FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 677, 31 May 1929, Page 10

FINANCE & MARKETS

A Buovant Market

HEAVY VOLUME OF BUSINESS

By

"Noon Call."

A PARTICULARLY buoyant tone is registered in tlie market for all the better-class securities on 'Change, and a heavy volume of business is recorded. »

FLUCTUATIONS Price movements, shown by a comparison of sales made over the past :4 hours with the price at the time of the previous recorded sale, include: X.Z. Farmers’ Fertilisers, fall of 3d. Commercial Dank of Australia, rise ».f 3d (touched 30s 5d in Wellington). South British Insurance, rise of Is Sd. British Tobacco, rise of 3d. Sanford, .Ltd. (ord.), fall of (Id. Business yesterday afternoon: City *.f Auckland, 1340, 54 per cent.. £99 .Vs; Commercial Dank of Australia, 30s 3d. and 30s 4d: South British Insurance. 05s 3d; Taupiri Coal (ord.), 25s ■:«1; British Tobacco, 4‘Js 9d; Kemptborne, Prosser’s X.Z. Brugr, 70s; New Zealand Farmers’ Fertilisers, 21s 0d: Sanford, Ltd. (ord.), 17s 6d: Lucky Shot (4s paid), Is 6d: Waihi Mining. 12s lOd; Waihi Grand Junction, 9d and Bd. * * Business at this morning’s early call: On ’Change—British Tobacco, 50s (two parcels). Reported—S. R. Maxwell and Co., Cs. * * * Business at mid-day.—On ’Change: Rank of Xew South Wales, £sl 10s i two parcels); Kempthorne Prossers’ Xew Zealand Drug, 765. Commercial Banks of Australia, which ros sharply in the South yesterday to touch 30s 5d in Wellington, were slightly easier on the Auckland market this morning, when sellers at 30s "»d were supported by buyers 30s 2d. X.Z. Guarantee Corps, hold their recent improved strength, and, with sellers hard to locate, buyers offer 9s id. The market for Auckland Gas is weak, with no buyers quoting. N.Z.

Brewery debentures are meeting with a. slightly easier demand, the market breaking 27s this morning without attracting buyers. A.P.A.’s are very firm in the insurance group, and steady buyers at 10s Hd fail to attract sellers below 11s. The market has a very firm tone across the Tasman and, at the time of the dispatch of the last mails, the scrip was selling on the Sydney market at 10s 9fl. Reviewing the last balance-sheet, Australian financial critics expressed the opinion that the company was well on its way to a position where it would be able to pay its former dividend of s per cent. Even at that rate, how*-

ever, it seems that tue snares wouiu oe comparatively highly priced at much over the present market. Assets were shown in the last balance-sheet at 6s 6d a 10s share. The timber group is quiet, with the buyers’ side of the quotation-sheet weakly supported. Kauris, offered at 20s 6d, are not wanted. Xationals have a speculative buyer in at ss, but holders ask 9s. The Parker Lamb Company held its annual meeting yesterday. The chairman, Mr. J. A. Lamb, expressed the opinion that the Xew Zealand timber trade was on the verge of a general trade revival. Certainly the industry cannot go on meeting bad times indefinitely, and it is the knowledge of this that makes the shares in the bet-ter-managed. concerns worth watching. British T Dbaccos are meeting with a stronger inquiry, the market advancing 3d during the morning. The scrip is active on the Australian market, and at the time of the dispatch of the last mails was selling around 51s. Morris Hedstroms meet with a steady inquiry. Accounts for this concern made up to March 31, 1929, are shown at £73,600, compared with £72,551 for the corresponding period of last year. An interim dividend at the rate of 8 per cent, per annum is to be supplemented by a like sum. At that rate on today’s middle price, the ordinaries would return approximately £6 19s Id per cent. Speaking at a meeting of shareholders in the Moanataiari Mining Company yesterday, the chairman, Mr. \V. M. Gimson, said that not for many years had there been such a strong inquiry from overseas interests for mining properties in Xew Zealand. At the moment, representatives of a London syndicate were investigating properties in the Thames with a view to handling the low grade ore. The stage was practically set for a revival of mining, but public confidence would have to be restored by showing that gold could be produced on a profitable basis. The Moanataiari Company intended to concentrate on treating low’ grade ore with a view to extracting a certain amount of gold each month. The speaker stated that it would be necessary to make a call on the contributing shareholders in the near future. These shares sold yesterday at 2d. Other mining scrip is quietly active on a firm market.

TO-DAY’S QUOTATIONS

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

• SOUTHERN EXCHANGES

YESTERDAY’S SALES Press Association Wellington. Eastbourne Corough Debentures. 61 per cent.. 1H52. £105; Auckland City Debentures. 5J per cent., r*P>. £39 ss; Commercial Bank ««f Australia.. 30s 4d. 30s sd: Xew Zealand Guarantee Corporation. 9s 2d: Xew Zealand Insurance, 47s id; South British Insurance, 665; Xew Zealand Breweries. ’’'• s 3d. OSs 9d, 60s, 69s Cd: Xew Zealand Drug, 76s 6d. Christchurch.—Commercial Bank of Australia. 30s 3d. 30s 4d: Union Bank »f Australia. £ls 16s; Dalgety and Company. £ls 4s 6d: Goldsbrough, Mort. 50s 2d i two parcels); Stockton Coal (ord.), ■ s Id: Australian Distilleries. 235: Maka - kipawa. 9ld (two); Winding Creek (6d i>aid). Is Id (two); Australian Bank of • ’ommerce, 375: New Zealand Breweries, •*ns 6d, 6Ss Td, 6Ss IOJd. 68s 9d (two). 695, •As 6d. 6Ss 9d, 695; Dunlop Rubber, 27s 9d, 27s 10<1. Dunedin. Kildare, 3s Sd; Bank of Xew South Wales (ex div.), £sl 10s; English, sVottish and Australian Bank. £s 10s 6d; Xew Zealand Breweries (shares). 69s (two parcels); Dunedin Brewery, 28s. MELBOURNE HIDES SALES t United P A.—By Telegraph — Copyright) MELBOURNE, Thursday. \t the Melbourne hides sales today. b.i<ll> prepared parcels declined one farthing, others were unchanged.

CONSOLS AND COLONIAL STOCKS • (Australia j, and. X.Z. Press A.ssociationJ (United Service) 1 Reed. 9.5 a.m. LONDON, Thursday. May 30. May 23. ’ : Consols 54 15 0 54 0 0 - ; Funding Loan, 4 1 i per cent ST 15 0 S 7 10 0 British War Loan, l | 5 per cent 101 0 0 100 12 6 • i Conversion Loan, 3i ‘ ! per cent 77 0 0 7610 0 | Victory Bonds. 4 I p. 0.. Mar.-Sept. . 92 ® 0 v Cnnvltli. Australia, ’ 55 PC., 1922-27 . 9S 15 0 99 0 0 Cmwlth. Australia, J 6 p. 0.. 1931-41 .101 5 0 101 10 0 i New Zealand, 4 p.c., f 1929 99 S 9 99 11 3 Xew Zealand, 3 5 p.c.. 1940 .. .. 87 15 0 86 15 0 , Xew Zealand, 3 p.c., 1945 7S 3 0 7 S 5 0 r Xew Zealand, 6 p.c., , 1936-51 105 15 0 105 5 0 ; / BRADFORD TOPS MARKET ) i (Australian and X.Z. Press Association) [Reed. 11 a.m. LONDON, Thursday. '• ; Bradford wool business is practically e j nil, owing to the elections. Quotations I are weak.

Buyer 3. Sellers. HANKS— £ s. d. X 8 d. Aujit. of Commerce 1 16 i) 1 17 0 10 0 14 13 o Com. of Aust 1 10 1 10 Ditto (pref. > .. .. 7 u 0 0 Com. of Sydney .. ir> National of N.Z. . 0 0 7 0 \>w South Wales . ol X»-vt Zealand .. .. 0 1 s 1 u Union of Australia . lo 14 o — 1NSURANCE— 0 10 6 0 it 0 0 16 0 New Zealand .. .. 2 0 6 Queensland — 3 o South British .. .. *> liOAX AND AGENCY— Abraham and Williams (pref.) .. .. 4 s 0 —-• ic'irety and Co. .. 3 0 0 IS i) 0 17 «Joldsbrougrh. Mort . 10 0 10 Newton Kinp (pref.A N.Z & River Plate 1 11 n i) 1 N.Z. Roan More. 125 0 0 120 0 Qi Ditto (pref.) .. .. SO 0 0 Co-op (B pref.) .. 0 10 0 _ COAL— Grey Valley .. .. — 1 6 Ditto ( pret. t . . . . 0 Ditto (A pref. ) Uukemiro 0 6 16 Ditto (pref.) .. .. 0 11 4 Taupiri 1 1 6 0 Ditto (pref.) .. .. 1 3 3 W aipa 0 11 Westport (ex div.) 1 11 \V estport-Stocktou 0 10 Ditto (pref.) .. — 0 4 s GAS— Auckland .. -• ... T 4 2 Ditto icon,) •• IS Gisborne .. •• — 0 10 0 0 13 0 SHIPPING— Devonport Steam.. — 1 4 f) Howard Smith .. 1 Huddart-Parker .. 5 0 Northern Steam •• 0 14 o 14 6 Dit to (con.) . . . . 0 0 7 0 Union Steam (pref.) 1 0 £> — TIMBER— Bartholomew • • 0 IS 0 1 1 6 Kauri Timber .. .. l 6 I.evland-O Brieu • . 1 34 0 National .. .. •• 0 0 0 0 I’arker-Lamb .. .« 0 16 0 0 IS 0 WOOLLEN— Kaiapoi .. .. .» 0 13 10 Ditto (con.) .. .. 0 4 — Ditto (pref.) .. .. l.» \\ ellington (pref.) . 7 5 0 — BREWERIES— Timaru (3s paid) 0 0 0 C. L. ITines (pref. > 1 0 0 N.Z. Breweries IS .1. Staples .. .. 10 0 Crown 0 s 0 0 1L 6 MISCELLANEOUS— Adair Bros. .. .. 0 IS 6 Auok. Amuse. Park 0 3 0 Ditto (pref.) .. .. — 0 12 0

Buyer s. Sellers. Australian Glass 2 11 0 Aust. Tron and Steel (pref.) .. l 1 Booth, Macdonald (ord.) 0 1 1 Ditto (pref.) .. .. 0 6 British Tobacco 9 10 Burns. Philp .. .. 6 Bycroft, Ltd 1 10 0 Colonial Sugar.. 58 0 0 59 0 0 Dental Supply .. .. 0 V Dominion Pictures . 1 0 6 Ditto (pref.) .. .. 1 0 « Donaghy’s Hope 1 12 9 Dunlop Rubber .. .. 1 S 0 Electrolytic Zinc (ord.) 1 16 Ditto (pref.) .. .. 1. IV 0 1 17 9 Farmers’ Trading .. 0 S 6 Gear Meat 9 Grey and Menzies .. 0 10 9 Henry Jones H.M. Arcade (pref.) 1 1 0 15 0 Lewis Eady (ord.) 1 1 0 Ditto (pref.) .. .. u 18 Milne and Choyce . 1 6 0 Ditto (pref.) .. .. 1 6 Ditto (B pref.) .. 1 6 Ditto (deb. stock) 1 6 1 Morris Hedstrom .. 1 2 6 I ‘itto (pref.) . . . . 0 IS 1 1 0 1 N.Z. Paper Mills .. 0 19 1 Robinson Ice Cream 1 Sanford. Ltd 0 17 6 0 18 0 Sliarland and Co. 1 S. it. Maxwell . . . . 0 Taranaki Oil Fields . 0 4 10 Victoria Nyanza Sugar — Whittome Stevensons 2 4 Wilsons Cement 2 1 6 2 3 *> MINING— Alburnia (2s Sd paid 0 l 1 0 2 n Lucky Shot (4s pd.) 0 Ditto (con.) .. .. Occidental-Una (2s paid) 0 0 4 Wailil 0 12 0 12 11 Waihi Grand June. 0 0 8 Mount Lye 11 2 3 3 2 4 DEBENTURES — Auckland Gas. 193!:, 95 « Ditto, 1933, 63 p.c. 103 n 0 105 0 98 Ditto, p.c 100 0 Citv of Auckland. Bor. of Devonport. 6 102 0 0 104 Borough of Mount •— N.Z. Breweries 6 Gisborne Sheepfarmers GOVERNMENT BONDS War Loan. 193S. 43 99 lo o — Ditto. 1939, 43 p.c. —• i Ditto. 1941. 4i p.c. ’ Ditto. 1933. 5i p.c. 5 Ditto 1933, 5J p.c. — Ditto, 1936, 51 p.c. o ' INSCRIBED STOCK 99 10 0 100 0 0 Ditto. 1939, 41 p.c. 99 Ditto, 1927, 51 p.c. 5 Ditto, 1936, oh P- c -