FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 762, 7 September 1929, Page 10

FINANCE & MARKETS

A Buoyant Tone

Market on ’Change

By

“Noon Call.”

HEAVY trading was recorded on ’Change this morning right to the close. The market for all the better-class securities has a very buoyant tone.

Fluctuation s Price movements, shown by a comparison of sales over the past 24 hours Avith the price at the time of the previous recorded sale, include: Renown Coal (pref.), fall of Id. National Insurance, rise of “IdNew Zealand Farmers' Fertilisers, rise of 6d. Waihi Mining, rise of 4d. Business on Auckland Market Transactions on the Auckland market over the past 24 hours have inYesterday afternoon: Devonport Borough, 193 G, 6 per cent., £lO3 2s 6d; National Insurance, 16s 9d: Renown < ’ollieries (pr£f.), 3s; Auckland Gas, 24s 6d; Devonport Steam, 21s; Waihi Mining, 13s This morning:—On ’Change: Mount Lyeli Mining, 45s 9d; Sanford, .Ltd., 18s sd. Reported: Goldsbrough, Mort, 47s 3d; Pukemiro Coal, 74s 6d; Waipa Coal, 13s td; New Zealand Guarantee Corporation, 9s 7d; New Zealand Farmers’ Fertiliser, 22s 6d: Mount Lyell Mining, 45s 9d; Waihi Mining, 13s 6d; Mount Albert, £5 14s per cent., 1963, £104; New Zealand War Loan, 1938, 4£ per cent.,^£loo. Market This Morning A very firm tone was recorded in most sections on 'Change this morning. The banking and insurance groups showed little change. The market for National Insurances is moving gradually upward, sales taking place at up to 16s lid. Newton King ordinaries, now that i econstruction proposals have been finalised, are receiving more attention, and sellers at 5s find support from buyers at 2s. No sales have been recorded. In the coal group Pukemiros are active around 74s 6d. More were wanted at 745. Farmers’ Trading did not recover the slight loss of strength shown yesterday. and sellers at 9s 6d this morning were unsupported. Farmers’ Fertilisers are very firm, the market closing with a middle price of 22s 6d. A slightly weaker tone was registered in the market for 42 per cent, free-of-ihcome-tax bonds, sales being reported at par this morning, compared with up

to a 10s premium a week or fortnight ago. Adair Bros., Ltd. Balance Sheet A net profit of £ 3,407 is shown in the balance sheet of Adair Bros., Ltd. for the year ended July 31. The usual dividend of S per cent, is recommended by the directors, leaving a balance of £653 to be carried forward. Reserves and balance carried forward now stand at £11,653. Out of an authorised capital of £65,000 only £23,581 is paid up. In order to finance further expansion the directors propose, issuing 20,000 fully paid £1 shares. These are being offered to present holders at par The company is one of the few in New Zealand which can show a dividend record -which has not dropped below 8 per cent, per annum throughout the whole period of its existence, 21 years. • «* Northern Boot Shows Loss The annual report and balance sheet of the Northern Boot and Shoe Manufacturing Company for the year ended July 31, 1929. shows a loss on the year’s trading of £740. The directors attribute tliis to the fact that bad debts and the winding up of some retail businesses at a loss absorbed more than the company earned. In the profit and loss account the item bad debts is shown at £1,832. Reserve account and amount carried forward to next year stands at £5,818. Calls and Dividends Dividends— Due. Electrolytic Zinc—6 p.c. pref. and ord. (final) Sept. 6. Howard Smith—2s p.c. ord. (int.) Sept. 10. Holden’s Motors—ls a share ord. (final); 8 p.c. p.a., A and B pref Sept. 11. Milne and Choyce, final of 4 per cent September 18 Huddart-Parker—s p.c. ord., 3 p.c. pref. (int.) Sept. ID. Kaiapoi Woollen—4 p.c. p.a. ord.; 6 p.c. p.a. pref Sept. Kempthorne Prosser—4s p.c. (int.) Sept. Hume Pipe—S p.c. p.a. (final) .Sept. 30. Whittome Stevenson, 2s a share (final) ; Sept. SO Bank of Australasia—7s a share (int.) About Oct. 5. Calls— Taranaki Oilfields—ls a share Sept. 11.

TODAY’S QUOTATIONS

Closing Quotations at today's mid-day

call were:—

DUNLOP RUBBER COMPANY SALES RE-ORGANISATION Press Association CHRISTCHURCH, Friday. The Dunlop Rubber Co. (New Zealand), Ltd., has recently concluded arrangements with the New Zealand Loan and Mercantile Agency Co., Ltd., whereby the latter company will become the wholesale distributors in New Zealand for Dunlop tyres, accessories, and golf balls throughout New Zealand. Rubber Distributors, Ltd., have taken over the distribution of Dunlop general rubber goods, while products of the Barnet Glass Rubber Company will be handled by Phelan, Lonsdale, Ltd., in the North Island, and P. E. Clark and Co., Ltd., in the South Island. A. H. Miles and Co. have been appointed distributors for Dunlop tennis balls. The Dunlop Company’s branches are being closed, but the company will maintain its own head office staff and service department in Wellington, under the present general manager, Mr. J. E. Madden. MINING NEWS HAURAKI CONSOLIDATED. The manager telegraphs as follows:—“Batterv clean-up ISOoz. melted gold. - '

POTATO MARKET QUIET

POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. The potato market has relapsed further since midweek. On Tuesday afternoon September deliveries were quoted at £7 l.>s a ton f.0.b., s.i. This figure gradually eased, and yesterdav there was a fair amount of buying at £7. Todav, however, sellers at. this figure were not so numerous, and there was a slight hardening to an extent scarcely quotCurrent values may be mentioned at from £7 to £7 2s a ton, f.0.b., s.i. Quotations to farmers are £6 on trucks. At this figure there has been a little selling, but the general inclination among growers is to hold off the market. The Katoa and the Kurow will load at Lyttelton on Tuesday. Both are expected to take light shipments from Southern ports. The Katoa will sail possibly on Tuesday evening, and the Kurow near the end of the week. Oats maintain a fair degree of firmness. B grade Cartons are in very short supply, and have been sold at 3s 7id f.o.b. Lyttelton. Algerians are worth 3s 9d to 3s 9*d, and they are also hard to get.

There is no change in the milling or fowl feed wheat market. The high standard of small seeds values is restricting business to some extent, the exception being ryegras. Fair retail business going on in both varieties, perennial being quoted at 6s 9d to 7s, f.0.b., s.i., and Italian from os 9d to 6s. There is not much doing in eowgrass or white clover, and values remain as previously quoted.

FEILDING STOCK SALE MARKET EASIER Press Association FEILDING, Friday. There were heavy yardings at the stock sale today. Prices for fat sheep and fat cattle were easier, but dairy stock sold readily at late firm rates. Prices were:—Sheep: Prime fat woolly hoggets, 25s 6d to 33 s 6d; black face hoggets, 355; good to 27s 7d; medium, 21s to 275; prime fat ewes, 34s to 365; good, 30s 9d to 33s 9d; ipedium, 22s to 255; maiden ewes, 33s 9d to 34s 6d: fat wethers. 30s 6d to 35s 6d; store wether hoggets, 20s to 265; good, 18s 6d; black face hoggets. 15s 6d to ISs 6d; culls, 31s 6d; best ewe hoggets, 33s to 345; ewes with 100 per cent, lambs, 37s 6d. Cattle: Dairy heifers, choice, £l3 2s 6d to £l4 10s; good. £S 5s to £l2 ss; inferior, £4 5s to £7 17s 6d; best dairy cows, £ll to £l2 10s; good, £9 to £lO ss; inferior, £7 ss. Store cattle: Good yearlings, £5 to £6: medium, £2 17s 6d to £4 15s: 18-months heifers, £5 15s; store cows. £2 12s 6d to £4 19s; steers, £7 4s; yearling Hereford steers, £6 15s to £7; fat beef. Shorthorns, £l4 14s; Polled Angus heifers, £lO 10s; Hereford bullocks, £l4 2s Gd to £l7 2s 6d: fat cow's, £7 to £lO 7s 6d; yearling bulls, £3 5s to £5 2s 6d. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Newton King, Ltd., from R. and W j Davidson, Ltd., dated September 1: j ' Butter: Market quieter, but sound; will ! be dearer: salted 174 s to 178 s, exceptional : quality 180 s; unsalted, 174 sto 17Ss;| wheys—firsts 1625, seconds 15Ss. Cheese: i Market quiet; coloured 93s to 94s white 92s to 935.”

Buyers. Selle: rs. £ s. d. £ s. . d BANKS— Aust. of Commerce 1 15 9 1 16 3 Australasia 14 0 Com. of Australia . 1 J* 10 10 Ditto (pref.) .. .. 7 7 0 7 10 0 Knp., Soot. & Aust. S 8 6 s 10 0 6 18 Nat. of Australasia 19 14 0 New South Wales . 51 17 New Zealand .. .. 0 6 Vnion of Aust. 15 1 *> 15 4 0 INSURANCE— ft 14 National 0 lf> 0 16 if New Zealand .. 2 S 0 8 4 «Queensland 5 4 6 South British .. .. LOAN AND AGENCY— Abraham & Williams (pref.) 4 8 0 4 13 0 Farmers' Co-op. 4 0 0 Ditto ( B pref.) 0 17 0 ft 18 0 < '.oldsbrouprh, Mort. 2 7 0 Newton Kinp: . . 0 2 0 ft Ditto (pref.> .. .. 0 12 6 0 la N.Z. & River Plate 1 11 3 N.Z. Guar. Corp. . 0 9 6 0 9 9 N.Z. Doan Sc Merc. 3 12 4 0 0 Ditto (pref.) .. .. N Atiok Partners* 84 0 0 — Co-op. (ord.) .. .. 0 2 6 0 Ditto B (pref.) . . 0 12 6 — CO A L— Grey Valley 1 7 1 S 6 llikuransi 0 1 Ditto (prefA .. .. 0 1 >it to A (pref.) .. 3 14 0 l>n.v.vn .. 0 15 6 0 10 0 Ditto (pref.) . . . . 0 2 10 0 3 1 Taupiri 1 9 0 1 9 G Ditto (pref.) .. .. 1 3 Ditto (rights) 0 7 Waipa 0 34 G "Westport 1 14 Westport-Stockton . 1 Ditto (pref.) .. .. GAS— 0 4 ° Auckland 1 4 5 1 4 G Ditto (oCll.) .. .. 0 IS 0 0 IS G SHIPPING— Devonport Steam .. 1 0 9 1 1 6 Howard-Smith 1 0 lluddart-Parker 0 6 0 Ditto (pre f .) . . . . 1 1 ft Northern Steam 0 14 5 0 15 0 Ditto (con) .. .. 0 6 10 P. and O. (def. stk) 2 16 9 Union Steam (pier.) 1 U y — TIM BEK— Bartholomew 1 0 0 1 0 ft Kauri Timber . . . . 0 17 6 0 IS De viand-O'Brien 3 .10 9 3 12 G National 0 7 3 0 9 0 Parker-Lamb — 0 1/ 9 WOOLLEN— Kaiapoi ft 3 4 0 Ditto (con.) .. .. ft (» "W ellin&ton —- 7 0 0 Ditto (pref.) .. .. — 7 0 0 BREWERIES— C. L. Innes .. .. 1 o Ditto (pref.) . . .. 1 1 N.Z. Breweries M1 SC El- LA N EO U S— 4 4 6 Auck Amuse Park 0 2 ft A. J. Eutrican — 0 15 9

Buyers. Sellers. Australian Glass .. 2 19 9 3 1 0 Bootn, Macdonald (ord.) 0 2 3 British Tobacco — 2 11 3 Dominion Pictures 1 0 6 Ditto (pref.) .. .. Electrolytic Zinc 1 0 6 — (ord.) 1 17 0 Ditto (pref.) .. .. Farmers’ Trading .. 1 17 3 0 9 6 Ditto (A pref.) .. 0 17 0 19 0 Ditto (B pref.) .. 0 14 0 0 3 '» 0 Fuller’s Pictures 1) 19 3 Gear Meat 0 4 0 Grey and Menzies . 0 30 G 0 12 0 Hamilton Theatres 0 39 0 Hayward’s Pictures 0 3 9 6 Henry Jones Co-op. i 13 H.M Arcade (pref.) l 1 1) Lewi's Eady (ord) .. i 0 Ditto (pref.) . . . . 1 0 Milne and Cnoyce . Ditto (pref.) .. .. l l 6 6 6 Ditto (B pref.) .. l 6 6 Ditto (deb. stock) t 6 S 1 7 Morris Hedstrom .. l 4 o Ditto (pref.) .. .. 0 19 0 N.Z. Farmers’ Fert. 1 1 N.Z. Paper Mills .. 1 0 (I N.Z. Refrigerating (con.) 0 * 6 7 0 7 Northern Boot .. .. 0 16 6 Sanford, Ltd 0 13 4 0 IS 5 Ditto (pref.) .. .. 1 0 0 1 1 6 Sharland and Co. .. L 1 6 Ditto (pref.) .. .. 1 1 6 Taranaki Oilfields . . 0 4 9 0 4 S Whittome-Stevenson 30 ft Wilsons Cement ... 4 4 1 4 4 4 MINING — Alburnia (2s lOd pd.) 0 1 ft 0 1 7 Moanataiari (paid). 0 0 0 1 1 Ditto (con.) . . 0 0 1 0 0 4 Lucky Shot (Is paid) 0 1 0 0 1 6 Ditto (con.) . . . . 0 0 1 0 1 0 Mt. Welcome (paid) 0 0 3 Ditto (con.) .. .. 0 ft 2 Ohinemuri (ord.) 0 30 1ft Waihi 0 13 4 0 13 7 Waihi Grand Junct. 0 1 0 1 10 Mount Lyell 6 9 Kuala Kampar Tin — 0 13 10 DEBENTURES — Auckland Gas. 1932, 5 per cent Auckland Har Bd., 96 0 0 - 51 p.c 99 0 0 Ditto, 54 p.c . . .. City of Auckland. 101 0 0 1940, 5J p.c . . .. 99 0 0 Ditto. 1936 64 p.c. 99 0 0 Bor Mt Eden. 6.. Mangapu Drainage, 104 10 0 — 102 10 0 N.Z. Breweries 1 s 2 1 3 6 GOVERNMENT BONDSWar Loan, 1930, 44 99 0 0 Ditto, 1939, 44 p.c. 100 0 0 Ditto. 1941 44 p.c. 100 0 ft Ditto 1933. 54 p.c. 99 10 ft Ditto. 1933, 54 p.c. 101 0 Ditto, 1936. 64 p.c. 101 5 0 — INSCRIBED STOCKWar Loan, 1927-41, 5} P.c 30 0 Dittj. 1933. 54 p.c. 99 10 0 Ditto. 1933. F>4 p.c. 101 0 0 Ditto, 1936, 54 p.c. 101 10 0 —