FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 683, 7 June 1929, Page 10

FINANCE & MARKETS

A Buoyant Market

Steady Trading Recorded

By

"Noon Call."

HEALTHY trading has been recorded on "Change over the past 24 hours. The market for most of the betterclass securities is very firm. One of the features is the continued strong demand for all brewery shares.

Fluctuations Price movements, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include: British Tobacco, fall of 3d. - Electrolytic Zinc (ord.), fall of 2d. Waihi Mining, fall of Id. Taranaki Oil, fall of 6d. Mount Lyell, rise of 3d. New Zealand Breweries, rise of 1s 6d. Electrolytic Zinc (pref.), rise of 3d. Farmers’ Trading (ord.), rise of Id. * * * Xiusiness on the Auckland* Change: business recorded on the Auckland market over the past 24 hours is as follows: At yesterday afternoon’s call.—Bank of New Zealand, 62s 6d; Bank of New South "Wales (Sydney register), £sl; Goldsbrougli, Mort, 50s; Auckland Gas, 24s Id; New Zealand Breweries, 725; Staples* Breweries, 4Ss b‘d; British Tobacco, 49s 6d; Electrolytic Zinc, 36s 4d; Taranaki Oil, 5s Id and ss; Waihi Alining, 12s Sd; Mount Lyell Mining, 43s 3d. At. this morning’s efirly call.—" Reported: New Zealand Guarantee Corporation, 9s 3d. At the mid-day call. —Reported: Bank of New Zealand (D mort.), 295; New Zealand Breweries. 72s 6d> Electrolytic Zinc (ord.), 36s 4d: ditto (pref.), 37s 3d; Farmers’ Trading (ord.), Ss Bd. * * * Further Decline in Waihis The market for Waihi mining scrip weakened a further Id yesterday afternoon- To a large extent the lack of strength in the market is due to the opinion held in certain Quarters that the day of big profits from the company’s Waihi property is over. The directors* last annual report supported this contention. With the exception of Mount Lyells, the market for most other mining shares is weak and idle.

Gilt-edge Market Buoyant The gilt-edge market is very firm with buyers predominating. Four and a-half per cent free-of-income tax investments are particularly firm, prices showing a slight increase on those of a week ago. Steady buyers of 41 per cent, war loans at £99 17s 6d fail to attract a declaration from sellers. Company debentures are not featured in the list. Sellers of both Gisborne Sheepfarmers’ and New Zealand Breweries debentures are unsupported. * * • • Movements At Mid-day The market for Commercial Bank of Australia shares is very firm, sellers asking Id above the last market price. New Zealand Insurances are slightly firmer, with buyers at the latest market price failing to draw sellers below 47s 9d. In coals, Pukemiros are sought at 61s 6d without attracting sellers. Renowns lack strength, and are idle, with buyers dropped to 14s. Gear Meats, ex an interim dividend of 9d a share, are sought at 42s on a very firm market. Robinson Ice Cream, with the annual report due for publication within the next week, have a middle price of 24s 6d. Farmers’ Trading were dealt with at 8s Sd, Id above the market at the time of the last reported sale made during the third week of May. Keen Demand For Breweries One of the features of the market is the keen demand for all classes of brewery shares. Innes’ preference shares, which have been sought by steady buyers at par for months without bringing about a recorded sale, showed further strength this morning, buyers increasing their offers to 20s 6d. This scrip is strongly held, as the concern is in high favour on ’Change. At 20s 6d the approximate return on the preference shares would be £7 16s Id per cent. New Zealand Breweries moved to new high levels yesterday afternoon, when sales were made at 725. The market was very firm at the early call this morning. Staples are active on a steady market.

TO-DAY’S QUOTATIONS

Closing quotatoins at to-day’a mid-day call were:—

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington: South British Insurance, c;5 5s 9d: New Zealand Breweries, £3 11s rid; Australian Iron and Steel (pref.), Cl Is 9d: A\ uihi Goldmining, 12s 30d; New Zealand 4} per cent. Inscribed Stock, 1938, £99 17s 6d. Christchurch: Commercial Bank of Svdnev, £27 7s 6d; National Insurance, liis 3d (three); Goldsbrough, Mort (cum div.). 49s Id (three): United Building Societv, 15s 9d; New Zealand Breweries, 71s rid. 72s 6d (two): Beath and Co. (Is paid), 8s 9d; Electrolytic- Zinc (ord.), 365; Electrolvtic Zinc (pref.), 575; NJount l.vell (cum div.), 42s 9d, 4".5; Taranaki Oil, 4s 9d; 'Mahakipawa, 6»d (seven); Auckland Harbour ri per cent, debentures. 1943. £105; Commercial Bank of Australia. 30s Id; Union Bank of Australia, £ls 15s rid: Lyttelton Harbour Board, 5\ per cent, debentures, 1933, £100: Uwion Steam (pref.), 21s. Dunedin: Westport Coal. 33s 6d: Biff Beach, 5s rid; Bank of New Zealand (L> issue), 295; New Zealand Breweries (shares), 71s; Westport Coal. 33s rid: Kildare, 4s; Electrolytic Zinc (ord.), 36s rid. CONSOLS AND COLONIAL STOCKS (Australian and X.Z. Press Association) (United Service) Reed. 9.50 a.m. LONDON, Thursday.

CANADA AND AUSTRALIA ADVERSE TRADE BALANCE (Australian and N.Z. Press Association) Reed. 9 a.m. HALIFAX, Thursday. Speaking on the limitations of ‘he reciprocal trade agreement between Canada and Australia before the Canadian Manufacturers* Association, Mr. D. 11. Ross, the Trade Commissioner of Australia, declared that to obtain a much larger preference schedule Canada should import more Australian products, preferably of a non-competi-tive character with domestic production. He suggested that members of the association resident in the “wet” provinces should ask for and demand Australian still and sparkling wines. If Australian dried and canned fruits were more widely used in Canada, such consumption would do much to overcome the adverse trade balance between the two countries. CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 9.5 a.m. CHICAGO, Thursday. "Wheat—July, 1 dollar Si cents a bushel: September, 1 dollar 12 5-8 cents; Deoemher, 1 dollar 17i cents. The United States Department of Agriculture has issued a review of the wheat situation. This states that although it is not comforting to the farmers, it is not hopeless. There is now evidence of a tendency for prices to rise, but heavy marketings of new wheat and favourable crop reports may again temporarily depress prices. The review adds that there was indicated an increase in the world’s available wheat supply on May 1, of 115,000,000 bushels over that of last season. The surplus in the principal exporting countries exceeds by 125,000,000 bushels that of 1925.

Buyers, , Sellers, BANKS— dC 8. d. £ 8. d. Aust. of Commerce . 1 16 6 1 17 0 Adelaide .. .. .. 10 1 0 Australasia .. •• 14 17 0 Com. of Aust. .. .« t 10 1 1 10 b Ditto (pref.) .. .. 7 0 Eng., Scot. & Aust. 8 8 0 8 11 ft National of N.Z. .. 7 0 0 7 6 Vat. of ’Asia (con|) 9 10 12 New South Wales 51 0 hi ft 0 New Zealand .. .. 9 Ditto, D. Mort .. l 8 8 1 9 6 Union of Aust. ... .. INSURANCE—• 15 14 0 15 16 6 A.F.A. .. .. 0 10 9 National 0 16 0 0 16 New Zealand .. •« 2 7 7 9 Queensland - — 3 0 South British .. .. 3 5 0 3 6 LOAN AND AGENCY— Abraham and Williams (pref.) 4 S o • Farmers' Co-op. Auct. •» 3 0 i ioldsbrough. Mort. . 0 9 2 10 6 Nat. Mortgage 1 5 0 4 0 Newton King- (pref. - ) 0 9 K.Z. River Flate 1 11 0 1 12 N.Z. Guar. Corp. . 0 9 1 0 9 N.Z. Loan & Merc. 12.% 0 0 130 0 0 Ditto (pref.) .. .. N. Auck. Farmers’ 80 0 0 — 0 Ditto (B pref.) .„ COAL— 0 10 0 Grey Valley 1 2 6 1 3 6 Hikurangi (.pref.) .. 0 3 * 0 14 0 0 16 Ditto (pref.) .. .. 0 11 4 Taupiri 1 5 5 1 *itto (pref.) .. .. Wat pa 0 AVestport 1 12 AVestport-Stockton • GAS— 0 * Auckland .. •• •• 1 4 o 1 4 2 10 SHIPPING— Devonport Steam .. — 1 4 Howard Smith .. .. — ft Huddart-Parkcr Ditto (pref.) .. 0 6 Northern Steam 14 Ditto (con.) .. •• 6 9 Union Steam (pref.) TIMBER— Bartholomew .. .. 0 18 0 1 1 6 Kauri Timber .. .. 1 0 5 Parker-Lamb •• .. — WOOLLEN— Kaiapoi 0 13 10 0 14 6 Ditto (con.) .. .. 4 Ditto (pref.) .. .. 15 6 Wellington (pref.) . BREWERIES — * ° O. L. Innes (pref.) 1 0 6 — 6 N.Z. Breweries J. Staples MISCELLANEOUS- “ 0 IS 6 — Auck. Amuse. Park Aust. Iron and 0 1 10 b Steel (pref.) .. .. Australian Glass .. Booth, Macdonald 0 3 11 3 Cord.) 0 1 —

June 6. May 30. .€ s. d. £ s. d. Funding Loan, 4 p.c. 88 0 0 S7 15 0 British War Loan, 5 per cent 101 7 6 101 0 0 Conversion Loan, :'»i per cent 77 5 0 77 0 0 Victory Bonds. 1 p.c. 02 10 0 92 5 0 Commonwealth Aust., 5i p.c., 1922-27 . . 96 7 6 9S 15 0 Commonwealth Aust., 6 p.c., 1931-41 .. 101 10 0 101 5 0 X.Z., 4 p.c-., 1929 .. 99 13 9 99 S 9 N.Z., 3’ 3 p.c., 1940 .. 86 12 6 87 15 0 N.Z., 3' p.c.. 1945 .. TS 10 0 78 5 0 NZ, 6 p.c., 1936-51 105 15 0 105 15 0

Buyers. Sellers. Ditto (pref.) .. .. 0 3 6 British Tobacco S 9 9 Bycroft, Ltd i 10 0 Colonial Sugar .. . 5S 12 6 Dominion Pictures . 1 0 Ditto (pref.) .. .. l 0 6 Donaghy’s Rope Dunlop Rubber .. .. Electrolytic Zinc 1 'itto (pref.) . . - i i. J <■ Farmers’ Trading . . o 0 9 dear Meat (ex div.) ft drey and Menzies . 0 10 19 Hayward's Pictures 1 Henry Jones 1 14 0 IT.M. Arcade (pref. ) 1 l 0 N.Z. Drug Lewis Iftady Cord.) 1 1 0 Ditto (pref.I .. .. 1 0 Milne and Choyce . 1 ft Ditto (pref.) .. .. 1 6 1 >itto (B pref.) .. 1 ft Ditto (deb. stock) 1 6 1 7 Morris Hedstrom X.Z. Farmers' Fort. N.Z. Paper Mills . . 0 19 6 1 N.Z. Refrigerating . 0 15 9 1ft 1 Sanfoi'd, Ltd 0 IX ft i 1 0 ft 1 0 Ditto (pref.) .. .. 1 6 S. R. M ax well A- Co. Taranaki Oil Fields n 4 6 0 0 Thames Theatre . 0 10 0 Tonson Carlick .. .. 6 Sugar Wilsons Cement - - - MINING— 0 ft 9 ft 1 9 Lucky Shot (4s pel.) 0 1 Ditto (con.) .. .. 0 0 6 0 1 0 Oecidental-Una (2s paid 0 ft S 6 Waihi 0 12 ft Waihi Grand June. 0 ft 7 ft 11 Mount Lyell 2 0 6 DEBENTURES — Auckland Gas. 19515, 0 0 Ditto, 1935, 61 p.c. 103 0 0 104 0 Auckland liar. Bd., 99 0 0 Ditto, 5i p.c 100 0 ft Ditto, 6 p.c 103 0 0 City of Auckland, 1940, 51 p.c 99 ft ft 1943, 5* p.c 101 ft ft Auck. Hos. Bd. 5£. 100 0 0 102 0 0 Borough of Devonport, 6 p.c 103 10 Borough of Mount Eden, 6 p.c. .. .. 104 0 0 N.Z. Breweries . . .. 1 6 6 Gisborne Sheepfarmers — 93 0 0 GOVERNMENT BONDS— War Loan, 193S, 4j . 99 17 6 — Ditto, 1939, 4j p.c. J i Ditto, 1941, 4J p.c. 99 10 0 I >itto, 1983, 6J p.c. 99 0 Ditto, 1933, 5i p.c. 101 ft 0 Ditto, 1986. 5i p.c. 101 5 0 — INSCRIBED STOCK. — War Loan, 1933, 41. 99 12 6 — Ditto, 1939, p.c. 99 12 Ditto, 1927-4 1. 5i . 99 0 Ditto, 1933, 51 p.c. 99 b 0 — Ditto, 1933, 51 p.c. 101 ft Ditto, 1936, Bli .. 101 o 0 —