FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 623, 27 March 1929, Page 10

FINANCE & MARKETS

Bank N.S.W. Selling Kempthorne Prosser’s Firm ALTHOUGH little business is being transacted the general tone of the market is excellent. Hank of New !<outh AVales sold at mid-day call at USO 18s (id. Kempthorne Prossers are still in demand, buyers quoting SOs, sellers asking 83s.

Fluctuations Price movements shown in sales over the past 24 hours when compared with prices at the time of the previous recorded sale include: I Bank of New Zealand, fall 3d. %■ New Zealand Breweries, rise 3d. r- Kempthorne, Prosser, fall 6d. Waihi, fall 1 d. Considerable attention is being drawn to the banking section, and good average business is being written up. Wales and New Zealand, both changed hands This morning. Insurance shares continue to attract Investors, although few sales are being reported. New Zealand sold this morning at £2 7s, leaving the market unchanged. Coal shares are also attracting considerable attention. Hikurangi, all issues, have buyers, and are steadily improving. Pukemiro remain steady.

Renown preference, and Taupiri are both in demand. Fpw sales are being recorded in the mining section. Ohinemuri are steady with buyers Ss 3d, sellers Ss 6d. Waihis have buyers at 33s 7d, sellers 13s Sd. Mount Lyell are steady at about 44s 9d. • • • All local body debentures are keenly asked for, but few sellers are appearing. The demand for most Government bonds has fallen off and many sellers are quoting. Yesterday afternoon's business. On ’Change: Commercial Bank of Australia, £1 9s Sd; Auckland Gas, £1 4s 4d; Auckland Gas (con.), ISs 3d. Reported: Kempthorne, Prosser’s. £4 Is 3d. • • * Business at this morning's early call. —Reported: Bank of New Zealand. £3 2s. * * 4 Business at to-day’s mid-day call.— On ’Change: Bank of New South Wales, £SO ISs 6d. Reported: New Zealand Insurance, £2 7s.

TO-DAY’S QUOTATIONS

Closing quotatoins at to-day’s mid-day call were:

SOUTHERN EXCHANGES YESTERDAY’S SAI/iS Press Assoc iatiori Wellington.—New Zealand and River Plate, 33s Vd; Bank of Nev/ Zealand, 61s !*'l; Union Bank, a; 15 10s V.d; Gear Meat, Christchurch. —Commercial Bank of Australia, 29s lOd (two parcels); National Bank of Australasia (£lO paid), £l9 10s (three parcels); Goldsbrough Mort, 53s (four parcel?); New Zealand Refrigerating (£1 pail), 15s 9d; New Zealand Breweries, s (three parcels), 60s lid (two parcels), (odd lot); Beath and Company, 325; British Tobacco (cum div.), 4Ss Sd (four ps.reels); Mahakipawa, Is 2d; Mount Isa, 465: New Zealand r*rug Company. Sis 3d (two parcels), Sis Dunedin. —New Zealand Breweries «shares), 61s 3d Ctw o); Timaru Brewery, Ss 6d. CHICAGO WHEAT (Australian and N.Z. Press Association) Reed. 11.0 a.m. CHICAGO, Tuesday. Wheat.—March, 1 dollar 16 1-S cents a bushel; May, 1 dollar 19 7-S cents; July, 1 dollar 23 cents; September, 1 dollar 24 5-* cents,

POTATO MARKET STEADY Press Association CHRISTCHURCH, Tuesday, j The wheat market is little changed, but | it is firm and steady. Offers uf free wheat j are being made by farmers, and there has i been some purchasing at 5s bd a bushel on trucks lor Tuscan, and in the case of ! exceptional quality up to 5s 3d. Howj ever, from os 7ad to 5s bd covers values, I with Hunters at from 5s lid to us. Fowl wheat is quoted at 5s bid, f.o.b. for | prompt, and 5s 9d for spread delivery. . Oats have lost the dash that featured the market a week or more ago. A Cartons are now quoted at 3s sid for ApriiSeptember, as against the 3s 7d at which they ruled recently. The on-truck price for A's ranges about 2s lOd a bushel, and for B’s 2s 7d. The market, however, is very quiet. Chaff is worth £5 7s t»d a ton, f.0.b.. s.i., and on trucks £3 12s 6d to £3 15s. The seeds and partridge peas markets are very quiet. There is no change in quotations. Inquiries have been made from the Old Country for cowgrass, but very little of export quality lias been offered. Small shipments of potatoes are being made to Auckland, including the Kainuiga's consignment yesterday of 1,500 sacks. The total so far this month for Auckland is 4,600 sacks, and the Katoa, which is now loading, will take about 2,000 sacks. Values on trucks for next week 1 are os to £4 10s, and for April, £4, ' while the f.0.b., s.i., values are £5 15s I t<» £5 17s 6d for prompt, £6 for July--1 September, and £5 2s 6d to £5 5s for ; .May-June, sales having been made at the latter figure. Generally there is a sounder tone in the market. Reports of yields are varied, good and bad alternating, but in the aggregate the tendency is toward a slightly lower average. The onion market shows no change, values ranging about £5 a ton. TAUMARUNUI STOCK SALE TA UMAR LAN LI. Tuesday. There was a large yarding of sheep and cattle at the Taumarunui stock sale today. over 1,000 cattle of good quality came forward. The few pigs penned were not in demand. There was a slight fall in lamb prices, but ewes and wethers made kite rates. Fat bullocks made up to £l4 2s 6d. There was a large attendance of farmers and buyers from Martoii, Taihape, Raetihi, Katieke, Ohura. Te Kuiti and Hamilton. Prices were:—Pigs: Weaners, 5s 6d to 6.s 6d. Sheep: Two-tooth wethers, 22s lCd to 27s lid; a line of 120 two-tooth wethers, 2Ss; best two-tooth wethers, 28s 4d: two-tooth ewes, 28s to 30s Id; two and four-tooth ewes, 355: mixed aged ewes, 20s 9d to 26s lid: other ewes, 17s 'Jd: wether lambs, 16s Id to 19s Sd: ewe lambs, 20s; mixed sex lambs, 12s 7d to 21s 6d. Cattle: Best fat bullocks, £l4 2s 6d: lighter sorts, £lO lis to £l2 ss; fat cows, £5 os to £9 ss: fat heifers, £6 10s: fat steers. £7 Is to £7 15s; store bullocks, £S 13s; forward bullocks, £9 6s to £lO.

REFLECTIONS ON CHANGE MOVEMENTS REVIEWED SEVERAL NEW FLOTATIONS Bl' "-VOOX CALI/' Steady trading is recorded in New Zealand Stock Exchange circles. One of the week’s features has been the increasing number of new issues on the market. The biggest event of last yeek was the over-subscription of tha issue of £IdO.OOO 7i per cent, debentures made by the new Brick and Pipe Amalgamation, Ltd. Also on the nurrket at the moment is an issue of L tyoO.OOO 61 per cent, debentures made by John Fullers, Ltd., holding a first morttjage over the company's freehold securities;. Although these debentures are reported to bo meeting with steaczy inquiry, they have not gone off with the rush shown by the Brick and Pipe concern's issue at the higher rate of interest. New Banking Flotation The present week*. has also seen the long-looked-for isstie of the prospectus in one of the new banking proposals, “The Mercantile Banking Company of Australia, Lad.” This concern announces its authorised capital at £ 3,000,000. For banking scrip, the interest offered c,n the preference issue appears at firs t sight most attractive. At the moment, however, it is only proposed to iGsue 50,000 i-5 preference shares for wnich a premium of £. 1 is asked. Tlv'is immediately brings the return down 1 1-3 per cent. The whole issue of 200,000 £. o ordinaries is offered to the investing public for immediate allocation,. News to hand with the last Sydney mail of the prospect of an early i? sue of the prospectus of the Australian and New Zealand Banking Corpo/.ation, Ltd., a company recently registered in Sydney with an authorised capital of <£ 5,000,000. The prospectus is expected to be issued within the next, week or so. This company ha s been “in the air” for some time ivjw, but inquiries for information from this side to date have not met with 7xnuch success, even Sydney brokers ’ being in the dark about the proposal. Possible Tightening of Interest Rates Interest levels assessed by Stock Exchange movements in New Zealand are holding very steady with the trend toward lower levels definitely checked at the moment. Local bodies in all parts of the Dominion are coming on the market for their new season’s requirements, and meeting with fair success at per cent. Financial writers, especially across the Tasman, are all indicating that bedrock has been reached for the time being, pointing to the situation which has arisen in New York, where yesterday cables gave the rate for call money up to 14 per cent., the highest rate since 1320. The reaction is felt in London, where the gilt-edge market is weaker. Both the Australian and New Zealand markets must, be affected unless the position rights itself within a very short time. The directors of the Commonwealth Bank in their half-yearly report touched on the most vital point in summing up the situation when they say “that during the period interest rates on public loans have decreased to the extent of approximately onequarter per cent. It is not, however, suggested that the decline will be maintained, as anv revival in business activities will tend to reduce the availability of funds for public loans.” This revival is indicated by market movements at the moment. Return on Investment Below is a summary of sales made on New Zealand ’Changes during the week ended March 26, giving the return based on the latest dividend. Tne first column gives the. price at which the latest sale was made. In the case of Government and local body debentures, the retui n includes redemption:—

u\'o attempt is made to work out returns on mining scrip, which is merely included in these columns for record purposes. WOOL SALES IN SYDNEY JAPAN AND GERMANY BUY (Australian and N.Z. Press Association} SYDNEY, Tuesday. At the Sydney wool sales to-day 10,949 bales were sold at prices equal to late rates. There was strong support from Japan and Germany. Greasy Mei ino reached 30id.

KEMPTIiORNE PROSSER’S LTD. Press Association DUNEDIN, Tuesday. A special desreo of interest attached to the jubilee meeting: of Kern ut hr ; *.*»- trwffv S i 1 7 < ? W ealan d Drug Company to-uuj. in Ins address the chairman, Mr. \V. b. Edmoncl. traced the history of the nun and said that although the past vear had not been considered an entirely satisfactory one as affecting the whole Dominion, the firm had accomplished the greatest volume of turnover in its history. “It was in 1579 that the firm became incorporated as a public company,” said Mr. Edmond. “And during the succeeding half-century its history has disclosed one long, unbroken march of progress, culminating in the high position held by the company to-day. A survey ol' the paid-up capital ot the company from its earliest date to the present will give you a clear idea of its development. “The paid-up capital on January 31, ISSO, was £71,017. The figures over subsequent intervals are: 1890, £87,444: 1900, £171,609; 1910, £200,000: 1920. £334 192: 1923, £400,000; 1929, £529.860.” Dealing with the profit and loss statement, the chairman said: “The net profit for the year amounted to the satisfactory figure of £72,809 15s 7d —the largest in the history of the company. To that sum has to be added the carry-forward last year, £26,1 SI 5s sd, less the interim dividend of 4J. per cent, paid in September. with at this meeting the sum of £75,157 Is Sd, wnich your board recommends be applied as follows: “To the payment of a dividend of 31 per cent, and bonus of 2 per cent., making, with the interim dividend, 10 per cent, for the year, £29,140 13s 6d; to add to general reserve, £16,000; to contribute to the staff provident fund, £3,500: and to carry forward to next year, £26,516 Ss 2d.” Sir George Fenwick seconded the adoption of the report, which was carried. The retirin'” directors, Messrs. F. M. Oldham and W. Taylor, were re-elected.

EGiVIONT COLLIERIES, LTD. FIELD OPENING WELL (From Our Oicn Correspondent) TA U MAR U X UI, Tuesday. Though the outside world does not hear a great deal about it, an amazing amount of work is being done in connection with the opening up of the Ohura coalfields, and it is confidentlv anticipated that within a few months the mines will be in full operation. At present the preliminary and necessary work of constructing a tramline Sif mile's long is being expedited by the addition of extra lab< >ur in order to ensure completition by the end of July. This work entails the erection of two bridges, one near the railhead being a big proposition. At the mine itself much work has been done in opening up. and the engineer in charge reports that the further the hill is pierced the heavier the coal and the better the Quality of the product. The directors of the Egmont Collieries, Ltd., have arranged with Messrs. C. F. Millward and Co. for that company to purchase the whole output from the mine, and arrange for its distribution. One seam is estimated to contain not less than 3.000,000 ft of marketable coal, equal in quality to anything produced elsewhere, in the North Island.

Sellers. Buj ers £ d £ BANKSAust. of Commerce 1 37 fi 1 9 Australasia 14 IX 0 C'oni. of Australia . 1 9 9 Ditto (con.) .. .. 0 Ditto (pref.) .. .. 7 32 0 7 S fi Lug.. Scot. & Aus. S IS IS National of X.Z. 4 0 Xational of Australasia 19 s 0 Ditto (con.) .. .. 9 15 0 9 13 0 New South Wales . 51 50 3 5 New Zealand 3 1 Ditto, D. Mort . . l S fi Union of Australia . — 15 9 0 J NSURANCE— Xational 0 1« 10 o lfi 7 New Zealand .. .. 2 fi 2 fi 9 Queensland s 0 3 7 fi South British . . fi 9 Standard — 5 5 fi DOAN AND AGENCY— Abraham and Williams (pref.) — 4 7 6 farmers’ Co-op. Auc. 10 0 lfi 0 Ditto, A (pref.) .. 0 17 0 Ditto, B (pref.) .. 0 lfi 0 Newton King (pref.) 0 10 0 X fi X.Z. & River Plate 1 11 0 1 32 X.Z. Guar. Corp. (ex div.) n X.Z. Loan and Mer. 131 0 0 128 0 0 Ditto (pref.) . . . . SO 0 0 N. Auck. Farmers' Co-op (ord.) .. .. 3 Ditto, B (pref.) .. 0 12 0 0 8 fi COAL— Grey Valley ., .. 1 2 3 1 1 i; Hikurangi 0 Ditto (pref.> . . . . 0 S f) Ditto. A (pref.) .. 0 u 9 Pukemiro s 0 Renown 0 IS 0 Ditto (pref.) .. .. 0 0 0 l 10 Taupiri 1 9 1 fi Ditto (pref.) .. . . 3 N\ aipa 1 2 l<> estport-Stock ton . 0 3 o 0 2 o GAS— Auckland 1 4 fi 1 4 4 Ditto (con.) . . . . IS 4 IS 7 Gisborne * .. 0 14 0 0 10 fi SHIPPING— Devon port Steam .. 1 4 Huddart-Parker ♦j 0 Ditto (pref.) .. .. 1 0 Northern Steam 0 15 4 0 14 fi Ditto (con.) . . . . 0 0 P. O. (def stk.) 3 Union Steam (pref.) — 1 0 6 TIMBER— Kauri Timber . . . . 0 17 0 lfi 3 Ley land-O'Brien i 14 fi 1 13 fi Xational n 0 0 0 0 Parker -Lamb .. .. 0 It) 0 0 13 0 WOOLLEN— Kaiapoi o 14 9 n 14 3 Ditto (con.) .. .. 0 4 3 Ditto (pref.) .. .. n 17 0 0 15 Vi ■Wellington 7 fi 6 — BREWERIES— (’. L. Innes (pref.) 1 0 0 X.Z. Breweries 3 1 3 3 V 9 MISCELLANEOUS— Auck. Amuse. Park 0 3 0

Sellers. Buyers. British Tobacco 2 9 0 2 8 Bycroft, Ltd 1 12 Checker Taxi .. .. 0 7 6 0 1 6 Colonial Sugar 60 0 10 0 Dominion Pictures . Ditto (pref.) .. .. — 1 1 Donaghy’s Rope . . electrolytic Zinc — 1 13 % (ord.) 1 16 Ditto (prof.) .. .. 1 17 0 1 1G 6 Farmers’ Trading 0 8 0 0 o Ditto A (pref.) L7 0 Ditto hi (pref). . 0 14 0 0,7.2 0 Gear Meat Grey and Menzies . 2 4 0 f) 10 9 Hayward’s Pictures Henry Jones Co-op. 1 17 G II.M. Arcade Theatre Ditto (pref.) .. .. — 1 1 0 N’.Z. Drug 4 3 o 0 Lewis Lady (pref.) . 0 19 3 — Milne and Choyce . . O Ditto (pref.) .. .. — 2 Ditto (B pref.) Ditto (deb. stock) 3 7 0 1 G 3 X.Z. Farmers’ Fert. 1 2 0 1 1 3 X.Z. Paper Mills .. _ _ Robinson Ice Cream - __ 1 1 0 Sanford, Ltd 0 18 0 0 0 Ditto (pref.) .. .. 3 18 Sharland and Co... Ditto (pref.) .. .. 1 9 Taranaki oilfields . 0 0 Thames T heatre 0 10 Tonson Garlicl* 0 6 I nion Oil \ iotoria Nyanza , „ 0 \\ hittome Steven£c«n \\ ilsons Cement 2 1 0 2 0 0 M IN IN<»— Alburnia .. .. 0 0 10 Lucky Shot (''.s pd) 0 1 0 0 9 Ditto (con.) .. . . 0 0 9 0 0 Maori land (er, n .) .. Occidental-L? ia (2s 0 0 G pa id) 0 Ohinemui i (ord.) 0 s 0 Ditto (pref'.) .. .. 8 Waihi .. . 0 Waihi Gl-i/nd June. . 0 10 Mount Ly ell .. .. 4 Kuala K'Lmpar Tin DEBlSy TURES— AucklaJ.id Gas. IDCr. 15 0 14 5 p.c. 94 0 0 DitVo, 1935. 6} Aucki. Harb. Board, 103 0 0 * r >i per cent 100 0 0 Of tto, 6 per cent. City of Auckland, — 103 0 0 y.j 10. 5.1 p.c. . . . n 0 JDitto, 1943 5i p.c. B t -r. of Devonport, — 100 0 0 103 0 0 Ditto, 4.j p.<0 /Bor. of Mt. Eden. 6 103 0 0 103 0 0 X.Z. Breweries . . . 1 6 0 1 6 *> GOVERNMENT BONDSWar Loan, 1930, — 98 15 0 Ditto, 1938, 4i p.c. 100 0 0 — Ditto, 1933, 51 p.c. Ditto, 1933, 5i p.c. 101 10 0 101 INSCRIBED STOCK War Loan, 1933 51 100 0 0 9D 0 0 Ditto, 1936, 5i p.c. — 101 0 0

BANKS— -'PP Return d. S 17 0 4 9 Aust. of Com. 10 b 4 10 Com. of Australia . 4 National of N.Z. . . National of Australas 7 * 6 (paid) 19 10 «> 4 51 1 Union of Australia INSURANCES — 15 16 0 7 10 6 7 7 0 1 10 3 New Zealand .. 7 0 3 IS 0 South British .. .. 3 12 LOAN AND AGENCY— Goldsbrough, Mort . 2 12 9 5 13 9 N.Z. and River Plate N.Z. Guar. Corp. . 0 2 N.Z. Loan and Merc. 129 COAL— Hikurangi (ord.) . . 0 0 Pukemiro s 0 Renown (pref.) 0 2 11 Taupiri 1 Grey Valley GAS— Auckland (ord.) l 4 4 G 11 6 Ditto (pref.) 0 IS 3 6 11 6 SHIPPING— 0 . Northern Steam (con.) 0 7 2 7 16 3 WOOLLEN— Kaiapoi (ord.) .. .. BREWERIES— 0 14 6 3 10 4 New Zealand .. .. 3 1 0 r. Staples 4 4 JO 8 Timaru (5s paid) . MISCELL ANEO U S— 6 ° 1 1 7 Auck. Amuse. Park Aust. Iron and Sleel 0 2 0 — (pref.) 1 0 7 4 7 Death and Co 1 12 0 6 0 A. J. Entrican .. .. 15 0 British Tobacco S s 4 10 7 Burns, Philp Electrolytic Zinc 3 S 6 4 2 6 (ord.) 1 16 1 0 6 13 0 Ditto (pref.) .. .. 1/ 6 9 Hayward's Pictures 1 0 15 7 Henry Jones Co-op. 1 17 Kempthorne-Prosser Milne and Choyce 4 1 9 (deb.) 1 6 19 7 N.Z. Farmers’ Fert. N.Z. Refrigerating 1 3 ° i> 11 (paid) 6 Ditto (con.) .. . . Sharland and Co. . . 1 1 Taranaki oils . . . . 4 \\ liittome Stevenson Wilsons Cement 9 t MINING— Mount Lyell .. .. 4 — Mahakipawa (i 1 — Kuala Kampar Tin 0 .14 Mount Isa DEBENTURES— 3 6 0 N.Z. Breweries . . N.Z. War Loan, 1933, 1 6 2 7 12 10 o-j p.e N.Z. Inscribed Stock, 101 0 b 2 7 193S, 4i p.c 100 0 4 10 oDitto, 19:i9. p.c. Ditto, 1933, 51 . 100 0 0 4 10 u* Ditto, 1933, 5i p.c. One Tree Hill Road lbi 6 1 3 Board, 1963, 5’i 103 0 0 11 ‘Free of h