FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 725, 26 July 1929, Page 10

FINANCE & MARKETS

A Quiet Tone

Market on ’Change

By “Noon Call.” REFLECTING a rather quiet tone, the market on ’Change has seen no outstanding movement in quotations for any scrip over the past 24 hours. Steady trading is recorded.

FLUCTUATIONS . 1: Price movements, shown by a comparison of sales over the past } 24 hours with the price at the time J x of the previous recorded sale, in- : elude: Sanford. Ltd., fall of Id. J Waihi Junction, rise of 3d. j j New Zealand Farmers’ Fertiliser, fall of 10. j 1 Business on Auckland Market c Transactions on the Auckland mar- t 3\*t over the past 24 hours included:— c Yesterday afternoon.—Commercial s Bank of Australia, 30s; Australian Iron a and Steel (pref.), £6 11s lod; Sanford. J-td., 18s 2d; New Zealand Farmers’ f Fertiliser, 24s sd; Waihi Grand Junction Miningr, Is 6d; Kuala Kampar Tin, j la 3d. « At this morning’s early call.—Re- 5 ported: Bank of New South Wales, J -L 51 15s; Sanford, Ltd., 18s 2d. At today’s mid-day call.—On ( 'Change: Renown Collieries, 17s. Reported: National Insurance, 16s 2d. ' * Steady Buyer* for A.P.A.’s Australian Provincial Assurance scrip continues to meet with a steady demand at 2s above par, but sellers are herd to locate. This scrip has been selling at up to 12s lOd on the Sydney market, according to the latest mail advices, but financial writers across the Tasman 1 are inclined to take the view that the s* lip is too highly priced. The contention is that the company’s position at the time of the last balance sheet did not reveal prospects of any substantial Increase in disbursements to shareholders in the near future. Market at Mid-day National Insurance scrip is active si round 16s 2d, further sales being made during the morning. .Sellers of New Zealand Breweries dropped back 6d at mid-day to 83s. Hayward’s Pictures meet with a comparatively steady demand at IDs, sellers asking 20s 3d. New Zealand Farmers’ Fertilisers arc slightly easier, the market closing at mid-day with a middle price of 24s 3d.

but no business has been recorded at j under 24s sri. Buyers of Xortliern Boots have j moved up to 10s, but sellers are not prepared t<> make a declaration on the open market. In the mining group, 'VVaihi Grand Junctions maintain their recent improved strength, and sellers at Is 7d at mid-day found support at 3s 4d, Id below the buying price at the early call. Ohinemuris are -very firm, buyers offering 8s 9d at mid-day, with sellers at 9s 3d. The balance sheet of this company for the year ended March 1 states that £11,315 was spent on development work during the year. N.Z. Breweries Still Weakening The market for New Zealand Breweries continues on the down grade, sales taking place in the South yesterday at down to 82s 7d. On the Auckland market this morning buyers offered 83 s, with sellers in at S3s 6d. The market for the debentures also registers an easier tendency with buyers in at 27s Gd. compared with 29s at the recent peak. Waihi Gold Mining Company The following information has been cabled to the London office of the Waihi Gold Mining Company: No. 9 Level. —Empire lode: Commencing at 97ft east of Worthington crosscut 20ft has been driven east in ore assaying 37s 6d a ton. The width of the lock; is about sft. No. 10 Level.—Dominion lode: Driving west the next 44ft assays 50s a ton. Calls and Dividends Calls and dividends are due as follow : Dividends —• Due. Auckland Gas, 8 p.c. p.a. (int.) July 30 British Tobacco, 6i p.c. (pref.) (quarterly) July 31 Electrolytic Zinc, 6 p.c., ord. and pref. (final) Sept. 6. N.Z. Insurance, lid a share (final) August 6. Com. Bank of Australia, 1 per cent, p.a., (pref.), 15 per cent., p.a. (ord.) August 8 Victoria Nyanza Sugar, 7J per cent, (interim) .. .. August 31 Calls— Alburnia—2d a share July 31

TODAY’S QUOTATIONS

BANK OF ENGLAND RETURN

(Australian and N.Z. Press Association J (United P.A. — By Telegraph — Copyright) (United Service) Reed. 9.5 a.m. LONDON. Thursday. The following is the Bank of England return:— Issue Department Notes issued in circulation .. 367,332,145 In bank department 42,134,485 Government debt 11.015,100 Other Government securities 234.990,474 Other securities 9.148,575 Silver coin 4,842,851 Amount of fiduciary issue .. 260,000,000 Gold, coin and bullion .. .. 140,466,630 Banking Department Proprietors' capital 14,553,000 Rest 3.516,450 Public deposits 11.654.757 Other deposits, bankers .. .. 61,009,441 Other accounts 36,453,919 Seven-day and other hills .. 2,030 Government securities . . 50,781,855 Other securities, discounts, advances 9,426,937 Securities 23.672,822 Notes 42,134.485 Gold and silver coin .. .. 1,233,528 The proportion of reserves to liabilities is 39.70 p«-r cent. Short loans are quoted ♦ i per cent., and three months bills at 5 7-16 per cent.

CHICAGO WHEAT MARKET

Australian and N.Z. Press Association) P* d 9% *m CHICAGO, Thursday. Jfuly. 1 dollar 42J cents a *r .ref,-, her. I dollar cents; 1 dollar 53} cents.

AUSTRALIAN PRODUCE

(United P.A.—By Telegraph — Copyright) SYDNEY, Thursday. The following are today’s prices on the Sydney produce market: — Wheat.—Steady, At country stations, 5s Id; ex trucks, Sydney, 5s Bd. Flour. — £ 14. Pollard and Bran.— £B. Potatoes.—Tasmanian, £2O; others, £IS 10s. Onions.—Victorian Spanish, £l6. Oats.—White, 4s 9d; Algerian, 4s 3d. Maize.—6s 2d. Adelaide prices are: Wheat.—Growers’ lots about ss. Flour.—£l2 10s. Bran.— £6 17s 6d. Pollard.— £7. Oa^j.—Algerian, 3s 3d. Reed. 10 30 a.m. MELBOURNE, Today. Wheat.—ss Sd. Flour.— £l3 to £l3 ss. Bran.—To £7 10s. Pollard -£7 10s. Oats. —4s to 4s Id. Barley.—English, 3s lOd to 4s. Maize.—ss 9d.

HIKURANGI DAIRY COMPANY

(From Our Oicn Correspondent) WHAXGAREI, Today. June, the first month of the Hikurangi Dairy Company’s new season, saw 31 tons Scwt. of butter handled, returning £4.149 3s Sd, against £3,993 3s 2d for the corresponding month of last year. The advance payment in both instances was Is 5d a lb of butter-fat. The company announces a further disbursement of I|d a lb on all butter-fat. supplied during the 1928-29 season, and a dividend of 5 per cent.

TRADE IN PRODUCE

POTATO MARKET ACTIVE CHAFF VERY FIRM Sun Office, S a.m. Potatoes continue to be the main concern of merchants in grain, seed and produce circles. The market has been very firm all | . through the week and, although an i easier tendency may have been regis- • tered occasionally, it has only needed , a few buying orders to place it on a j . firm basis again. There has been a ; considerable amount of buying and selling going on among paper traders, chiefly on account? of forward sellers who have been endeavouring either to 1 cancel out, or buy in in order to cover commitments now falling due on a market considerably in advance of expectations. Merchants who bought forward this season have made money. An apparent attempt initiated in the South yesterday to bear the market with a view to letting paper sellers in to cover up on lower levels saw quotations coming North offering good tables at £7 10s f.0.b., S.I. ports. It was not possible to obtain confirmation of these prices, however. The fact that Southern speculators were also keen buyers at £7 10s caused holders to suspect an attempt to bear the market, and little actual business took place. Last evening the market had a firmer tone. Until the arrival of the Wingatui yesterday the spot market was bare and most of the shipment was sold for delivery direct from the ship’s side. Through store Auckland., merchants ask £ll a ton. It is not expected that there will be any substantial reduction in the near future. Just what quantity of potatoes is held in the South it is difficult to arrive at, as there are so many conflicting reports in circulation. Onion Market Firm The onion market continues very firm, with little prospect of cheap onions again this season. It is not thought that the quantity held at Pukekohe is very large, though, at the moment, that district is supplying practically the whole of Auckland’s requirements. The wholesale price at Pukekohe is firm around 15s a cwt, while through store, Auckland, merchants ask 17s 6d a cwt. Japanese onions to arrive next week are also being sold at that price. There is a fairly general feeling that the Japanese onions booked to arrive are not sufficient for requirements. A slightly firmer tone is noted in the market for wheat, although spot prices remain unchanged at 7s 7d a bushel through store. It is expected in many quarters that a rise of to 1 d a bushel can be looked for each month from now on till the end of the season. The market for oats is stationary with B Gartons selling through store, Auckland, at 4s 6d a bushel. Chaff, on the other hand, continues to strengthen in the South, and, with quotations very firm at £lO a ton ex store, Auckland, today, the . present South Island parity warrants a rise to £lO 10s a ton in the near future. Heavy trading is recorded in topdressing manures, principally super phosphates. Produce Boat Movements The Maheno, from Sydney, with the first big consignment of Japanese onions on board, is due at Auckland on Tuesday next. The Wingatui from Southern ports arrived yesterday. The vessel leaves early next week again to lift cargo for the North. The vessel is due back in Auckland in about three weeks’ time. The Kaiwarra from Dunedin and Timaru has been delayed at Lyttelton and now leaves tomorrow for Picton, Wellington and Auckland, and is due here next Thursday. The Waipiata has been delayed by rain and now leaves tonight, via Dunedin, Oamaru, Timaru, Lyttelton and Wellington, for Auckland, and should arrive here toward the end of next week. The Kui'ow leaves Auckland this evening for Wellington, Lyttelton and Dunedin, and loads at the latter port abcfl.it Wednesday next, thence Timaru, Lyttelton and Wellington,* for Auckland again.

LONDON DAIRY MARKET

BUTTER SLOW; CHEESE DULL (Australian and N.Z. Press Association) Reed. 9 a.m. LONDON, Thursday. The butter market is slow. Danish, 168 s; New Zealand. 170 s to 1725; Australian. 164 s to 1655. Cheese is dull. New Zealand, whites S9s to 90s; coloured, 935. Merchants’ Reports Merchants report receipt of overseas cables as follow: —. Amalgamated Dairies, Limited, from its London office, dated July 25: Butter: Our prices nominally unchanged. Anchor, %1745. Market weak. Little demand. Danish butter. lC5s f.o.b. Cheese: White, S9s; ! coloured, 925: very slow. Joseph Nathan and Co., from their London principals, Trengrouse and Nathan. Ltd: —“Butter, not changed. White cheese, 88s; coloured, 925.” Andrew Clement and Sons, from their London office:—“Market dull. Butter, 169 sto 171 s. Cheese, Piako and Huntingdon arrived, BSs to 925.” Dalgety and Company. Limited, from their London house, dated July 25: “Butter: The market is slow. New Zealand finest salted, 170 s to 1725; Danish, 172 s to 1745; Australian finest salted. 163 s to 1675: finest salted, 162 s to 1665: G.A.Q.. 156 sto J 60s. Cheese: The market is slow. New Zealand white. 88s to 925: New Zealand coloured, 92s to 935: Canadian white, 88s to 89s; coloured. 90s to 91s; c.i.f., 88s to 89s; Australian white, SBs to 89s; coloured. 89s to 905.”

NEW FIJI INDUSTRY

CANNING OF PINEAPPLES (Australian and N.Z. Press Association) SUVA, Thursday. The Hawaiian Pineapple Company has decided to experiment in canning pineapples at Fiji. The company has an option over 60,000 acres of land on Yanua Levu suitable for the cultivation of pines. The decision was made after an investigation of the possibilities in other localities. The news is welcomed by colonists at Fiji. KAURI GUM EXPORTS •Kauri gum valued at £25,363 was exported from Auckland during the month of June. The United Kingdom took the biggest quantity, at 22S tons; 172 tons went to the United States: 20 tons to France: 13 tons to Canada: 9 tons to Australia, and 7 tons to Germany.

Closing quotations , at today's mid l-day F.uye ■rs. Sellei £ cl. £ d. PANKSAust. of Commerce 1 35 6 1 36 6 -Australasia 14 14 0 t om. of Australia . 1 1ft l 10 r>itto (con.) .. .. n 1ft 0 3!) Ditto (pref.) .. .. S 6 7 11 0 Eng.. Scot. & Aust. S ft 0 National of N.Z. l 0 Nat. of Aust. (con.) ft 14 K 17 ft New South Wales 30 51 17 6 New Zealand 3 1 1 6 Ditto (D mort.) . i 8 ft T'nion of Australia . 15 10 0 15 12 6 INSURANCE— 0 12 ft National 0 IK ft ft 16 4 New Zealand .. •. 2 2 8 0 ♦Queensland 4 South British .. .. 7 0 3 S 6 LOAN AND AGENCY— Abraham & Williams (pref.) 4 8 0 Palsrety and Co. . . 15 6 0 Farmers’ Co-op. Ain-. R (pref.) .. .. 0 17 ft < ioldsbrough, Mort K 6 7 N.Z. * River Plate l 1ft ft 1 11 ft Loan and Merc .. .. is:; 0 0 Ditto (pref.) .. .. SO 0 0 N. Auck. Farmers' Co-op. (ord.) .. .. 0 Ditto B (pref.) 0 11 6 0 14 0 Wright. Stephenson and Co l 4 6 — COAL— Grey Valley . . . . .. l 4 ft — llikurangi (pref.) . 0 4 ft 7 Ditto (A pref.) K 6 12 6 Renown 0 16 0 17 Ditto (pref.) .. .. 0 3 3 ft 3 ' 3 Taupiri 3 8 l 30 0 Ditto (pref.) .. .. 1 3 6 *Waipa 0 12 AS estport-Stockton (pref.) 0 4 ° GAS— Auckland 3 4 ft 1 4 1ft I >itto (con.) . . . . 0 18 0 IS 6 Gisborne 0 13 0 — SHIPPING— Pevonport Steam .. 1 3 ft 1 2 9 Howard Smith . . . . 3 Ifuddart-Parker ft 6 Ditto (pref.) .. .. 3 1 Northern Steam 14 14 Ditto (con.) . . . - 0 6 4 6 P. A O. (dcf. stk. > Union Steam (pref.) 1 0 9 — TIMBER— Bartholomew .. 3 ft ft Kauri Timber . . . . 0 IS 0 ■ ft IS Leyland-O'Brien 1 11 National 0 7 6 ft ft Parker-Lamb .. .. — 0 IS € WOOLLEN— Kaiapci ft i:s 1ft — Ditto (con.) .. .. ft 4 6 — Ditto (pref.) .. .. 0 15 ft — "Wellington — 7 7 0 BREWERIES— C. L. Innes (pref.).. 3 ft ft — N.Z. Breweries 4 l 0 4 3 0 J. Staples — 2 16 0 MISCELLANEOUS— Adair Bros 1 0 Auck. Amuse. Park ft 0 Ditto (pref.) 0 12 0 A. .T- Entrican . .. 1 0 0 Australian Glass 4 — Booth. Macdonald (ord.) 0 1 ft 0 2 0

all were:— Buyt ms. Sellers. £ s. d. 1 d. Ditto (pref.) . . .. 0 5 0 ft 7 6 British Tobacco 8 3 8 Bycroft, Ltd 1 12 9 1 15 0 t’hecker Taxi . . 0 1 r, 0 8 ft Colonial Sugar . . . . 57 5 0 57 15 0 Dominion Pictures.. 1 0 6 Ditto (pref.) 1 0 6 Donaghv’s Rope 1 14 6 Dunlop Rubber .. «• 1 S 0 Kleetrolv tic Zinc ( (ord.) .. .. .. .. 1 18 0 1 IS Ditto (pref.) .. .. 1 IS 6 1 19 Farmers’ Trading . 0 S 0 0 S Ditto A (pref.) .. 0 16 0 * Ditto B (pref.) .. 0 12 6 0 14 6 Gear Meat 0 Grey and Menzies .. 0 11 0 Hayward's Pictures 0 19 0 1 0 H.M. Arcade (pref.) 1 1 0 — Lewis Eady (ord.) . 1 “1 0 — Ditto (pref.) . . . . 1 0 0 Milne and Choyce 1 6 6 Ditto (deb. stock) 1 6 6 1 6 9 N.Z. Farmers’ Fert. 1 4 0 1 4 6 N.Z. Refrigerating - (ton. i 0 0 7 8 Northern F.oot . . . . 0 10 0 Phillipps and Impey 17 Sanford, Ltd 0 17 9 0 IS 3 Ditto (pref.) . . . . 1 0 0 Shariand and Co. . 1 1 Ditto (pref.) . . .. 1 * 1 6 S. R. Maxwell .... 0 4 6 0 10 0 Thames Theatre .. 0 10 0 0 16 Tonson Garlick 0 6 6 Inion Oil 2 4 ft Wilsons Cement . . 2 3 9 2 4 6 MINING— Alburnia (2s 10d pd) 0 1 5 ft 2 ft Moanataiari (pd ) . . 0 0 6 ft 1 1 Ditto (con.) .. .. 6 Lucky Shot (4s pd.) 0 1 0 ft 1 S Ditto (con.) .. .. 0 0 ft 1 1 Ohinemuri (ord.) . 0 8 9 0 9 Waihi 0 1 1 10 0 12 0 Waihi Grand June. 0 1 4 1 Mount Lyell .. . . /2 9 0 Kuala Kampar Tin 0 14 0 0 14 3 DEBENTURES — Auck. Gas, 1D32. 5 95 10 0 97 0 0 Auckland Uar. Bd.. 99 0 ft Ditto. 5i p.c 101 0 0 Ditto, G p.c 103 0 City of Auckland. 1940 5} p.c 99 0 0 Ditto. 1936, 5J p.c. 99 0 0 Ditto, 1943, 5J p.c. 101 0 0 Bor. of Devonport. 6 p.c 103 0 0 Bor. of Mt. Eden, 104 10 0 X.Z. Breweries . . . . 1 6 1 S 6 Gisborne SheepFarmers — 98 0 ft GOVERNMENT BONDS — War Loan. 1930, 41 99 0 0 — Ditto. 1938, 41 p.c. 100 0 0 Ditto. 1939. 41 100 0 Ditto, 1041, 41 p.c. 100 0 0 Ditto, 1933, 5$ p.c. 6 Ditto, 1933, 51 p.c. 101 0 Ditto. 1936. 55 p.c. 101 5 0 — INSCRIBED STUCK' War Loan, 1938. 45 100 0 0 — Ditto, 1939, 4i p.c. 100 ft Ditto, 1927-41, o\ . 10 0 Ditto, 1933, 5J . 99 6 Ditto, 1933, 55 p.c. 101 0 0 101 10 0 Ditto. 1936, 5i p.c. 101 5 0 —