FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 645, 23 April 1929, Page 10

FINANCE & MARKETS

Bank of N.S.W. Firm Waihis Remain Steady AX excellent feeling exists on ’Change and numerous transactions are being made. Bank of New South "Wales scrip is exceedingly firm with many buyers at £sl l 1 s. sellers quoting £52. A close market remains in Waihi diarrs and sales were made this morning at 13s lOd.

In the banking section, Commercial 1 3ish, Scotish and Australian 'Bank are also firm at about £ 8 16s 6d. Nationnl Australasia (paid) are quietly firming, and now have buyers at CIO 1 Is; the contributing issue are also firm. • * * Insurance section remains quiet. National remain at about 16s 6d. New Zealand, remain weak, last sale being made at 46s 6d. South British are keenly asked for at 65s 9d, sellers holding for 665, and sales at 665. There is also a demand for Sta.nla.rd at 64s 6d. Timber shares are showing more activity. Kauris are changing hands freely at 17s Sd, leaving little change in the market. Leylands are asked for at 38s 6d. sellers quoting 34s 6d. Both National and Parker-Lamb are asked for. Dominion Pictures, both issues, ex dividend, have many buyers at 20s 6d,

but fall to attract sellers. Donaghys i Rope are asked for at 33s Gd. New 1 Zealand Farmers* Fertiliser aro keenly I asked for by investors. Wilsons Cement are sought after at 41s 3d, sellers ! appearing: at 425. * * * Yesterday afternoon’s business; On ’Change—Commercial Bank of Australia, £1 10s 3d; English, Scottish and Australian Bank. £8 16s 6d; Hayward’s Pictures, £1 Os fid; Sanford (pref), £1 Os 6d. Reported—Kauri Timber, 17s 8d; Milne and Choyce deb. stock, £1 6s. Business at this morning’s early call: On ’Change—Auckland Gas (con.), 18s 4d; Taranaki Oil Fields, 6s: Waihi G.M. Co., 13s lOd. Reported— National Bank of New Zealand, £7 2s; Hikurangi Coal (A pref.), 5s 3d: Renown Collieries (pref.). 3s; Kauri Timber, 17s Bd. I Business at to-day’s mid-day call: i Reported—South British Insurance, £3 ! 6s.

TO-DAY’S QUOTATIONS

Closing quotatolns at to-day's mid-day call were:—

WHEAT POOL TROUBLE RESIGNATIONS DENIED (Australian and X.Z. Press Association) WINNIPEG, Sunday. An official of the Canadian Wheat Pool to-day commented on the statement published in the “Tribune" yesterday to the effect that unconfirmed but persistent reports indicated that Mr. A. J. McPhail, the president, Mr. M civ or, the sales manager, and Mr. Smith, the European representative of the pool, had been forced to resign by the Alberta and Manitoba members. The official said there was not a word «>t* truth in the statement. Tie said the rumour had been circulated by interests opposed to the pool. WOOL SALES AT SYDNEY (United P.A. — By Telegraph — Copyright) SYDNEY, Monday. At the Sydney wool sales to-day 12.721 bales were sold. There was good general competition, and the market was firm at lnte rates. There were good clearances. Greasy Merino sold to 24d ROMA OIL SHARES SAG (United P.A—By Telegraph — Copyright) SYDNEY, Monday. Roma oil shares to-day suffered a severe slump, falling from 3Ss to 275. This is attributed to the failure of the oil properties to come up to the investors’ expectations. CHICAGO WHEAT MARKET Australian and X.Z. J'ress Association) Reed. 0.5 a.in. CHICAGO, Monday. Wheat.—May, 1 dollar 13 5-8 cents a bushel; July, 1 dollar 17 5-S cents; September, 1 dollar 20.\ cents. SUN COMMERCIAL SERVICE A special section for readers seeking information or financial and commercial questions is included in these columns every Saturday. Names and addresses must be give?i in every instance , although not for publication , and inquirers arc requested to send in questions early in the week, addressed to the Commercial Editor 1 fIE s ’UN.

MORE PROFITS

BANK OF AUSTRALASIA More profits in the Bank of Australasia have constituted a record for the bank. Bast year the net profits were £675,192, against £654,060 in 1927, and £652,622 in 1926. There has been an increase every year since 1923, when the net profits were £618,558. The capital of the bank is now £4,500,000, and its reserve fund, with the addition of the premium on the new shares is £445,000. Deposits have recently increased by about £2,000,000 annually, and the latest total, £33,576,329, showing an increase of £2,397,573, represents a new record. Advances have also risen by £1,874,654 to £31,564,314. Investments have increased by £1,417,634 to £5,082,083, and bullion and cash balances by £740,577 to £7,385,811. Reductions appear in both bills payable and bills receivable, the former by £509,777 to £3,909,217. and the latter by £1,048,181 to £3,307.544. The new shares issued by the directors in April last year represent £500,000 at a premium of £600,000. The amount carried forward last year also shows a substantial increase. SOUTHERN EXCHANGES YESTERDAY’S SALES Christchurch.—Commercial Bank of Australia, 30s 4d (.two), 30s 3d; National Rank of Australasia (£lO paid), £l9 12s fid; Mosgiel Woollen, £7 4s; Timaru Brewery, Ms 3d; Kauri Timber, 17s 6cl, 17s 7d (two); Taranaki Oil, 6s; National Mortgage, 83s; New Zealand Breweries, | 6-s 6d: New Zealand Farmers’ Co-opera-tive (6i per cent, stock, 1940), £88; National Insurance Company, 16s 6d. Dunedin. —Kildare, 3s (two); National Mortgage, S6s (two); New Zealand Refrigerating (con.), 7s 3d; Dunlop Rubber, 2ss 9d (two). BAKERY SHARE ISSUE Kent's Bakeries, Ktd., a new company formed to take over, free of liabilities and as a going concern, the business of George Kent and Sons, Rtd., has announced the issue of 71per cent, debenture stock and 10 per cent, participating preference shares. For the year ended March 31, 1929. the net profit was £1,185 more than required to cover a dividend of 10 per cent, on the preference share issue, after allowing for the interest on tin debenture issue and for the paymeji of income tux,

BUTTER AFFECTED EUROPEAN SLUMP NEW LONDON RATES There has been a substantia! falling off in butter rates in London during this and last month. ()NE reason for the decline, given in reports to Auckland merchants, lies in the recent abnormal weather conditions. Employment has slackened, and, with it, purchasing power. A cablegram from J. and J. Lonsdale and Company, Ltd., to A. S. Paterson and Company, Ltd., said yesterday that there was a slightly firmer tone for butter at the last sales, but the inquiry for Danish shows the greatest improvement. Cheese sales are steady. Prices: Butter: New Zealand. 162 s to 1645; Australian, 166 s to 158 s; unsalted, 160 s to 1625. Cheese: White, 87s to 88s; coloured, 89s to 90s. The Auckland firm believes that the position on the Continent has been largely responsible for the drop in butter. Germany has been able to take only a fraction of the produce bought normally. Australian production, which has taken a decided turn for the better, seems also to have affected the position. It has been unfortunate for New Zealand that, when there was every likelihood of extra production being absorbed easily without adversely affecting prices, owing to exports to Canada, that conditions on the Continent should have had a reaction in the United Kingdom. A cablegram to Amalgamated Dairies, Ltd., announces that butter quotations show no change, and both butter and cheese markets are quiet. Prices: Butter: Finest, 1665, unsalted 16Ss. Danish, 1645, spot; after clearing 1545, f.0.h., now asking 15Ss. Deliveries: New Zealand, 1,382 tons: stock, 6,954 tons. Cheese: New Zealand (white, SSs and coloured, 90s) and Canadian unchanged. The Bank of New Zealand has received the following cablegram from its London office as at the close of business last week: Butter: 162 s to 1645. Cheese: White, S7s to SSs; coloured, SSs to 89s. BOARD'S REPORT The New Zealand Dairy Produce Board’s cable from its London office on April 19 gives the following prices) with those of the previous week in parentheses:—Butter: New Zealand: Salted, 162 s to 164 s (164. S to 1665); exceptionally, 166 s (16Ss); unsalted, 166 s to 168 s (186 s to 170 s). First whey, 152 s (1545); second, 148 s (1625). Australian: Finest salted, 156 s to 158 s (158 sto 1625); exceptionally, 160 s; unsalted, 160 s to 162 s (160 s to 1625). Argentine: Finest unsalted, 154 sto 158 s. Siberian: 156 s (154 s to 1565). Uki-anian: 1545. Polish: 1545. Danish: F.0.b., 154 s (160 s); spot, 162 s to 164 s (166 s to 16Ss). Cheese.—New Zealand: White, S7s to 88s (S9s to 90s); coloured, 89s to 90s (90s to 91s). Deliveries New Zealand this week, 24,392 crates, in store, 146,647 crates. Canadian: White. 108 s to 112 s (108 s to 112 s); coloured. 106 s to 108 s (106 s to 110 s). Australian: White, 86s to S7s (88s); coloured, lish: Finest farmers’, 142 sto 144 s (142 s to 1445). The Port Alma finished unloading butter on April 12; the Mamilius finished discharge of cheese on April 16 and of butter two days later. The Argyllshire unloaded its cheese by April 18. The board also .received the following advice from its Canadian agents: Butter, New York, 451 cents (Is 10^d); Montreal, 41 cents (Is Sid). A. H. Turnbull and Con;nany has received the following cablegram from its London principals, W. Weddel and Company, Ltd., dated April 19:— Butter: New Zealand, unsalted, 166 s to 168 s; salted, 162 s to 1645; Danish, 162 s to 1645. Cheese: New Zealand, white, 87s tofSSs; coloured, 89s to 90s; Canadian, white, 108 s to 112 s; coloured, 106 s to 108 s.

Sellers. Buyers. £ £ s d TANKS!Aust. of ruin 1 16 1 15 9 Australasia J 4 17 a Com. of Australia . . 1 10 1 10 3 i >i tto (pref.) .. 6 Kng., Scot. Ac Aust. X 17 G 8 15 G Rational of IsT.Z. .. 7 0 0 Jsational of Aus’asia 30 1 L 0 r»itto (con.) .. .. n 34 0 9 11 0 N.-w .South Walts . 0 0 51 10 0 Js- w Zealand .. .. 0 Ditto (D Mort.) .. 1 8 G *1 iiion of Australia . 15 11 0 15 9 0 INSURANCEA. PA — o 9 1 Rational .. 10 0 16 5 Jsew Zealand .. .. 0 2 6 3 * ."ueenslancl s 0 7 0 Sou t h British .. .. 6 0 5 ft standard — 3 4 G J.OAN AND AGENCYAbraham and Williunis (pref.) — 4 o J’armers Co-op. Auc. in 0 17 Newton King: (pref.) 0 S G .N.Z. Guar. Dorp. .. 0 8 S N\Z. Loan anti Merc. 12S 0 0 125 0 0 N. Auck. t arraers’ i ‘o-op, (ot*d.> 0 G Ditto A (pref.) .. 0 16 0 13 G Ditto il (pref.) .. 0 12 G 0 lu 0 fOALGrey Valh y 1 4 3 1 3 D ilikuranKi 2 6 Ditto tpref.) . .. 8 0 1 Ditto A ( pref. » .. 0 4 10 Dukemiro 0 Renown 17 0 1G 9 1 >itto (pref.) . . . . 0 1 1 Taupiri 1 G 9 1 6 Ditto (pref.) .. .. 1 3 0 *\V>st port-Stock toil . 0 0 Ditto (pref.) .. .. — 0 8 GASAuckland 1 4 4 1 4 3 Ditto (con.) .. .. 0 IS f. 0 IS 2 S {UPPING— Devonport Steam .. 1 4 Howard Smith 1 G J 4 G Hudda i t-Parker . . 4 0 Ditto (pref.) .. .. 1 0 0 IN or them Steam lu 0 Ditto (con.) .. .. 0 7 4 7 2 J*. and O. (def. stk.) 1 18 0 1_ nion Steam (pref.) — 1 0 G TIMBERKauri Timber .. .. 0 17 1 0 0 17 S l„e viand-O’Brien 1 14 1 13 G National h 1) 0 Darkci-Lamb .. 0 18 0 0 14 6 WOOLLEN — Kaiapoi .. •• •• 0 14. 3 0 14 0 Ditto (con.) .. .. — 0 4 0 Ditto (pref.) .. .. — o 9 BREWERIES- «\ L. Innes (pref.) 1 0 0 X.Z. Breweries 0 J. Staples — 2 5 3 M1SC.KBJL ANEO U S— Auck. Arnus. Park . 0 3 0 — Ditto (pref.) .. .. 0 13 0 — Aust. Iron and Steel (pref.) 1 1 G Australian Glass .. 2 8 6 —

Sellers Buyers. £ £ d Booth, Macdonald (Old.) 0 Ditto (pref.) . . . . 0 2 0 British Tobacco . . . 8 0 7 6 Burns, Philp .. .. S Bycroft. Ltd 1 13 0 < 'hecker Taxi .... 0 6 1 Colonial Sugar .. .. 60 0 0 Dominion Pictures (ex div.) 1 0 6 Ditto (pref.) .. .. 1 0 6 Donaghy’s Rope . . 1 13 « Dunlop Rubber .. .. 1 8 6 Electrolytic Zinc (ord.) 1 15 1 15 Ditto (pref.) . . . . 1 1/ 0 1 16 6 Farmers’ Trading . 0 S 8 0 8 Ditto. A (pref.) . 0 17 3 Gear Meat 2 3 6 Grey & Menzies 0 10 9 Hamilton Theatres . 1 0 0 Hayward’s Pictures 1 1 0 1 0 0 11. M. Arcade Theatre (pref.) 1 0 Holden’s Motors 1 9 6 Lewis Eady, Ltd. 19 Milne and Choyce . 1 Ditto (pret.) 1 Ditto, B (pref.) 1 Ditto (deb. stk.) 1 Farmers’ Fert 1 N.Z. Paper Mills . . 0 18 6 .\.Z. Refrigerating 0 15 l -» .. 1 »itto (con.) . . . . 0 7 0 Robinson Ice Cream l 6 Sanford, Ltd 0 18 Ditto (pref) . . 1 0 9 I 0 0 Taranaki Oil Fields (I 6 0 5 \ ictoriu Nyanza Sug 2 0 2 3 0 IVhittome Stev. 1<» 0 4 6 Wilsons Cement 2 2 0 2 1 3 MINING— Alburnia .. .. 0 o 0 Ballarat (pd.) 0 1 4 0 0 9 Lucky Shot (4s pd.) 0 0 6 Ditto (con.) 0 0 4 1, Maori land (con.) 0 0 Ohinernuri (ord.) .. 0 8 0 8 Ditto (pref.) . . . . 0 9 0 Wailii 0 13 11 0 13 10 Waihi Grand Juno. 0 0 10 Broken Hill South 7 0 Mount Lyell . . . . 2 4 6 2 4 0 DEBENTURES— Auckland Gas. 1932, 0 0 Ditto, 1935, 64 p.c. 103 0 0 Auckland Haro. Bd. 54 p.c 100 0 0 Ditto, 6 p.c 103 0 0 City of 'Auckland, 1940, 51 p.c. 99 0 0 Ditto, 1943, 5* p.c. 100 0 0 Hamilton Fire Bd., 6 104 0 0 Bor. of Mt. Eden, 6 103 0 0 Hauraki Plains, 6 p 1962 .. .. 10b 0 0 102 0 0 N.Z. Breweries .. .. 1 6 Gisborne Sheepfarmers 100 0 0 96 0 0 GOVERNMENT BONDS — War Loan. 1938, 4 h 100 0 0 99 10 0 Ditto. 1939. 41 p.c. 99 10 Ditto, 1933. 51 p.e. 101 10 0 Ditto, 1936, 5i p.c. 101 6 INSCRIBED STOCK War Loan. 193S, 4J ion 6 Ditto. 1939, 4i p.c. 100 6 Ditto, 1933, 51 p.c. 99 0 0 Ditto, 1933, 55 p.c. 101. 0 0 Ditto, 1936, 55 D.c. — 101 5 0