FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 698, 25 June 1929, Page 10

FINANCE & MARKETS

Market Buoyant

Steady Volume of Business By “Noon Call.’’ HEALTHY trading lias been recorded on ’Change over the past 24 hours. One of the features of the market is the increased interest in New Zealand Brewery debentures.

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, incl ude: Waihi Mining, rise of 4d. Electrolytic Zinc, fall of sd. N.Z. Breweries (deb. stk.), rise of 10d. Waihi Grand Junction, rise of 3d. Business on the Auckland Market Business recorded on the Auckland Stock Exchange over the past 24 hours is as follows: Yesterday afternoon’s business: X.Z. Breweries (deb.). 26s 3d; N.Z. Insurance. 48s 3d; Auckland Gas (con) 18s 3d: Electrolytic Zinc, 35s 7d: X.Z. Farmers’ Fertilisers, 21s 6d; Waihi Mining, 11s 5d (two parcels), 11s 6d and 11s 7d. At this morning’s early call:—On ’Change: Waihi Mining. 11s 9d (two parcels): X.Z. Breweries( deb. stock), 2.6 x 6d (two parcels). At the mid-day call: On ’Change.— X.Z. Breweries (deb. stk.), 26s lOd. Reported.—Waihi Grand Junction. Is; X.Z. Breweries (deb. stk.), 26s 6d (two parcels). Position of Mahakipawa Mining Co. Mahakipawa • gold mining scrip, which has been gradually falling in prl/e. was dealt with down as low as Sd on the Christchurch Exchange yesterday. At the fifth annual meeting of the company, held in Christchurch last week, the chairman reported that although gold was now being obtained from the mine in small quantities, they were not meeting running expenses, and it would not be long before they would have to look to the shareholders lor more money. Probably the company would have to go into liquidation if more gold was not found. * * * Waihi Market Firmer Considerable activity has been registered in the market for Waihis over the past 24 hours, sales taking place at from Us 5d to 11s 9d at this morning's early cal. To a certain extent this may be due to forward sellers covering commitments now due. On the other hand, there is a better tone in the market, a strong faith in the prospects, weighed tip with its assets, creating the impression in certain quarters that the market has fallen far enough for the time being. Waihi Grand Junctions also show increased strength, buyers offering 10s at the early call.

N.Z. Brewery Debentures Rising A further rise has been recorded in the market for Xew Zealand Breweries debentures, sales taking place at 26s 3d yesterday afternoon, and at 26s 6d this morning. The exact position in regard to these debentures is hard to arrive at. The company reserves the right to redeem the whole issue in July of 1933 at par. If that is done, when redemption is accounted for, there is nothing in the scrip at today’s market. There is a strong feeling, however, that the company is preparing to offer debentureholders something in the nature of two ordinary shares for every debenture now held. This, and other rumours current, is responsible for the strength of the market, * * * Movements at Mid-day The banking and insurance groups are quiet with quotations practically unchanged. In coals, the recent improved strength of Taupiris is maintained, sellers asking 27s this morning. Breweries are firm, most shares meeting with a steady demand. The market for Staples shows a slight improvement, with buyers offering 50s 3d. but sellers not quoting. Buyers of Farmers’ Trading ordinaries moved up to par at mid-day. Steady buyers are in for both issue of the preference shares. The market for Milne and Choyce debenture stock is slightly weaker, buyers dropping quotations 3d to 26s 3d. Mount Lyells are firm, buyers offering 3d above the cum. dividend parity. X.Z. Breweries debentures advanced another 4d at mid-day to see more wanted at 26s lOd, but sellers asking 275. Dividends Due Dividends expected in the near future include: Mt Lyell—ls 3d a share (int.) June 24 A. J. Entrican and Co.—6 p.c. p.a., ord., and 6 p.c. p.a., pref June 27 British Tobacco—2 2 p.c. 0:1 ord. (int.) June 29 •Loan and Merc.—p.c. on pref. (int.); 3J p.c. on 2nd pref. (int.); 3 p.c. on ord. . Unt.) June 29 't'New Zealand & River Plate —45 p.c. (int.) July 1 National Mortgage < int > July 2 Less 2s in £1 English income tax. (Less 4s in £1 income tax.

TO-DAY’S QUOTATIONS

Closing Quotatoin* at to-day’s mid-day call were:—

BUTTER AND CHEESE .Merchants report receipt of the following overseas cables: Dalgety and Company. Ltd., report having received the following cablegram from Samuel Page and Son, dated June 24: —Butter: Xew Zealand finest. J 6Ss to 170 s; Australian finest, salted, 162 s to 1665. MINING NEWS ALBURN I A. —The manager reports:— “The drive north on main Orlando lode from crosscut at winze has been extended sft. a total of 142 ft. The reef here is still a strong body of stone, 4ft wide, carrying nice mineral blend and silica. Strong dabs of gold are seen in the ore. The country rook on both walls is still of splendid class, being interlaced with mineral and silica seams and quartz stringers. The cleaning out of crosscut east, Whau level, has been cleaned out, retirabered, and the line laid for a total distance of 90ft. The level is still all broke a down, and £4!! up >viUi mullock,”

LONDON FRUIT MARKET The Xew Zealand Fruitgrowers’ Federation advise receipt of the following cable from the London representative of the Xew Zealand Fruit Control Board: “The Rangitiki’s cargo of apples arrived in good condition; the Xellis pears, on the other hand, were forward and wasty. The Raranga's and Avonmouth's cargoes showed considerable waste in the Delicious apples. The London market is firm for all varieties of sound apples. Have placed all the Rangitiki apples on the open market, saving cool storage.’’ NEW FORM OF ELECTRIC LIGHTING The Claude Xeon Products. Limited, has commenced business in Wellington and the first electric sign has been erected on the front of the new Majestic Theatre in that city. The equipment for the Auckland factory has now arrived and will be installed shortly.

INCREASING PRODUCTION

INFLUENCE OF CHEAP FERTILISERS EXPANSION OF SIX YEARS The vast influence of cheap fertilisers on dairy production in Xew Zealand is referred to in the report of the National Dairy Association, to be presented to its 35th annual conference which opens at Whangarei tomorrow. “For the nine months ended on April 30, 1929, there was an increase of 11.56 per cent, in butter-fat, as compared with 1.95 per cent, for the nine months ended on the same date in 1925,” states the report. “While the weather has contributed very materially to the remarkable increase in dairy production credit must also be given to the increased use of fertilisers. This greater appreciation by farmers of the benefits of top-dressing is indicated by the available figures showing the remarkable expansion in the total quantity of fertilisers used. For the season ending in 1923 the total consumption of local and imported fertilisers was 124,118 tons. This had expanded in 1928 to 285,208 tons.”

The report states a material contribution to this result has been the lower prices at which fertilisers have been available to farmers, and credit is given to the Railway Department for the lower rates at which fertilisers have been carried. The drop in the price of manures is illustrated by figures showing that whereas in 1922 the value of the 129,664 tons of fertilisers used was £752,292, that of the 285,208 tons used in 1928 was only £745,911. This meant virtually halving the fertiliser bill, in that double the tonnage was available at slightly less than the total expenditure for 1922.

Buyers. Sellers. BANKS— £ a. d„ £ s. d. Aust. of Commerce 1 1G p, Adelaide Australasia 14 17 Com. of Australia . 1 10 0 1 Ditto (con.) .. .. 0 19 9 Ditto (pref.) .. .. 7 s 0 Kng., Scot. &. Aust. S s 0 s .National of N.Z. . . Nat. of Australasia If) !> 0 Ditto (con.) .. .. 10 0 New South Wales . 51 0 0 51 15 New Zealand 1 3 Union of Australia . 15 14 0 — INSURANCE— 0 10 National New Zealand .. .. S 0 Queensland South British .. .. 3 G 3 — LOAN AND AGENCTAbraham & Williams <uret.) 4 K 0 Dalgety and Co. .. 15 4 0 farmers’ Co-op. Auctioneering- .. 0 10 0 Ditto (A pref.) .. 0 17 Ditto <B pref.) . 0 IK 9 0 18 0 4 roklsbrough, Mort . 10 0 10 6 Nat. Mortgage . . . . 4 10 0 Newton King (pref) 0 !) 6 X.Z. and River Plato 1 1 1 0 1 12 N.Z. Guar. Cor. 0 9 6 0 10 0 N. Auck. Farmers’ Co-op. (ord.> .. .. 0 9 Ditto <B pref/) .. 0 11 0 0 13 0 Wright, Stephenson 1 4 6 — COAL— Jlikurangi (pref.) 0 3 G 0 i; 6 Ditto A (pref.) .. — 0 b 0 Pukemiro 4 K 8 0 Renown 0 14 9 0 la K Ditto (con.) . . .. 3 Taupiri 1 9 1 7 0 Ditto (pref.) .. .. l 3 0 — W aipa 0 11 3 — GAS— Auckland 1 4 5 1 4 G Ditto (con.) .. w. 0 18 1 0 18 4 Gisborne 0 11 3 0 13 0 SHIPPING— Devonport Steam . . — 1 3 0 Howard Smith .. .. 1 4 0 Iluddart-Parker 5 0 6 0 Ditto (pref.) .. .. 1 0 — Northern Steam 0 14 t; Ditto (con.) .. .. 0 G G 0 7 0 TIMBER— Bartholomew 0 IS 0 1 1 K Kauri Timber . . . . 0 IS JO Leyland-O’Brien . . — 1 13 0 WOOLLEN— Kaiapoi o 13 r* 0 14 6 Ditto (con.) .. .. 0 4 Ditto (pref.) .. .. 0 lb 9 \\ ollington 7 f. G 0 Ditto (pref.) .. .. 7 6 0 — BREWERIES— C. L Tnnes (pref.) 1 f) 0 — 14 0 15 .1. Staples 2 10 3 0 X 0 0 1 1 6 Timaru (5s paid) .. 0 X 3 0 8 10 MISCELLANEOUS— Adair Bros 1 3 C — Auck. Amuse. Park 0 0 6 0 2 0 Ditto (pref.) .. .. c 13 0 Aust. Iron &. Steel • pref.) 1 1 9 1 0 Aust. Glass 9 10 G Booth, Macdonald (ord.) 0 1 l Ditto (pref) .. .. 0 British Tobacco - -

Buyers Sellers Burns, Philp .. . . 3 3 0 Bycroft, Ltd 1 12 0 1 Colonial Sugar Dom. Pictures 1 Ditto (pref.) 1 0 Donaghy’s Rope .. 1 13 0 Electrolytic Zinc (orcl.) 1 15 6 1 15 10 Ditto t pref. ) . . .. l 17 0 Farmers’ Trading .. 0 8 0 0 8 Ditto A tprer.) 0 G 0 17 G Ditto B (pref.) 0 12 0 0 14 G Gear Meat 2 6 Grey and Menzies . 0 10 9 Hamilton Theatres . 0 Hayward’s Pictures 1 0 6 Henry Jones Co-op. 1 13 9 H.M Arcade (pref.) 1 X.Z. Drug 16 Lewis Eady (orcl.) . 1 1 0 Ditto (pref.) .. .. 1 0 0 Milne and Choyco . 1 6 6 Ditto (pref.) 1 6 6 Ditto B (pref.) 1 6 6 Ditto (deb. stk.) . I 6 N.Z. Farmers’ Fert. 1 1 6 1 N.Z. Paper Mills .. 0 19 9 N.Z. Refrigerating 0 15 9 Ditto (con.) .. .. o 7 Robinson Ice < ’ream l Sanford, Ltd 0 Ditto (pref.) .. .. l 0 0 S. R. Maxwell & Co. 0 4 G Taranaki Oilfields .. 0 3 0 Thames Theatre 0 10 Tonson Garlick .. .. 0 7 6 Union Oil 1 G TVhittome, Stevensons 2 6 6 8 0 W ilson’s Cement .. 2 1 i) 2 2 3 MINING— Alburnia (2s Sd pd) 0 l 0 ft Moanataiari (pd.) . 0 0 6 Ditto (con.) .. .. 0 0 1 0 0 Lucky Shot (Is pd) 0 1 0 0 Ditto (con.) .. Occidental-Una (2s paid) 0 0 0 0 8 Ohinemuri (ord.) .. 0 7 9 0 8 Wail'll 0 11 0 11 9 Waihi Grand June. 0 0 10 0 Broken Hill South 3 Mount Lyell .. 2 1 2 2 6 Kuala Karapar Tin 0 12 3 0 13 0 DEBENTURES — Auckland Gaa. 1932, 5 p.c. 95 0 0 Ditto, 1935, 6i p.c. 103 0 Auckland Har. Bd., »} p.c 99 0 0 Ditto, 5} p.c 100 10 0 102 0 Ditto, 6 p.c 102 10 0 City of Auckland, 1910 51 p.c 99 0 0 Ditto, 1938, 51 p.c. 99 0 0 Ditto, 1943. 5i p.c. 101 0 0 Bor. of Devonport. IDC3, G p.c. 102 10 Bor. of Mount Eden, G p.c. 104 0 0 X.Z. Breweries . . 1 G Gisborne Sheepfarmers — 99 0 0 GOVERNMENT BONDS War Loan. 1938, 4i 99 12 6 100 ? Ditto, 1939, 41 .. 99 12 6 Ditto, 1941, 41 .. 99 10 0 Ditto, 1933, 51 99 0 99 15 0 Ditto, 1933, 51 101 0 0 101 10 0 Ditto, 1936, 51 .. 101 0 0 INSCRIBED STOCK. War Loan. 193S, 41 . 99 i; 0 100 0 Ditto, 1939, 41 99 15 0 Ditto, 1933, 5.1 p.c. 99 0 Ditto, 1933, 51 p.c. 101 10 0 Ditto, 1936, 51 p.c. 101 0 0 101 12 6