FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 651, 1 May 1929, Page 10

FINANCE & MARKETS

Ranks remain popular with intending investors and many shares are continually changing hands. The insurance section remains quiet, but prices in most cases remain firm. National are steadily firming and nowhave buyers at 16s sd. sellers holding for 16s Od. The coal section remains quiet, with the exception of Grey Valleys, which are attracting considerable attention .nd are steadily improving. Renown, both issues, are asked for. Taupiris, both ord. and pref. issues, are in keen demand, the ordinary are selling freely at 275, while the pref. have eager buyers at 235. Waipas have steady buyers at 11s 3d, but fail to attract any sellers. All local body debentures and

TO-DAY’S QUOTATIONS

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

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington.—Bank of New Zealand. 6Js 9d: (Tear Meat. 42s 6d; New Zealand Guarantee Corporation, Ss lOd: Australian Bank of Commerce, 365; Commercial Bank. 30s 3d: l T nion Bank, £ls 9s 6d; Dalgety and Company, £ls 13s 6d. Christchurch. —Commercial Bank of Vustralia, 30s 2d; Commercial Bank of Australia (new con.). 14s sd; Commercial Bank of Sydney. £27 12s 6d: National Insurance (cum div.), 16s 6d; Dalgety and Company (cum div.), £ls 13s 6d; New Zealand* Refrigerating (£1 paid). i«o: Ill's P»trt> To 4<l 'two parcels): Westnr*rt Coal 32s 9d: New Zealand brew et - ies 62s Id; Dunlop Rubber. 27s 9d (three parcels); Electro Zinc (pref.). 36s 6d; AVhitcombe and Tombs. Sis (two parcels). Ms 6d: Mahakipawa, Is 2 a d (four paiNew Zealand Government 41 per cent Inscribed >Hoek. 1939, £IOO. Dunedin.— New Zealand Refrigerating (contributing). 7s 3d; Electrolytic Zinc (pref.), 36s S)d.

LONDON WOOL SALES FIRM AT LATE RATES .Australian and X.Z. Press Association; Keed. 10.25 a.m. LONDON. Tuesday. The wool sales opened firm at late ,U A S to«al of S.SSI bales were offered of which 2.0 S 3 were New Zealand. Tliert ... i.o-.ta n npnfianpp wit.li stroll};

.March closing rates. A fen llner eradch w. rr occasionally in buyers favour. I Slipes were firm. tine halfbreds. | "'ilcrineis were a poor selection of greasy romblnss, mostly second-hntij. for vnnl reserves were asked above the buyers ideas The offering of -rood scoureds was insufficient to test the market, hut .11 Merinos were practical!' n a partly with March rates. t roe % stl »nl» were strongly competed for m l vla.c.i tales New Zealand*: tileno.e. H«id top price. t!*d average: Burnt riili. 20td. lad: Waikohu. l»Jd. ISid: 'V ha re, !7<l. lh,,i. Beck-shaven, ITd. I6d: Pamkum, ltwd. 15Id. LONDON METAL MARKET (Australian and S.Z. Press Association) j LONDON, Tuesday. (Quotations on April 25 In parentheses) j Copper.—Spot. £l3 l.ts Od (£77 7s 6d); three months, £72 13s :*d ( £74 6s 3d.). j Electrolytic Copper.—Spot. £B3 (£B3 I 13s); three months. £B4 (£B3 15s). I.cad.—Spot. £24 7s 6d (£2 4 7s 6d);| three months. £23 18s lid (£24). Spelter.—Spot, £26 15s < £25 18s lid); three months. £26 10m (£25 16s 10id>. I Tin. Spot. £II*S 13s !>d (£2Ol 7s 6d); three months. £2OO ISs lid (£203 2s 6d>. ! .Silver.—Standard. 25 5-16 d (26 5-Sd) . n ounce; tine. 27 3-t6d (27 11-16 d). j BUTTER MARKET ■ Joseph Nathan and Company. T/d.. ■ report the following cabled market ■ report from London: Butter, 1.64 sto B 1»:os; market remains uuiet. j

Union Bank Selling Waihi Scrip Active CONSIDERABLE activity is being registered on ’Change and a fair volume of business is being recorded. Union Bank of Australias have again come under the notice of investors and are now selling at .£ls Os. Wailii shares are selling freely at market rate.

j Government securities have many keen i buyers, few sales recorded. ! Yesterday afternoon’s business.—On ’Change: British Tobacco, £2 7s 9d: Waihi Gold Mining Company, 14s Id: New- Zealand Government War Loan, 1933. 5i per cent., £IOO 7s 6d. Reported: Union Bank of Australia, £ls 9s; Grey Valley Coal. £ 1 4s 3d; Taupiri Coal (ord.), £1 7s; Auckland Gas, £1 4s od: Kauri Timber, 18s 3d: New Zealand Farmers’ Fertiliser. £1 2s 9d; New Zealand Paper Mills. ISs lid. Business at this morning’s early call. —Reported: Electrolytic Zinc (pref.). £1 16s 9d. ( Business at to-day’s mid-day call.— l On ’Change: Grey Valley Coal. £1 4s |6d: Auckland Gas, £1 4s 4d. Reported: New Zealand Insurance, £2 6s 4id: Farmers’ Trading (ord.), Ss 6d; ! Borough of Mount Albert, 5J per cent., 1 1963, £ 101.

DEARER VEAL AND PORK RETAIL PRICES ADVANCED The Auckland Master Butchers’ Association advises an all-round increase of a penny a lb. in the retail prici of veal and pork. Recent higher prices for calves and pigs is givei as the reason for the advance. The new price for fillets of veal wil be lid a lb: loins, 9d a lb; shoulders 7d a lb: cutlets and veal steak. Is : lb; chops, lOd: forequarters, 6d: rollec veal, 9d. A leg of pork now sells a lOd a lb; loin, lid: fore loin with blade 9d; pork chops, Is: corned hand, 8d corned belly. lOd; pork sausages, Sd. WOOL SALES AT SYDNEY (Australian and, y.Z. Press Association •> SYDNEY, Tuesday. At the Sydney wool sales to-day 10,61 bales were sold. The market remains without material change. There wa keen Continental competition. Greasj Merino sold to 27id.

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! MOVEMENTS ON CHANGE

THE WEEK REVIEWED QUIET TONE IN BANKS Bv -NOON CALL." Steady trading has been recorded on ’Change over the week, and dealings have been spread over a fairly wide range of securities. The general level of prices is stationary. The comparatively large number of new issues which have come on the market over the past month or so have drawn heavily on funds which otherwise would have sought outlet in established listed securities. As a result, the very firm tone in the market for the more or less gilt-edge securities such as banks and insurances, noted earlier in the year, tends to ease, and the insurance group especially has not been so quiet for many months. The market in the banking group is slightly erratic, the general trend being to slightly lower levels. Nationals of Australasia hold very firm, and NewSouth Wales scrip meets with a demand at prices slightly in advance of last week’s levels. IV£pst other scrip in the group, however, is slightly easier. A.P.A.’s show increased strength in the insurance group, the scrip meeting with a firm demand in the vicinity of par. No sales have been reported, however. Nationals are steady, cum. div., at 16s 6d. The market for most other scrip in the section has an easier tendency. Most loan and agency shares meet with a steady demand at firm prices. In coals, both Taupiris and Westports have improved slightly over the week. Waipas are also meeting with a steady demand on slightly higher levels. The market for Renown ordinaries is weaker, although the preference issue is sought at recent firm prices. The only interesting feature of the timber section has been the increasing strength of Kauris. This market has shown a gradual strengthening tendency all the week, and sales were ma.de yesterday afternoon at 18s 3d, sixpence above the market at the opening of the week under review. Other shares in the group are practically neglected. Interest in the miscellaneous section has been spread over a fairly wide range, but the volume of business recorded has not been heavy. New Zealand Farmers’ Fertiliser scrip, which improved following the announcement of a most successful year, provided practically the only noteworthy movement to the section. The market for most shares is very quiet. Mining scrip meets with considerably more attention, and scrip which has been practically neglected for months up till the last week or so is now in steady demand. Return on Investment ' Below is a summary of sales made on New Zealand Exchanges over the week ended April 30, giving the approximate return on investment based on the latest dividend. In the case of Government and other redeemable securities, the return includes redemption. The price at which the latest sale was made is given m the first column:

return on mining scrip. The shares are merely included in this list for record ; purposes. THE DOMINION’S HERDS ‘ The Government Statistician gives the total of New Zealand cattle in 1928 as 3,273,769 head, an increase of 16.040 : for the year. Of the total, 1.242,729 were dairv cattle in milk, and 109,669 were dry." There were 11,710 bulls for beef purposes, and 47,624 bulls for dairy herds. CHICAGO WHEAT MARKET (Australian arid .V /. Press Association) Reed. 9.5 a.m. Ct-TfCAGO. Tuesday. Wheat.—May, 1 dollar 13 3-8 cents a bushel: July, ’ dollar IS 3-8 cents; Sep- | tember, 1 dollar 22 1-S cents.

CUSTOMS RISE MOTOR TAX, TOO SUBSTANTIAL INCREASES April returns for customs at the port of Auckland for 1928 and 1929 show an increase of £62.044 this year. The revenue for tiie first four months tills year reveals a total increase of £80,025 on the figure for the same period last year. The same all-round advance is reflected in motor spirit taxation where the tax this year has so far yielded £99,324. against £72.402 for the same period in 1925. April's comparative figures show another increase of £ 10,555. Figures apart from the main customs returns are those from tyre taxation and beer duty. During the past four months, £17,404 has been collected in tyre tax. compared with £ 15,681 for the same period last year. In April this year. £4,210 was collected, compared with £8.203 in April last year. Last month, beer duty yielded £11,489, against £9,2SS in April, 1925. Tabled retuns of customs revenue

Returns for motor spirit taxation

TAUPIRI COAL MINES, LTD. NET PROFIT OF £16,376 A net profit of £16,376 for the year ended March 31, 1928, is shown in the 30th annual report or the Taupiri Goal Mines, Ltd. To this is added £9,(i25 brought torward from the previous year, making a. total of £25,401 available lor distribution. The profit in the previous year, after allowing for depreciation, was £18,566, in 1926-2/ it was £16,949, and ill 1925-26 £13,036. Preference share dividends amounting to £1,600 and an interim dividend of £6,050, representing Is a share on ordinary shares, have been paid—a total of £7,650, the same as in the previous year. The balance to be dealt with, £17,752, it is recommended should be appropriated as follows: To pay final dividend of Is a share, £6,050; to transfer to dividend equalisation account, £1,000: to carry forward to next year’s account, £10,702. Following is a comparison of the company’s results and appropriations for the past three years:—• 1926-27 1927-2 S 1928-29 Brought forward . £2,909 £5,158 £9,025 Net profits .. .. 16,949 18,566 16,376 £19,858 £23,724 £25,401 Dividends— Pre.L, 8 p.c. .. £I,GOO £1,600 £1,600 Ord., 10 p.c. .. 12,100 12,100 12,100 Reserve 1,000 1,000 Dividend equalisation Carried forward . £5,158 £9,025 £10,702 The reserve account is not being added to this year, but a dividend equalisation account has been started with £I,OOO. The capitalisation of the company remains unchanged. The accident reserve fund now stands at £II,OOO, and assets total £178,036, compared with £177,10$ last year. New Zealand War Loan investments have increased from £32,051 to £54.871. The Hon. E. W. Alison and Mr. George Wins tone, the retiring directors, offer themselves for re-election, at the annual meeting, which will be held on May 15. BUTTER AND CHEESE LONDON MARKET QUOTATIONS The New Zealand Dairy Produce Board has received the following market report from its London office, dated April 26, prices for the previous week being given in parentheses:— Butter ~ye w Zealand: Salted, 162 sto 164 s a cwt . <l6 *U to 16 J S); unsalted, 166 s to 16Ss (166 s to 16Ss); first whey, 152 s (1525); second whey, loOs (148 s). Deliveries of New Zealand this week, 1,200 tons; in store 6,800 tons. A - U » tralian; Finest salted, 155 s to 159 s to 160. s (156 s to 158 s); unsalted, 160 s to 164 s (160 s to 1625). Argentine: Finest unsalted, 156 s to 160 s (154 s to 158 s). Irish Creamery: Salted, 160 s; unsalted, 164 s. Estonian: 158 s. Latvian, 1565. Siberian: 152 s to 154 s (1565). Ukrainian: 154 s to 156 s (1545). Polish: 150 s to 152 s (1545). The market is quiet. Retail prices unchanged. Danish: Spot. 162 s to 164 s (162 sto 1645); f.0.b., 154 s (1545). The Danish butter market is uncertain. Cheese New Zealand: White, 87s to SSs (87s to SSs); coloured, SSs to S9s (S9s to 90s). Deliveries of New Zealand this week. 18,000 crates; in store, 158,550 crates. Canadian: White. 106 s to 112 s (IOSs to 112 s); coloured, 106 s to IOSs (106 sto 108 s). Australian: White, 86s to 87s (S6s to S7s); coloured, 87s to SSs. The market is steady. Retail prices unchanged. English finest farmers’, 142 s to 144 s (142 s to 1445). North American Market The board has also received the following advice from its agents in Canada: — Butter: New York, 452 cents (Is 10 7-8 d); Montreal, 38 cents (Is 7d). BEER RECEIPTS FALL DUNEDIN CUSTOMS REVENUE Press Association DUNEDIN, Tuesday. The Customs revenue received in Duneding during April is as follows, the figures for April, 1928, being given in parentheses:—Customs, £ 63,697 14s 9d (£46,814 13s lid); beer duty, £23,724 12s Sd (£24.169 3s 1 Od) ; motor tyre tax, £1,144 I.Bs. (£1,210 14s); motor spirit. £7.590 ( £5,979 13s Sd).

Sellers. Buyers. BANKS— 1 16 1 15 n Com. of Australia . 1 10 l 10 2 Ditto (con.) .. .. 15 14 0 0 7 6 Nat. of N.Z 0 0 0 Nat. of Australasia . 19 Ditto (con.) .. .. 9 15 6 j:; New South Wales . 51 17 S 1 Now Zealand o o Ditto (D Mort. ) . . 1 Union of Australia . 15 1L s INSURANCE— Aust. Prov. Assn. . — 0 0 6 National New Zealand .. Queensland S — >outh British .. .. Standard O *> — l.OAM AND AGENCY— liam tpref.) 4 11 0 4 0 1 aimers' Co-op. Ditto A (prel.) i ioldsbrough, Mort.. N.Z. Mort. Agency 4 Newton King iprei.) 8 N.Z. Loan & Merc. 120 Ditto (pref.) .... 80 N. Auck. Farmers* «'o-op. ( ord.) . . .. 2 Ditto B (pref.) .. COAL— Grey Valley -. •• 1 4 0 1 4 • Hikurangi (pref.) .. 0 17 6 Ditto (pref.) .. .. — - Taupiri 7 9 Ditto (pref.) .. .. — 1 u "West port-Stock ton - Ditto (pref.) .. .. — ° GAS— Auckland 1 4 6 1 4 4 Ditto (con.) .. •• 0 18 Gisborne shipping— Devonporf Steam .. 1 4 3 — Iluddart-Parker Ditto (pref.) .. .. o Northern Steam — T\ & O. (clef, stk.) - Union Steam (pi«».) — 0 b TIMBER— Kauri Timber .. .. — 0 17 10 o Parker-Lamb .. .. Kaiapoi 0 14 6 Ditto (pref.) .. .. 0 BREWERIES— «\ L. Innes (pref.) — N.Z. Breweries *» - - MltSCEDDANEOUfa — — 0 17 6 Auck. Amuse. Park . 0 0 Ditto (pref.) Aust. Iron and Steel (pref), ex div 3 Australian Glass British Tobacco 8 0 Bycroft, Ltd — l

Sellers. Buyers. Checker Ta;ci .. .. 0 K o 0 1 6 Col. Sugar . . . . 60 0 59 10 Dominion Pictures l Ditto (pref. > .. .. 1 0 6 Donaghy s Rope . . 1 13 « Dunlop Rubber • Electrolytic Zinc 1 S 0 1 '* 6 (prof.) 1 17 0 1 16 6 Farmers’ Trading - 0 s 8 4 Clear Meat 6 Grey & Menzies 0 10 Haywards Pictures . 1 0 Henry Jones Co-op. U.M. Arcade Theatr ° ° (pref.) 1 1 0 N.Z. Drug Lewis Eady, Ltd. J 13 (pref.) 0 n Milne and Choyce . 1 9 Ditto (pref.) 1 b Ditto. B (pref.) . . 3 Ditto (deb. stk.) . 1 K 1 6 0 Farmers' Fert. .. .. 1 6 1 0 N.Z. Paper Mills 0 18 8 N.Z. Refrigerating . 0 15 Ditto (con.) .. .. 0 6 0 Robinson lee Cream 1 4 1 9 Sanford, Ltd 0 li« C 0 18 Ditto (pref.) .. .. 1 1 0 1 0 0 Taranaki Oil Fields 0 6 1 10 Thames Theatre Victoria Nyanza Wliittome, Stevenson 2 10 0 2 5 0 Wilsons Cement — 3 1 MINING— n 1 10 ft 1 o o l 6 0 0 1-i Lucky Shot <4s pd.) Maori land (con.) . . 0 0 Ohinemuri (ord.) • . 0 s 3 0 1 Waihi Grand June. 0 0 Mount Lvell . . - DEBENTURES— Auckland Gas. 1931:, i> P.c Ditto, 1935. 61 p.c. __ 103 0 0 Auckland Harb. Bd. 51 p.c r 100 103 0 0 0 0 i Citv of Auckland, | 1940, 51 P.c. I Ditto. 1943, 51 p.c. 100 - 99 100 0 0 CO Auckland Fire Board, ! Gisborne Sheep98 1 farmers’ U GOVERNMENT BONDS — War Loan. 1938, 41 100 0 0 99 15 Ditto, 19.19, 4i p.c. 15 101 Ditto, 1933, 51 P.c. Ditto, 1936, oi p.c. AUA 5 INSCRIBED STOCK. — 100 0 0 99 10 0 Ditto, 1939. 41 p.c. 99 Ditto. 1927-41, 55. 2 Ditto. 1933. 51 p.c. 101 101 Ditto, 1933, oi p.c. Ditto, 1936, oi p.c.

Appr r R eturn. BANKS— £ s. d. £ s d. Aust. of Commerce l 36 0 4 S 11 Com. of Australia.. 5 Ditto (con.) .. 1 4 6 Com. of Sydney .. 27 4 6 Nat. of Australasia (ord.) Ditto (con.) . . • . New South Wales . 1.9 9 51 13 13 15 6 6 0 4 1 16 8 4 8 New Zen land .. Ditto. D mort. .. Union of Australia 15 9 0 4 17 10 INSURANCE— 0 16 6 4 10 11 LOAN AND AGENCY— 10 10 17 Dalgety and Coy. .. N.Z. Guar. Corp. . • National Mortgage . 15 0 4 13 8 G 10 I 11 4 COAL —* 1 4 Hi.kurangi (A pref.) Taupiri Westport 0 1 1 7 12 3 0 9 6 S 17 6 6 GAS— Auckland (paid) 1 4 5 6 11 1 Christchurch (10s 0 paid) b SHIPPING— Northern Steam (ord.) 0 15 0 7 14 S TIMBER— Kauri 0 IS 3 4 2 2 WOOLLENS — Kaiapoi (ord.) .. . • 0 14 (i 11 IS 0 BREWERIES— New Zealand .. . • « 2 1 9 p. 4 5 Staples and Co. .. MISCELLANEOUS — Aust. Iron and Steel 1 1 « « 19 6 British Tobacco .. Dunlop Rubber Gear Meat . - - • . • • 2 6 5 5 10 Electrolytic Zinc (pref.) Hayward’s Pictures N.Z. Farmers- Per. 1 1 1 16 0 6 6 8 10 15 0 7 N.Z. Refrigerating (ord.) .. Ditto (con.) .. 0 0 16 7 0 3 6 6 17 0 11 Taranaki Oil 6 Victoria Nyanza Sugar . . - 2 4 1 G 6 4 16 15 4 9 Whitcombe-Tombs 4 1 0 4 18 9 -MINING — 0 1 10 _ Alcanataiari (con.) . Winding Creek (6d 0 0 11 1. paid) 14 _ 0 14 1 — Mount Uyell 2 Mahakipawa . . DEBENTURES — Gisborne Sheepfarmers, 7.’. d.e.. 11)31 .. .. t'O 10 0 9 10 0 102 10 Son. 8 p.c., 11*36 . . 0 4i p.c.. 1942 .. .. 90 Napier Har. Board, 5.. p.c., 1943 .. -• 100 10 0 — 1939. 5i p.c. .. . . 99 10 0 100 0 N.Z. Inscrd. Stock, liisn. t p.c. .. N.Z. War Loan. oi 100 0 0 4 10 0 P-c 101 G — s.No attempt is ma de to worl ut tlv

are: — 1929. 1928. 1927. January . £216,053 £172.148 £ 178.573 February 1S4.112 204,962 202.518 March 179,659 184,833 221,231 April .. . 109,873 137,720 157.229 Totals . £779,697 £699,672 £759,551

1929. 192S. January .. .. £21,919 £11,900 February .. .. 26,445 11,963 March .. .. 10,219 28,453 April 30,741 20,1S6 Totals .. .. £99,324 £72,402