REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 669, 22 May 1929, Page 10

REFLECTIONS ON CHANGE

N.Z. MARKETS REVIEWED GENERALLY DULL TONE By “Noon Call" Sun Office, 9 a.m. ! A rather dull tone has been registered in investment circles during the week. While more than usual activity has been registered in isolated groups, the aggregate turnover has not been heavy, and the general tone of the market is such that exceptional care has to , be taken in choosing investments in order to select ones that show little likeliho'od of easing in price in the near future. f J , HE outstanding feature of the week has been the activity of the speculative element. Mining over the past day or so has received considerably greater attention, following largely on a telegram from the Lucky Shot mine to th& effect that a rather promising patch had been struck. Three or four months ago such news would have been received with sarcastic smiles. Today, however, the losses of the past in such investments, if they can be termed as such, have been forgotten, and the market for scrip in most of the smaller development concerns on the list has a decidedlj* firmer tone. The increased brightness of this market is purely the result of the activities of the gambling element, as nothing has come from the Thames district to warrant any real improvement. One of the companies "may strike 1 something worth while, it is quite on j the cards, then, undoubtedly, . there : would be a mild boom within a few hours. From an investment point of view the scrip is worthless; from a speculative point of view some of the shares have long-shot possibilities. Despite the fact that interest in oil development concerns has lapsed considerably on New Zealand ’Changes over the past month, it is interesting to note that the Sydney market still has hopes of something developing out of the Taranaki fields. New Plymouth (N.Z.) Oil "Wells, Ltd., has been registered in Sydney with a nominal capital of £IOO,OOO in shares of 10s each. The company will carry on the business of producers, refiners and distributors of petroleum and petroleum products. The Directors are: Messrs. F. C. Emanuel, i E. J. Wilson, W. Soren i and B. Tresidder. The head j ofhee is in /Sydney. ' Activity In Breweries ! Judged from the point of view of I turnover, New Zealand Breweries have been the most active on ’Change over I G? 0 tu Ve $ k ’ seein . g ‘ almost daily business in the four main centres. The market shows an advance of Is over the week and, at the closing price of 655, the return to the most recent holder based ua tae latest dividend is approximately to Is /d per cent. No one could reasonably question the soundness of the concern, but it surelv Asouldnt be out of place to again suggest to those looking to the shares with a view to taking up a parcel, that. even 11 the company did make a bonus payment to holders in the near future, it would have to be a comparatively large one to compensate for the high price asked on today’s market. In any case, no balance sheet or report yet issued has indicated that such a disjursinent is probable in the near future. Most Markets Quiet Slightly increased inquiry in the banking group has given added strength to the market, and a fairly healthy turnover has been registered. Commercial of Australia have been :LCt *Y e over the week at 30s Id, rising to 30s 2d in Wellington yesterday afternoon.- Unions of Australia, which firmed suddenly owing to reports from across the Tasman that another issue of bonus shares was likely, are very hard to secure on late price levels and the market is less active. Little movement has been registered in the miscellaneous section. There has not been such a quiet tone in the section for weeks. .The gilt-edge market is very steady, with still a decided leaning toward slightly lower levels. The 4 and 4 A per cent, free-of-income-tax Government loans, which held firm at par for so many weeks prior to a fortnight ago, are still wavering between par and £ 99 3 7s 6d. There is certainly nothing in the market to indicate that lower interest levels will be reached within the near future. Return On Investment Below is a summary of sales made ; on New Zealand ’Changes over the week ended. May 21, giving the return on investment based on the latest dividend. In the case of Government and local body debentures the return includes redemption. The first column gives the figures at which the latest sale was made. Latest Approx.

N.Z. Farmers’ Co-op., _ , - 1939, 6i p.c 90 0 0 S 4 5 tNo attempt is made to work out the return on profit-earning mining scrip; sales in this group are merely included in this list for record purposes. FRANKTON STOCK SALE .A KEEN MARKET (From Our Own Correspondent) HAMILTON, Tuesday. j | There was a good attendance of buyers « j at the Frankton saleyards today and com- i j petition was keen. Auctioneers report as follow: — Dalgety and Company. Limited.—A i moderate yarding of beef. the quality I generally being mediocre. Any choice quality offered realised higher prices than last week, but the general quality sold at late rates. Heavy prime cows made to £9; others, £7 5s to £8 12s 6d; inferior and boner class, £4 7s to £5 17s fid. A moderate yarding of store cattle sold at late rates. Store cows of good quality made up to £5 ss; others, £3 to £4 7s 6d; Shorthorn weaner steers, £4 11s; Shorthorn weaner heifers, £3 5s Dairy cows sold at late rates. A fairly large yarding of fat sheep. Best heavy prime wethers, to 375; best heavy ewes, 31s 3d; medium quality fat ewes. 28s to 29s 3d; fat woolly lambs, average weight, 27s 6d; 162 store empty ewes, 20s. Best bacohers, £4 7s; good baconers, £4 4s to £ 455: lighter, £3 15s y to £3 17s 6d; heavy porkers, £2 5s to £2 17s 6d; lighter 35s to £2 2s; slips, 15s to 17s 6d. The Farmers’ Co-operative Auctioneering Company, Limited:—An average yarding of all classes of cattle and sheep, and a heavy yarding of fat pigs. Beef sold on a par with late rates, sheep were slightly easier. Fat and store pigs maintained late rates. Medium fat cows made £9 5s to £lO 11s; light, £6 15s to £8 Is; forward cows, £5 6s to £fi 2s fid; store cows, £3 17s fid to £5 2s fid; boner cows, £2 10s to £3 'ss; vealers £3 to £3 18s; bull calves, £1 5s to £3 12s 6d; wethers, fat and forward, £1 13s 3d; store wethers, £1 7s 3d to £1 9s 4d; others; small, £1 ss; ewes in lamb, two-tooth to four-years, £1 15s; fat lambs, £1 7s to £1 11s fid; springing cows aiA heifers, £9 10s to £11; backward, £fi to £8 10s; baconers, average a lb, 6d to <d; porkers, a lb, fid to 6 Ad; heavy baconers, £4 2s to £4 8s; medium, £3 12s to £3 18s; light, £3 to £3 7s; heavy porkers £2 12s to £3; medium porkers, £2 4s to £2 8s; light, 35s to £2. New Zealand Loan and Mercantile Agency Company, Limited:—Fat steeis, £l3 15s to £l4 7s 6d; fat cows, £9 2s fid to £ll 10s; lighter cows, £7 10s to £8 17S fid; light cows, £4 12s 6d to £5 s 7 6d; fat wethers, 29s to 36s Go; fat lambs, to 295; heavy baconers, £3 18s to £4 4s; lighter baconers, £2 38s , .to £3 17s; heavy porkers £2 to £2 17s i lighter porkers, £1 7s to £1 16s. A DULL TONE AUCKLAND HIDE AUCTIONS A dull tone was registered yesterday in most sections of the Auckland Woolbrokers’ hide and skin auctions. Prices lunged us follow: Cow hides, light and medium, 62d to fi 7-8 d a lb; second quality and cut, fid to G-id; faulty, s.id to 52d; ox hides, light, 7d to medium, B£d to 9d; heavy, Ud to Did; second quality, s£d to fid; cut, 7id to Sd.; kips, best grade, 7.1 dto 7id; seconds, 6Ad to 74d; yearlings, best grade, to seconds, fid to 6id; calfskins, heavy, 91b to 101 b weights, Bid to B£d a lb; best light, Is lAd to Is 2d; best medium, Is 2Ad to Is 2gd; light and medium, cut, lid to llid; slippy, BAd to 9d. Sheepskins, three-quarter to fullwoolled, medium to fine crossbred, Is to Is id; coarse crossbred, llid to 11 Ad; faulty, lOd to 104 d; damaged, 9d to 9id; badly-damaged and broken, 7*d to 8d; half-woolled, medium to fine crossbred, llid to 112 d; coarse crossbred, 10id to llid; damaged, 7£d to Bid; quarter to half-woolled, damaged, 6id to 7d; quar-ter-woolled, sound, 10jd to 10id; faulty, Sid to 9d; pelts, sound, lOd to 10Ad; faulty, 8d to Sid; damaged, 5d to 6id; lambskins, sound, Is to Is Ad; faulty and seedy, 9d to 92d; damaged, SAd to 9d; salted sheepskins, half-woolled to threequarter, large, 8s 6d to 9s 4cl each: medium, 7s to 8s; light, 5s 3d to 6s 3d; quarter to half-woolled, large, 5s fid to 6s; medium, 4s 6d to ss; light, 3s 3d to 4s; pelts, bare to quarter-woolled, large, 3s 6d to 4s; small to medium, 2s 4d to 3s; lambskins, large, 5s 9d to 6s 3d; light to medium, 4s 3d to os 3d.

1 ric Return BANKS— £ s. d. £ s. d. Aus. of Commerce . 1 16 2 Adelaide Australasia 11 15 -1 Com, of Australia . . Ditto (pref.) .. . . X National of N.Z. . . 3 0 4 Nat. of ’Asia . . . . i r* 15 0 New South 'Wales 0 li 16 New Zealand . . . . 4 Ditto D (mort.) 1 0 L nion of Australia IN S URANCES— 15 12 6 4 16 0 National 0 2 New Zealand .. 0 South British .. .. Standard 3 LOAN AND AGENCY— 4 3 15 6 Goldsbrougii. Mort . 2 3 Lnited Building Wellington Invest0 16 0 6 0 ments 0 11 0 N.Z. Guar. Corp. . . 0 8 11 T 9 6

COALS— 19 11 * ! GAS— Auckland (con.) Christchurch (ord. > Ditto (con.) .. .. SHIPPING— Huddart-Parker Northern Steam 0 IS 13 14 4 6 6 4 11 18 0 6 ° ! 11 I 10 ! TIMBERS— ii i BREWERIES— New Zealand .. .. Staples Tooths 1 9 19 14 0 6 4 1 o 0 MISCELLANEOUS— Aust. Iron arid Steel _ 0 British Tobacco Burns, Philp Colonial Sugar .. . . Dunlop Rubber .. . . Electrolytic Zinc . . Ditto (ord.) . . Farmers’ Trading 5$ 1 1 1 0 10 6 10 8 16 17 0 0 0 0 4 4 5 6 6 6 7 13 S ll « 4 10 N.Z. Drug Milne and Choyce (deb. stock) Morris, Hedstrom . . N.Z. Farmers’ Fert. Taranaki Oils .. Victoria Nyanza 1 1 1 0 17 6 1 0 6 13 14 3 s 4 0 10 Gasco Bricks . . . . Beuth and Co t MINING— 1 1 12 11 0 6 6 9 1 0 Moanataiari (con.) . 0 0 0 7 — Winding Creek . . Lucky Shot (paid) . Ditto (con.) .. .. Waihi Waihi Grand June. o 0 0 0 n o l i 12 0 4 9 6 0 10 E Mahakipawa DEBENTURES — Auck. Hospital Bd.. 1947, 53 p.c Bor. of Invercargill. 1934, 6 p.c NZ. War Loan, 193S, 4i p.c Ditto, 1939, 4£ p.c. Ditto. 1932. ol p.c. New Zealand Ins. Stock, 1938. 4?b p.c. Ditto, 1939, Ah p.c. Ditto? 1930, oh p.c. N.Z. Breweries (deb.) Ditto (ins. stk.) . • 0 102 103 100 99 99 100 99 100 1 1 0 10 0 0 17 12 0 17 0 6 li 0 0 0 6 0 0 10 0 4 4 4 4 10 4 10 10 10 10 10 9 8 G 6 0 4 5 0 4 0 1