 4p.c 0 0 Bor. of Mt. Eden, 6 103 0 0 N.Z. Breweries — 1 6 0 GOVERNMENT BONDS — War Loan, 1930, 4i — 99 0 0 Ditto, 1933, 5i p.c. 101 10 0 101 Ditto, 1936, 5i p.c. — ° INSCRIBED STUCK — War Loan, 193S, 4i 100 _ ft 99 15 0 Ditto, 1939, 4} p.c. 100 0 Ditto, 1933, 5i p.c. Ditto, 1933, 55 p.c. 99 Ditto, 1936, 5i . . — 101 °