FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 648, 27 April 1929, Page 14

FINANCE & MARKETS

Steady Trading Kauri Timbers Firming By “Noon Call.” S'] EADY trading was recorded on ’Change right up to the close. The market for all the better-class securities held very firm.

FLUCTUATIONS: Price movements shown by sales over the past 24 hours, when compared with the price at the time of the previous recorded sale, include:— Australian Iron and Steel (pref.)» rise of 3d. Taranaki Oils, fall of Id. Waihi Mining, rise of 2d. Eng., Scot., and Aust. Bank, fall of 1s 6d. The banking group shows little movement. Commercials of Australia are, if my thing, slightly easier, with buyers sticking to 30s. compared with the last Ice 30s 3d. New South Wales are very firm, buyers’ offers of £sl I Os not drawing a declaration from sellers. Coals are quiet. Taupiris, following the activity of yesterday, are idle, and, with buyers offering 36s 3d, sellers are riot, prepared to quote on the open market. Renown ordinaries, as the end of the company’s financial year approaches, appear to be weakening. The market for the preference scrip, on the other hand, is very firm. Kauris attract the most attention in tiie timber group, the market for this si- rip showing a gradual upward tendency. -Buyers offered 17s lOd this morning, compared with a market at 17s 9ct at the time of the previous reported sale, and 17s 8d ago. The publication of the report and accounts of the New Zealand Farmers’ Fertiliser Company is interesting in the fact that it justifies the forecasts made in these columns two or three months ago regarding the prospects of in-

I creased turnover, and bigger dividend. On yesterday’s maxket price, the present dividend represents a return of approximately £7 16s 4d per cent. One thing which must be remembered in sizing up this scrip as an investment is the fact that the company’s | articles do not allow a greater dividend than 8 per cent. Any further profits must be returned to the customer. The improved tone in the market for Australian Iron and Steel is interesting in the fact that the concern has only been in existence about a year. It was floated largely through the agency of members of the associated exchanges, and, unlike the majority of the new companies which have come on the market over the period, it seems that prospectus forecasts will come little short of being fully justified. On this morning's market the preference issue would bring in approximately £6 18s 4d. The miscellaneous market generally is quiet. Taranaki Oils continue to attract the speculative element. The market for the scrip holds fairly firm on recent higher levels, although sales took place yesterday afternoon at a penny under Wednesday’s closing market. Wilsons Cements are very firm, buyers offering 41s without drawing sellers. Business yesterday afternoon: New Zealand War Loan, 1938, 4& per cent., £100; Eng., Scot., and Aust. Bank, £8 15s 6d; Taupiri Coal, 26s 9d: New Zealand Farmers’ Fertiliser Co., 21s 9d; Taranaki Oil, 6s 2d; Waihi Mining, 14s. Business this morning: Northern Steam (ord.), 15s; Australian Iron and Steel (pref.), 21s 6d.

TO-DAY’S QUOTATIONS

>sing quotatoins at to-day’s mid-daycall were:—

i. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Well i ngton—Electrolytic Zinc (pref.), Pel: Napier Harbour Hoard, 55 per <eut., 1943, £IOO 10s; National Bank of New Zealand, £7 2s 6d; Bank of New Zealand (long-term mort.), 295: Staples and Co., 15s 7d, 465; Bank of New Zealand, 61s lid. Christchurch Commercial Bank of Australia, 30s 2d (four); New Zealand •Guarantee Corporation, 8s Pd; New Zealand Breweries, 62s (two); Staples Brewery, 45s 6d; Mount Lyell, 14s Id; MahaJcipawa, Is 2d (three); National Mortgage, 85s 3d. Dunedin—Commercial Bank, COs 2d; Commercial Bank (5s paid), 14s; New Zealand Refrigerating. 15s 6d; Bank of New South Wales, £sl 15s. Business Progress is so simple fPHE secret of business progress is so 1 simple most men miss it. Here it is. You need to know only a little more than the average man to make a lot more ef your life. The man who makes twice as much money as yon has nowhere twice as much brains. Good news for salaried men. This should be encouraging news to you if you are a salaried man. You should say o\.-i- and over to your self, “I need to know only a little more in order to make a lot more.'* For 19 years the Alexander Hamilton Institute has been helping earnest, ambitious men to gain the little extra knowledge that brings such big returns. To such men is offered a book which tells how the Institute’s Modern Business Course and Service gives you the fundamental facts of all departments of business. The Institute gives you ideas, gathered from v ic< ' ess,, *l business, which you ran exchange for larger income. It is a helpful book. It is yours for the asking. 4he coupon will bring it. ALEXANDER HAMILTON INSTITUTE. 11 Castfereagh Street, Sydney, N.S.W. s end me the new, revised edition of * Forging Ahead in Business,” which I may keep without charge or obligation. Name Company Address , Auckland Rep.: .T. M. Ruddy, P.O. Box 422. Auckland. STJ.

NEW ZEALAND APPLES LONDON MARKET REPORT (Australian and N.Z. Press Association) Reed. 0.55 a.m. LONDON, Friday. The lonic’s New Zealand apples were in good condition, and much better coloured than earlier arrivals. Jonathan «nd Delicious, 14s to 17s; Cox’s, 16s to 225; Dunns, 12s to 14s. TRADE IN PRODUCE POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. The only produce attracting interest at the moment is potatoes. As digging proceeds evidence of blight and “drowned out” crops are being revealed, particularly on the heavy land, and already the rejections at Lyttelton are considerable. “Prompt” values .'nd those for May-June are inclined to 1-e a shade easier as far as merchants i are concerned, but growers are not alterI L n& their ideas. In consequence from £5 i is 6d to £5 10s, f.0.b., s.i., is quoted, or i the equivalent of £4 2s 6d on trucks, [ hut growers are disinclined to discuss I business at less than £4 10s. Later months are firm in comparison with MayJune. Any business done for July-Sep- ! tember has been on a basis of £6 12s | <Jd, f.0.b., s.i. ! Besides the question of blight affecting later yields in the intriguing position of the Sydney market. During the last day or two inquiries have been rej < eived from Sydney merchants asking for ; quotations for June-September delivery, “subject to the embargo being lifted.” i far there is little inquiry from Auckland, locally-grown tubers assisting to meet the market there. The Waipiata, sailing to-morrow, is expected to take iibout 3,000 sacks. Cable advices state that the Canterbury shipment of onions to Sydney realised £ll a ton, but this was the Sussex Street price. The ex-wharf price was £lO. A shipment is to be made from Lyttelton on May 4, but in view of the dilatory journey across and the narrow margin of profit provided by £lO a ton 1 at Sydney the proposition is not appeal- | ing to merchants. Milling wheat is unchanged, ruling ' from 5s Sd to 5s 9d on trucks. Fowl wheat is inclined to be weak, there being I few buyers at 5s Sd, f.o.b. Oats are as previously reported, A Gartons being worth 3s Sid and B’s 3s 2d. The seeds market is dormant, prices remaining as previously quoted. Partridge peas are nominally quoted at 5s a bushel on trucks, but this is above the price for export.

BETTER TRADE OUTLOOK SIGNS OF improvement; NOTED IN BRITAIN CO-OPERATION IN INDUSTRY British Official Wireless RUGBY. Thursday. Lord Herbert Scott, in his presidential address at the annual meeting of the London Chamber of Commerce, reviewed the trade outlook. In several respects, he said, it showed of improvement. The speaker emphasised the urgency of recovering Britain’s great export trade in textiles, iron, steel and coal if prosperity were to be regained. He said he regarded the formation of the Lancashire Cotton Corporation as the beginning of a new era of concerted effort to rehabilitate Britain’s greatest export trade. As regards trade generally. Lord Scott said the stabilised currencies in Europe had reduced the wide margin between Britain and Continental quotations and enabled British goods to compete on more level terms. That development, coupled with the new spirit of co-operation in British in dustry, justified confidence in the future. The general council of the Trades Union Congress yesterday considered the resolution on industrial consultation and co-operation adopted at the conference between representatives of the council and the two leading organisations of employers. The resolution called for a joint committee to consider the best methods of effecting that, consultation and co-operation. As a first step the Trade Union Council decided to ask its industrial committee to present a full report at a meeting to be held in May, when decisions for carrying out the resolution may bo taken. The resolution must also be referred back to the employers’ organisations represented at the joint conference before action can be taken, as the. representatives at the conference did not possess plenary powers. These rest with the National Confederation of Employers’ Organisations and the Federation of British Industries. However, it is agreed that a favourable atmosphere has been created and that the resolution means all that it implies.

KENT’S BAKERIES, LIMITED ISSUE OF DEBENTURES AND SHARES The opportunity to invest in an oldestablished and flourishing business is afforded by the issue of £35,000 of per cent first mortgage debentures and 35,000 10 per cent, participating preference shares by Kent’s Bakeries, Limited. The objects of this company are to take over as a going concern and free of all liabilities, the wellknown Auckland bakery establishment of Geo. Kent and Sons, Limited. Last year this firm earned a net profit of £8,437, which amount exceeded that required to pay 10 per cent, on the whole issued capital of £45,000, after allowing for debenture interest and income-tax. There has been a regular and substantial increase in the number of loaves produced for the last eight years, in which time the output has more than doubled. The whole of the proceeds of the present issue of shares and debentures will be expended on the purchase of this business and on the new plant and premises which have just been completed. Copies of the prospectus may be obtained on application to any licensed sharebroker or to the company’s brokers, G. Stewart Craig, Ltd., 41 Shortland Street. Telephone 41-645. EGGS FOR BRITAIN MUST BEAR ORIGIN MARK (Australian and N.Z. Press Association) (United Service) Reed. 9.0 a.m. LONDON, Friday. The Ministry of Agriculture has ordered that all imported eggs must henceforth bear an indication of their origin on the shell, in letters not less than two millimetres in height. Under the Hammer PROPERTY SALES AND PRICES A. 4 FARM PROPERTIES AUCTIONED When several farm properties were offered at auction in the Chamber of Commerce rooms yesterday afternoon, one small farm and a farmlet were sold. Before an attendance, of over 100, the farms, which were in the estate of Mr. Alexander Bell, were offered by Alfred Buekland and Sons, Dalgety and Co., Ltd., and the New Zealand Loan and Mercantile Agency Co., Ltd., under instructions from the Guardian Trust and Executors Company of New Zealand. The offering comprised seven freehold properties, ranging in area from 346 to 4.600 acres, and located in the Helensville, Maungatawhiri, Pokeno, Awakino and Te Puke districts. Terms were 10 per cent, on the fall of the hammer, 15 per cent, on the date of possession, June 1, and the balance on mortgage for five years at 6 per cent., with the right of renewal for a further four years on payment of an additional 15 per cent, of the purchase money. All the lots were bid for, but only the smallest farm —346 acres, on the main highway, 11 miles from the Pokeno railway station —and one small lot of 381 acres added to the auction, were sold. The price paid in both cases i was £l7 an acre.

N.Z. FARMERS’ FERTILISER COMPANY NET PROFIT OF £27,655 DIVIDEND OF 8 PER CENT. A net profit of £27,655 compared with 1 £17,626 last year is shown in the annual i report and balance sheet of the New I Zealand Farmers’ Fertiliser Company, Ltd., for the year ended March 31, 1929. The directors recommend the payment of a dividend of 8 per cent., the highest for several years. The annual report states that the output was well maintained during the year and no difficulty was experienced in keeping pace with the demand for fertiliser. From the farming point of view the year had been exceptionally good. Prices of primary products had continued at fairly high levels; production showed a marked increase over the previous year and the directors were of the opinion that the effect of better times would be reflected in an increased demand for fertilisers during the coming year. The net profit for the year, together with the balance brought forward from last year, makes available £42,797. Owing to the larger profit earned this year the directors have recommended a dividend of 8 per cent., which will absorb £20,960, leaving a balance of £15,338 to be carried forward. The sum of £6,500 has been used for writing down the rights and concessions account, hast year, owing to the small profit—£l7,,626 it was decided to declare a dividend of only 6 per cent., compared with per cent, in 1926-27 and 1925-26, when the net profits were i*espectively £25,187 and £27,156. During the year the assets of the company have been increased by the addition of two extensive storage buildings for superphosphate at Auckland and New Plymouth—and additional plant has been installed to meet the increasing demand. The value of land, buildings, plant and machinery is thereby increased from £411,551 to £415,495, less depreciation in each case. Referring to the sum of £6.500 appropriated for writing down the rights and concessions account, the report states that another year of satisfactory trading should see this intangible asset disposed of. Following is a comparison of results over the past five years:—

The annual meeting will be held on June 1. Messrs. James Boddie, J. S. Connett, J. G. A. Ruddenklau, F. R. Flatman and G. L. Marshall retire from the directorate by rotation, but are eligible and offer themselves for re-election. Mr. J. A. Duncan, auditor, seeks reappointment. HIDE AND SKIN VALUES WELLINGTON SALE (From Our Own Correspondent) WELLINGTON, Friday. The fortnightly sale of sheepskins, hides, tallow and sundries was held today. The auctioneers report as follows: Although the demand for all descriptions was good we found prices for dry skins slightly easier, salteds being firm at late rates. We offered an attractive catalogue of hides, containing some good consignments of butchers’ hides. Competition was keen, heavy and mediumweights being from par to id a lb higher. Lightweights, however, were slightly easier. Yearlings, kip and calf, advanced by about id a lb. There was a good demand for tallow', prices being firm at late rates. Following is the range of prices:— Dry Sheepskins—Fine crossbred, 13d to 13id; medium crossbred, 10£d to 13d; coarse crossbred, 9£d to llgd; half-wools, 9£d to 112 d; quarter-wools, 81d to Hid; pelts, to lid. Salted Skins—Pelts, 3s to 3s 7d; quar-ter-wools, 4s to 6s Sd; half-wools, 5s to 8s lid; threequarter-wools, 7s to 8s lid; lambs, 3s 8d to 6s 4d. Hides—Ox: 451 b to 521 b, 7id to Sid: 531 b to 591 b, to 9id; 601 b to 691 b, 9d to 10id; 701 b and over, lOd to lid. Cow: 331 b to 391 b, 7id to 7 7-8 d; 401 b to 481 b, s£d to Kip: 251 b to 321 b, 6 5-8 d to 7id; 171 b to 241 b, 6 5-8 d to 7Jd; 171 b to 241 b, 5d to Bd. Yearling; lllb to 16lb, 8 7-8 d to 9-Id. Calf: 91b to 101 b, to 7id; 61b to 81b, 14d to 16id; lib to 51b, lOd to 17d. Tallow —In casks, 23s to 31s 6d; in tins, etc., 25s to 29s 6d. Sundries—Cow tails, 17£d.

BUTTER MARKET QUIET NEW ZEALAND 162/- TO 164/LONDON, April 25. j The butter market is quiet. Danish is quoted at 161 s to 1625. choicest salted I New Zealand, 162 s to 1645; Australian, j 15Ss; exceptionally fine, 160 s; unsalted, 2s j to 4s premium. The cheese market is slow. New Zea- : land -white is quoted at SSs; coloured, 00s: i Australian. S6s to SSs. AUSTRALIAN PRODUCE SYDNEY, Friday. The following are to-day’s quotations on the Sydney produce market:— Wheat—Country stations, 3s lid; extrucks, Sydney, 4s 6d. Flour—£ll 10s. Pollard —£7. Bran — £ 6 os. Potatoes —Tasmanian, £ls to £IS 10s; Victorian, £l6. Onions—Victorian brown Spanish, £l2; New Zealand, £l3; Globes, £ll. Oats—Algerian, 3s 9d; white, 4s 6d. Reed. 11 a.m. MELBOURNE, To-day. To-day’s quotations:— Wheat.—4s Sd. Flour. —£11 to £ll ss. Bran.— £6 10s. Pollard. — £7. Oats.—3s to 3s 3d. Barley.—English, 4s to 4s 3d. Maize. —5s to 5s Id. • <

LONDON MARKETS WHEAT, FLOUR AND PULSE ('Australian and N.Z. Press Association) (United Service) LONDON; Thursday. Wheat—Cargoes are steady on imj proved American advances and have adi vanced mostly 6d. Parcels are in poor | demand at Sd to 6d higher. Liverpool futures: May, Ss per cental: July, jSs 9 l-8d; October, 9s lid. Spot trade I active at lower prices. Australian, ex i ship, 46s 6d. Flour—Dull. Australian, ex store, 34s 6d. Oats and Beans—Quiet. Peas—Steady. BRADFORD TOPS The Bradford tops market is depressed. Merinos are weak. Quotations are: Sixty-fours, 42id: sixties, 40d; fiftysixes, 32d: fifties, 27d; forty-sixes, 23d: forties, 22d. THE METAL MARKETS (Quotations on April 22 in parentheses.) Copper—Spot, £77 7s 6d (£77 12s 6d). three months, £74 6s 3d (£74 11s 3d). Electrolytic Copper—Spot, £B3 15s (£83); three months, £B3 15s (£S4). Wire Bars—£B4 10s (£S4). Lead—Spot, £24 7s 6d (£24 ISs lid); three months, £24 (£24 6s 3d). Spelter—Spot. £25 18s lid (£26 13s 9d); three months, £25 16s 10id (£26 10s). Tin—Spot £2Ol 7s 6d (£l9B 7s 6d); three months, £203 2s 6d (£2OO 7s 6d). Silver—Standard, 26 5-Sd (25 11-16 d) an ounce: fine, 27 11-16 d (273d)-

FEILDING STOCK SALE Press Association FEILDING, Friday. At the Feilding stock sale 0,000 sheep we.re entered. Fats sold well, but stores met with a dragging sale, owing partly to the inferior quality, partly to the \endors* reserves being too high. Cattle met with a good market all round. Fat lambs brought 19s Id to -4s bd;

wethers, 32s 6d to 34s Id. ewes •>** 28s 6d. Stores: Wether lambs. One pood lin, of -horn n ether made 23s 2d. Ewes running with down rams. 24s 7d to 325; two.w wethers, 25s to 28s 4d. empty eweJ/ 3d to Ids sd. * es * ** Cattle: Dairy springing heifers, £3 • to £9 10s; heifers in milk, £io ; cows, £3 15s to £5; weaner heifer?, £ to £3 15s: two-year heifers, £3 two-year steers, £4 Is.

Sellers. Buyers. £ s d £ S d BANKS— Aust. of Com 1 IK 3 ' 1 15 6 Com. of Australia . l 10 4 1 10 0 Ditto (con.) . . . . 0 15 0 14 0 Kng., Scot. & Aust. 8 17 8 1 4 0 Nat. of N.Z 0 Nat. of Australasia. 19 12 0 1 >it to (con.) . . . . 9 14 « 9 13 0 New South Wales . 51 10 0 New Zealand 6 3 1 K Dit to (D mort. > 1 8 6 t'nion of Australia . 15 11 0 — INSURANCE0 9 9 National 0 IK 10 0 ik 4 New Zealand .. 0 Queensland 9 0 fi Standard — 3 4 K LOAN AND AGENCY— Abraham and WilHams (pref. > 4 9 0 Farmers’ Co-op. Auct 17 0 Ditto A (pref.) . . 0 18 6 17 < loMsbrougrh, Mort.. 2 14 13 3 Newton Kinpr (pref.) 0 S N.Z. Loan & Mere. 129 0 0 125 0 0 I)itto (pref.> . . . SO 0 0 N. Auck. Farmers’ <‘<i-op. (orrl. > 0 8 Ditto B (pref.) . . 0 12 o 0 10 0 COAL— Grey Valley 1 4 3 t 4 0 Hiknranffi — 0 2 3 Ditto ( pref. > . . . . 0 I’ukemiro 0 Renown 0 17 9 0 IK Ditto (pref.) .. .. o 3 3 1 I Tauoiri 1 R Ditto (prefO .. .. 1 3 0 AVestport-Stoi Wton 0 3 4 0 3 0 Ditto (pref.) .. .. — 0 3 9 GAS— Auckland l i 8 1 4 3 Ditto (con.) .. .. IS 0 Gisborne 0 13 8 0 11 0 SHIPPING— Devonport Steam .. 1 4 3 — 1iuddart-Parker 4 Ditto (pref.) .. .. 1 0 Northern Steam n 15 14 10 Ditto (con.) . o 7 h 0 7 r*. A o. (def. si k. > 3 t fi Union Steam (pref.) — 1 0 6 TIMBER— Kauri Timber .. .. 0 0 0 17 10 Levland-O’Brien ... 1 11 0 1 13 fi National 0 9 0 0 b 0 Parker-Lamb . < 0 19 o — WOOLLEN— Kaiapoi 0 14 K — Ditto (con.) .. .. 4 Ditto (pref.) .. .. 0 17 o 0 15 fi BREWERIES— L. Innes (pref.) — 1 0 0 MISCELLANEOUS— Auck. Amuse. Park . ft 3 II British Tobacco 2 8 0 2 7 9 By croft. Ltd 1 13 0 Checker Taxi .. .. 0 8 R —

Sellers. Buyers. Colonial Sugar . . . . 60 0 0 59 0 0 Dominion Pictures l 0 6 Ditto (pref. > .. .. l 6 Donaghy’s Hope 1 13 • Dunlop Rubber (ex div.) Electrolytic Zinc (ord.) l 15 9 l 15 0 Ditto (pref.) .. .. ! 17 0 1 16 6 Farmers’ Trading' 0 JJ 8 0 8 4 Ditto B (pref. ) 0 11 0 Grey & Menzies 0 10 9 H.M. Arcade Theatre (pref.) 1 1 0 N.Z. Drug 13 0 .Lewis Eady, Ltd. (pref.) 0 19 3 Milne and Choyce 1 5 Ditto (pref.) l 9 Ditto, B (pref.) . . 1 b 9 Ditto (deb. stk.) 1 6 L 9 1 1 6 X.Z. Paper Mills . 0 IS 9 N.Z. Refrigerating 0 15 9 0 lb 4 Ditto (con.) . . . . 1 Robinson Ice Cream l 4 6 1 9 Sanford, Ltd 1 0 0 0 IS 0 Ditto (pref) . . . 1 0 9 1 0 0 Taranaki Oil Fields 0 6 3 0 6 0 Thames Theatre 0 10 0 Victoria Nyanza Sugar 5 Whittome Stev. JO 0 4 6 Wilsons Cement . . 2 1 0 MINING— Alburnia (2s 8d pd> 0 2 0 0 1 6 Moanataiari (pd) 0 1 4 Lucky Shot (4s pd. > 0 1 0 0 S Ditto (con.) 0 0 0 0 4J Maoriland (con.) 0 0 3 Occidental Una (2s. pd.) n 0 7 0 0 Ohinemuri (ord.) 0 8 Ditto (pref.) .. .. 0 9 0 Waihi 0 14 2 0 14 0 Waihi Grand June. 1 0 0 0 S.'.Mount Lyell 2 4 6 2 3 9 DEBENTURES— Auckland Gas, 193*. 5 p.c 95 0 0 Ditto, 1935, 6i p.c. 103 0 0 Auckland Harb. Bd. si p.c 100 0 0 Ditto, 6 p.c 103 0 0 1940, 5* P.c. 99 0 0 Ditto, 1943, 51 p.c. 100 0 Ditto, 1937, 5i p.c. 100 0 0 Ditto, 1939, 5i p.c. 100 0 0 Bor. of Mt. Eden, 6 103 0 0 X.Z. Breweries .. . . 1 Gisborne Sheepfarmers, 8 p.c. 99 0 0 — GOVERNMENT BONDS War Loan, 1938, 4$ 100 0 Ditto. 1939, 41 p.c. Ditto, 1041, 41 p.c. 99 Ditto, 1933, 5J p.c. 99 Ditto, 1933, 5i p.c. 101 7 6 Ditto, 1936, 5i p.c. — 101 5 0 INSCRIBED STOCK. — War Loan, 1938, 4\ 100 0 0 Ditto, 1939, 4J p.c. 100 0 0 Ditto, 1927-41, 5i Ditto. 1933, 51 p.c. Ditto, 1933. 51 d.c. Ditto, 1936, 5i p.c. — 101 5 0

Net Profit. Dividend 1925 .. . 7i p.c. 1926 .. . H p.c. 1927 . . . .. .. 25,187 11 p.c. 1928 .. . 1929 .. . 8 p.c.