FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 649, 29 April 1929, Page 10

FINANCE & MARKETS

Steady Trading Insurance Group Quiet By “Noon Call.” T HE " eek opened on Change this morning with most A markets in good tone. Interest was wide spread, with sound industrials receiving steady attention.

Price movements shown by sales during the morning, when compared with the price at the time of the previous reported sale, include:— Waihi Mining, rise of Id. National Bank of Australasia (ord.), rise of 6d. B-ank of New Zealand (D mortgage), rise of 3d. • * * The banking group is quiet. New Zealand E) mort. shares were dealt with this morning for the first time since the closing week of February. Xational of Australasia scrip meets with a steady demand on a fairly active market. On the present market price, both issues return slightly over £5 per cent., and present one of the most attractive propositions in the group. Insurances show a weakening tendency. New Zealands. offered at 46s fid. found support at 46s *3d, compared with the latest market price of 46s Cd. South British are also weaker. * * * In coals, sellers of Waipas have withdrawn, leaving buyers in at 11s. Pukein iros, offered at 655, are neglected. Less attention is being paid to Hikurangis. Kauri Timbers meet with a steady inquiry, and buyers advanced a fur-

ther ltd this morning to 18s without drawing sellers below 18s Gd. The scrip appears to be fairly strongly held, and a further advance in prices would not be expected. The market for other shares in the timber group is very quiet. The management of the Xew Zealand Farmers’ Fertilisers, Ltd., has drawn the writer’s attention to comment which appeared in these colu.ryns on Saturday last. It was stated t’hen that ’‘the articles of the company (N.Z. Fertilisers) do not allow a greater dividend than 8 per cent.” It is pofinted out that the company’s articles have been amended to make available all surplus profit to shareholders. Sellers responded to buyers’ offers of 21s 9d this morning with a quote of 235. Even at a market prfee of 225, the scrip, returning approximately £7 5s 5d per cent, at that figure, has undoubted attractions. The company is well managed, and manufactures n commodity for which there is a growing demand. Business at this morning’s early call: On ’Change—Northern Steam (ord.), 15s (three parcels). Reported—Bank of New Zealand, D mort., 295. Business at mid-day: Reported— Waihi Mining, 14s Id; Xational Bank of Australasia (con.), £l9 13s fid.

TO-DAY’S QUOTATIONS

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

SOUTHERN EXCHANGES SATURDAY’S SALES Press Association Wellington.— Port Chalmers Borough, 4i per cent.. 1942, £9O; National Bank of New Zealand, £7 2s; National Bank of Australasia (£lO paid), £l9 13s 6d; Wellington Woollen (ordinary), £7 us; Taranaki Oil, 6s 2d. Dunedin. — Bank of New Zealand, 62s (two parcels); Mount Lyell, 44s 6d, 44s lid, 44s 3d. LONDON MEAT MARKET SMITHFIELD PRICES The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated April 26, advising Smithfield delivered prices averaged for the week ended that date as follow; New Zealand Wethers and Maidens.— Canterbury quality, selected brands. 561 b. and under, 7 1-Sd a lb; 571 b to 641 b, 6£d lb; 651 b to 721 b, 5 3-Sd. Other brands, 561 b and under. 7d; 571 b to 641 b, 6 1-Sd; 651 b to 721 b, 5 3-Sd. New Zealand Ewes.—64lb. and under, s£d. New Zealand Lambs.—Canterbury quality. 361 b and under. 9 5-Sd: 371 b to 421 b. 9 l-8d; 431 b to 501 b, 8 3-Sd; seconds, 9 l-Sd. Selected brands, 361 b and under, 9£d; 371 b to 421 b, S 7-Sd. Other brands, first quality, 361 b and under. 9£d; 371 b to 421 b. Sid; second quality, 301 bto 321 b, average, 9 1-Sd. Australian Lambs.—36lb and under Sid; Victorian, first quality, 371 b to 42ib, 8 1-Sd. Argentine Lambs.—First quality, 361 b and under. Sd: 371 b to 421 b, 7 3-Sd. Argentine Chilled Beef.—Ox fores, 5 1-Sd; hinds, 7Jd. New’ Zealand Frozen Pork.—Porkers, 601 b to SOlb, 9Jd; 811 b to 991 b, 9£d; 1001 b to 12f>lb, Sd. Baconers, 1211 bto ISOlb. 9Jd. Lamb Market.—Quiet. Colder weather temporarily curtailing consumption. Mutton Market.—Wethers: Market quiet and unchanged. There is a good demand for ewes. New Zealand Porker Pigs.—Prices have advanced owing to shortage of supplies of home killed. New Zealand Baroner Pigs.—At better prices owing to high prices of bacon. AUCTION NOTES Fordham Moor* will sell bv auction on the premlMs. 50 Mount Smart Road. Rural la ’ Tutsday. Anrll 30. at 11 ain , the furnishings and pi. nunmenta of sit room*. fll

BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Leonard and Son, Ltd., from their London principal. A. C Rawson, under date April 28: Butter, 1645; market slow. Cheese: White. 87s to 88s, market slow; coloured, 90s, market steady. .A. H. Turnbull and Company, from their London principals, W. Weddel and Company, Limited, under date April 26:—Butter: Danish, 162 s to 1645; New Zealand, unsalted, 166 s to 168 s; salted. 162 s to 1645. The market is quiet. Cheese: New Zealand, white, S7s to SSs; coloured, 89s to 90s. The market is steady. Canadian: White, 106 s to 112 s; coloured, 106 s to IOSs. Amalgamated Dairies, Ltd., from their London office under date April 27: ‘'Butter: Our prices unchanged; Anchor, 1665; unsalted, 16Ss; market featureless; Danish. 162 s to 164 s on spot, 155 s f.0.b.; retails unchanged. Cheese: New Zealand, white SSs, coloured 90s; Canadian, unchanged; market steady; retail unchanged."

LONDON MARKET REPORTS (Australian and N.Z. Press Association) LONDON, Saturday. Sheep.—New Zealand ewes, 51d; Australian. firsts, 5 3-Sd; ewes, 5Jd. Lambs.—Canterbury, heavy, 8 3-8 d; Victorian, firsts, light, RJd; medium, S 1-Sd; Australian, thirds. S 5-Sd: Argentine, firsts, light, 8d: medium. 7 3-S(l. Chilled Beef.—Argentine, fores, 5 1-Sd; hinds, 7}d; other unchanged. COTTON. RUBBER. COPRA, ETC. Cotton,—May deliverv, lOd (10.46 d); a lb. Rubber.—Para, Hid (lid) a lb; plantation and smoked, 9 7-Sd (9 15-16 d). •lute.—April-May shipments, £3O 5s (£3l 15s) a ton. Copra.—May-June, £2l 15s (April-May £2l 15sj a ton. Linseed Oil.— £29 (£29) a ton. Turpentine.—4ss 3d (44s 3d) a cwt. NEW ZEALAND APPLES The lonic’s New Zealand apples arrived in good condition. They were much better coloured than the earlier arrivals. Prices realised were: Jonathan and Delicious, 14s to 17s; Cox's, 16s to 225; Dunns, 12s to 14*.

FRUIT FOR OVERSEAS LAST YEAR’S FIGURES EXCEEDED EFFECT OF CODLIN MOTH Despite the fact that exports of apples tVom the Auckland province will tx* approximately 20,000 cases down on estimates made prior to the opening of the season, figures to cbate are ahead of those for the whole of last season. Th/e aggregate Auckland export re--1 turus last season amounted to approximately 05,000 cases of apples. TliAs season, to date, slightly more tfctim that number have been shipped | overseas, and it is expected that a I further 15,000 cases will come forward before the season closes. Codlin-moth has been largely responsible for the reduction in the shipments, many orchards throughout the district being badly affected with this pest. The fruit shipped, however. is reported to be all of good standard quality.

PROMINENT IN BUSINESS

MR. JOHN ALEXANDER, mem ber of the firm of Alexander, Ben nett and Sutherland, is one of the most prominent figures in Auck land legal circles.

MR. JOHN ALEXANDER A native of Ireland, Mr. Alexander came to New Zealand at an early age. To-day liis activities arc spread over a wide range and his advice has been sought in ■many of Auckland's biggest business deals. He was recently appointed, president, of the Auckland Havings Bank. He is also president of the Auckland. Club, president of the Auckland Navy Iwag ue, and a member of the Prisons Boa?'d. He is a j)ast president of the Auckland Law Society. WARNING TO INVESTORS CHANGE CHAIRMAN’S VIEWS A warning to investors interested in new flotations was given this morning by the chairman of the Auckland ’Change, Mr. G. C. Creagh. Several prospectuses issued lately, said Mr. Creagh, had contained the information that “early application would be made for listing on the ’Change.” Many of these companies had not even made inquiries regarding the conditions under which the ’Change would list. The ’Change could not give official recognition to any company's scrip unless that company could comply with the requirements of the ’Change laid down with a view to protecting reasonably the interests of shareholders.

Sellers. Buje £ s d £ s d BANKS— Aust. Bank of Com. 1 16 ft •Coin. of Australia . 1 10 5 1 1ft 0 Ditto <con.> .. .. 0 15 0 14 Ditto ( pref. > . . . ft Tin?., Scot, and Aust. 8 IB 0 8 14 6 Nat. of N.Z 7 3 0 Nat. of Australasia. 10 12 0 Ditto (con.) .. .. 9 14 12 ft New South Wales . 51 1ft ft New Zealand 3 B l ft Ditto ( D Mort. > . . 1 ■Union of Australia . 15 11 0 — INSURANCE0 IB 10 0 1ft 4 New Zealand .. 6 ft ft Queensland 3 X 0 3 6 B South British .. .. 3 4 ft Standard 3 b 0 3 4 0 LOAN AND AGENCTAbraham and VVilliams (pref.) 4 0 0 Farmers' Co-Op. Auot n 0 2 17 B «loldsbrough. Mort.. 14 13 Newton King (prel.) X N.Z. Doan &. Merc. 120 0 0 1 2b ft 0 Ditto (pref.) . . . . 80 0 0 N. Auck. Farmers' Co-op. < ord.) . . . . 0 B Ditto B (pref.) .. 0 12 0 0 10 0 COAL— Orey Valley 1 5 n 1 *> Hlkurangi (pref * .. 0 X 0 0 Pukemiro 3 5 0 Renown 0 17 0 ft 1ft Ditto (pref.) .. .. 0 11 Taupiri 1 7 0 1 ft Ditto (pref.) .. .. 1 3 0 W aipa 0 11 0 West port-Stock ton 0 3 4 ft 11 Ditto (pref.) .. .. —- 0 3 s CAS— Auckland 1 4 6 1 4 2 Ditto (con.) .. .. 0 18 Gisborne 0 13 0 0 n 0 SHIPPING— Devonport Steam .. 1 4 3 — Hud dart-Parker 4 Ditto (pref.) .. .. 1 Northern Steam n 15 14 1ft Ditto (con.) .. . . 0 7 3 0 7 0 P. & O. (def. stk. ) 1 6 Union Steam (pref.) — 1 0 6 TIMBER— Kauri Timber .. .. 0 18 ft ft IS 0 l 14 1 13 ft National (i 9 0 0 ft Parker-Lamb • • 0 19 0 — WOOLLEN— Kaiapoi 0 14 6 — Ditto (con.) .. .. 4 Ditto (pref.) .. .. 0 17 0 0 1 o 6 BREWERIES— r. L. Innes (pref.) — 1 0 0 N.Z. Breweries — 3 MISCELLANEOUS— Auck. Amuse. Park . n 3 0 British Tobacco 2 8 0 7 ft Burns, Philp .. .. 2 9 0 Bycroft. Ltd 1 13 0 « 'hecker Taxi . 0 B ft Dominion Pictures — 1 0 6

Sellers. Buyers. I>itto (pref. > .. .. 1 0 6 Donaghy’s Hope . . 1 13 « Electrolytic Zinc (ord.) 1 15 1 15 0 Ditto (pref. > . . . . 1 17 0 1 16 6 Farmers' Trading 8 X X 4 Ditto A (pref.) 17 Ditto B (pref.) 0 1 i 0 Dear Meat (Irey & Menzies 0 10 9 Henry .Tones Co-op. 1 15 H.M. Arcade Theatr (pref.) 1 1 0 X.Z. Drug 13 0 Lewis Eady. Ltd. (pref.) 0 19 Milne and Choyce Ditto (pref.) 1 9 Ditto. B (pref.) .. Ditto (deb. stk.) . . 1 fi 1 Farmers' Fert 1 0 1 X.Z. Paper Mills IS X.Z. Refrigerating 0 15 9 0 lo 4 Ditto (con.) .. .. 5 7 1 Robinson 1c Cre„*n 1 6 1 6 Sanford, Ltd 1 0 0 IS 0 Di tto < prf>f.) 1 0 Taranaki Oil Fields 0 6 6 ft 6 1 Thames Theatre 0 10 0 Victoria Nyanza Sugar 2 Whittorne Stev. 10 Wilsons Cement — 2 1 MINING— Alburnia (2s Sd pd) 0 2 0 n 1 1 Moanataiari (pd) . . 0 1 4 Ditto (con.) .. .. i) 1 Lucky Shot (4s pd.) 0 1 0 0 9 Di t to (con.) .. .. 0 0 Maoriland (con.) 0 0 <2s pd.) 0 0 7 0 3 0 s S 8 Ditto (pref.) .. .. 9 Waihi 0 14 l Waihi Grand June. 0 1 Mount Lyell — 2 ° DEBENTURES— Auckland Gas. 1932. Ditto, 1935. 6£ p.c. 103 0 51 p.c 100 0 0 1940, 51 p.c. 99 0 0 Ditto, 1943, 51 p.c. 100 Ditto. 1937. 54 p.c. 100 0 Ditto. 1939. 55 p.c. 100 0 Hamilton Fire Bd., 6 104 0 0 100 ft 0 Bor. of Mt. Eden, 6 103 0 0 N.Z. Breweries . . . - 1 6 Gisborne Sheepfarmers’ 98 0 0 GOVERNMENT BONDS — War Loan. 1938. 4J 100 0 0 99 15 0 Ditto, 1939. 4J p.c. 99 15 0 Ditto, 1933, 51 p.c. 99 0 0 Ditto, 1933, 54 p.c. 99 0 0 Ditto, 1933, 5i p.c. 101 10 fl 101 0 Ditto, 1936, 51 p.c. — 101 5 0 INSCRIBED STOCK War Loan. 1938, 4i 100 0 o 99 10 0 Ditto, 1939, 4-i p.c. 100 0 0 10 0 Ditto. 1933, 54 P.c. 99 ft ft Ditto, 1933, 5i p.c. 101 0 Ditto, 1936, 51 P-c — 101 ** 0