FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 772, 19 September 1929, Page 10

FINANCE & MARKETS

Rather Unsettled Outlook

Indications on ’Change

By

“Noon Call.”

SIGNS of the rather unsettled financial outlook as far as New Zealand is concerned are not lacking on the stock market. Whereas at this time last year prices for all the better-class stocks showed a gradual upward tendency, this season, at the moment, the general trend of prices is somewhat erratic. There are decided indications, at times, that a movement toward higher interest levels is not far away.

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: Union Bank, fall of 6d. Grey Valley Coal, fall of Id. N.Z. Breweries (deb.), rise of s^d. N.Z. Farmers* Fertilisers, fall of 1 d. Farmer*' Trading, fall of Id. Westport Coal, fall of 6d. * • * Business on Auckland Market Transactions on the Auckland market over the past 24 hours have included:— Yesterday afternoon: Ohinemuri Mining. 9s 6d; Staples Brewery, 54s 6d; New Zealand Breweries (deb.), 30s 9d; Union Bank of Australia, £ls Is; ; New* Zealand Farmers’ Fertiliser, 22s 6d; Mount Lyell, 455. At this morning’s early call: —On ’Change: Grey Valley Collieries, 24s 9d; Pukemiro Collieries, 76s 6d. Reported: Ohinemuri Mining, 10s; Grey Valley Collieries, 29s 4d; Farmers’ Trading, 9s 4d. At today’s midday call: —Pukemiro Collieries, 76s 6d; Westport Coal, 34s 3d; Mount Lyell Mining, 455; Mount Albert Borough, 1963, £5 14s per cent., £lO3 15s. ♦ * * Farmers* Trading Again Easier The market for Farmers’ Trading, which recovered slightly last week, is again easier, sales taking place at 9s 4d. Jt is quite on the cards that prices for these shares may even drop below 9s again in the near future, as there is no doubt that the speculative element had much to do w*ith the rise over the past three months, and a slight see-sawing of the market can be looked for until a true level is found. At 9s 4d, the return, based on the latest dividend, is approximately £8 11s 5d per cent. Right up till the publication of this company’s next balance sheet there will be considerable speculation as to the real value of the shares. * * * East African Coffee The quarterly report of the East African Coffee Plantations, Ltd., for the period ended May 31 last, covering work in the Kenya Colony, indicates a

very satisfactory state of affairs. Present indications are that a much better crop can be expected over the 1929-30 season. * * * Market at Midday The banking and insurance groups are exceptionally quiet, with the market registering a decidedly weaker tendency. Sellers predominate. In the loan and agency group, Goldsbrough, Morts are again easier, sellers dropping to 45s 9d without drawing buyers above 45s 3d, compared with sales earlier in the week at 465. Yesterday this scrip was dealt with on the Christchurch market down as low as 45s 3d, but the market firmed to close with sales at 465. Coals are showing greater activity. Pukemiros are very firm following an advance of Is 6d in the market yesterday, and buyers at 75s 6d at midday failed to draw a declaration from sellers. Renowns hold their recent improved streugth; the new issue of this concern’s preference scrip is now sought at par. The market for New Zealand Breweries shares has a slightly easier tone and sellers at 90s 9d this morning failed to attract support from buyers. Colonial Sugars show a decided improvement, and the market closed with a middle price of £SB ss, compared with the last recorded sale at £57 12s 6d. Mining is quiet and lifeness. Ohinemuris, which dropped to see business at 9s 6d yesterday, recovered this morning to see sales at 10s. «* * m Dividends Payable Due. Huddart-Parker—s p.c. ord., 3 p.c. pref. (int.) Sept. 19. Kempthorne Prosser—4i p.c. (int.) Sept. 24. Pukemiro Collieries—ss a share (final) Sept. 26. Auckland Farmers’ Freezing Co. —6 p.c. p.a Sept. 27. Hume Pipe—B p.c. p.a. (final).Sept. 30. British Tobacco— 2% p.c. ord. (int.) Sept. 30 Whittome Stevenson, 2s a share (final) Sept. 30 C. L. Innes and Co.—B p.c. p.a. ord. and pref. (final) Oct. 1. Bank of Australasia—7s a share (int.) Oct. 4. Milne and Choyce—B p.c. p.a., shares and deb. stk Oct. 10. Waihi, Is a share (int.) .. Nov. 1

TODAY’S QUOTATIONS

Closing quotations at today's mid-day call were:—

CHICAGO WHEAT MARKET

{Australian and N.Z. Press Association) Reed. 9 a.m. CHICAGO, Wednesday. Wheat.—September, 1 dollar 31 cents a bushel; December, t dollar 38 1-S cents; March, 1 dollar 44 cents; May, 1 dollar 475 cents. DAIRY PRODUCE RATES The New Zealand Loan and Mercantile Agency Co., Ltd., advises having received the following cablegram from its London house under date September IS:— New Zealand Dairy Produce.—Butter: Choicest, lSls to 182 s. Market is firm. Cheese: White, 935; coloured, 945. Market is steady.

MILNE AND CHOYCE, LTD.

A YEAR OF PROGRESS “Sales throughout the past year constituted a record.” stated Sir George Elliot, chairman of directors, at the annual meeting of Milne and Choyce. Ltd., yesterday. The chairman expressed satisfaction at the redemption of the £22.000 worth of debentures which were issued 20 years ago. They had matured in June last, and had been completely paid off out of the company’s funds with assistance from the bank. The interest paid out on that sum during the 20 years had amounted to £26,000. “Milne and Choyce have been running now for 63 years, and the company has been in existence for the past 2S years,” the chairman added. “During the whole of those 28 years, without a break, it has paid an annual dividend, 7$ per cent, in the first year and 8 per cent, for each of the succeeding 27 years.” The retiring directors. Sir George Elliot and Mr. C. Rhodes, were unanimously re-elected. On the motion of Mr. J. Stuart Milne, the remuneration of directors was increased by £250 a year.

Buyer*. Sellers. £ i a d. BANKS— Aust. of Commerce . 1 14 0 1 15 3 Australasia. 14 10 0 — Com. of Australia . 1 9 It 1 10 ?. E*itto (pref.) .. .. 7 6 0 7 10 0 Eng., Scot, and Aus. S 8 0 8 10 0 National of N.Z. .. 6 17 6 Nat. of Australasia . 19 13 G New South Wales .. 52 0 0 New Zealand . . .. 3 2 20 3 3 3 Ditto (D mort.) .. 1 S 0 1 9 3 Union of Australia 15 0 0 15 1 6 INSURANCE— 0 14 0 National .. — 0 16 10 New Zealand .. 2 7 6 2 8 0 Queensland .. .. — 3 4 3 South British .. .. — 3 7 0 LOAM A MX) AGENCYAbraham & Williams 4 S 0 4 13 0 Dalg-ety and Co. . . 15 G Farmers’ Co-op. Auc. 4 3 0 5 0 0 Ditto (A pref.) .. 1 1 0 Ditto (B pref.) .. 0 17 0 Ooldsbrough, Mort. . 2 a 3 2 5 9 Newton King- .. 0 1 6 0 5 0 Ditto (prefA .. .. 0 12 6 0 15 N.Z. and River Plata 1 10 0 N.Z. Guar. Corp. . . 0 9 6 0 9 10 N.Z. T.oan & Merc. 124 10 0 12S 0 0 Ditto (pref.) .. .. S3 0 0 N. Auck Farmer*' Co-op (ord.) .. .. — 0 3 3 COALKikuranpi .. 0 1 6 Grey Valley .. 1 9 3 1 9 7 Ditto (pref.) .. .. 0 4 9 Ditto (A pref.) .. 0 2 9 0 6 0 Pukemlro 3 35 Renown 0 15 9 0 Ditto (pref.) .. .. 0 11 Ditto., new issue (pref.) 0 2 6 0 Taupiri 1 8 6 Ditto (pref.) .. .. 1 3 6 Waipa 0 13 3 0 Westport 1 14 0 tv estport-Stockton . 0 Ditto (pref.) .. .. 0 4 — GAS— Auckland 1 4 6 Ditto (con.) .. .. 0 18 0 0 IS 6 SHIPPING— Devonport Steam .. 1 q Huddart-Parker Northern Steam 0 14 Ditto (con.) .. .. 0 6 6 P. O. (def. stck.) 2 IS Union Steam (pref.) 1 0 9 — TIMBER— Kauri Timber .. .. National Parker-Larab .. WOOLLENKalapoi — 0 14 0 BREWERIES— C. JL. Innes Ditto tpref.) .. .. N.Z. Breweries J. Staples .« .. 2 14 0 14 9

Buyers. Sellers. £ s d £ s d MISCELLANEOUS— Auck. Amuse. Park 0 2 0 Aust. Iron and Steel (pref.) 1 1 9 — British Tobacco 2 9 3 Burns, Philp .. .. 2 8 6 Colonial Sugar 57 10 0 59 0 Dominion Pictures 1 0 6 Ditto (pref.) .. .. 1 0 6 Dunlop Rubber . . . . 1 8 6 1 9 3 Farmers' Trading . 0 9 0 9 5 Ditto A (pref.) .. 0 17 3 0 19 0 Ditto B (prof.) .. 0 13 9 Fullers' Pictures .. 0 19 0 Gear Meat 2 3 6 Grey and Menzies .. 0 10 6 Hayward’s Pictures 0 19 3 Henry Jones Co-op. 1 13 3 1 14 6 H.M. Arcade (prer.) 1 1 0 Milne and Choyce (pref.) 1 6 9 Ditto (B pref.) .. 1 6 9 Ditto (deb. stock) 1 6 9 Morris Hedstrom .. 1 4 6 1 9 Ditto (pref.) .. .. 0 19 0 N.Z. Farmers' Fert. 1 1 2 9 N.Z. Paper Mills .. 1 0 9 N.Z. Refrigerating (con.) 0 6 6 Robinson Ice Cream 1 8 9 1 5 0 Sanford. Ltd 0 18 5 Taranaki Oil 0 4 9 0 5 4 Thames Theatre .. 0 12 6 Whit tome-Stevenson 10 0 Wilsons Cement 2 3 6 2 4 0 MINING— Alburnia (2s lOd pd.) 0 0 r* Moanataiari (paid). 0 0 6 0 1 1 Ditto (con.) .. .. 0 0 4 Lucky Shot (4s pd.) 0 0 9 0 1 « Ditto (con.) . . .. 0 0 3 0 0 10 Ohinemuri (ord.) .. 0 9 3 0 10 3 Ditto (pref.) .. .. 0 9 6 Waihi 0 13 2 0 13 5 Waihi Grand June. 0 1 5 0 1 6 Mount Lyell 2 4 8 2 3 Kuala Kampar Tin 0 13 0 0 13 6 DEBENTURES— Auckland Gas. 1932, 5 per cent 96 0 0 Auckland Har. Bd.. 99 5 0 100 10 0 Ditto, 5i p.c 101 0 0 102 0 0 City of Auckland, 1943, 51 p.c 101 0 0 Bor Mount Eden, 6 104 10 0 N.Z. Breweries . .. 1 10 1 11 0 Gisborne Sheepfarmers 99 0 0 Hikurangi Coal. 10 p.c. — 105 0 0 GOVERNMENT BONDS— War Loan. 1930, 4J 99 2 6 Ditto, 1938, 4i p.c. 100 0 0 Ditto. 1939. 4 i p.c. 100 0 0 Ditto. 1941. 4i p.c. 100 0 0 Ditto, 1933, 5i p.c. 99 10 0 Ditto, 1933, 5i p.c. 101 10 0 Ditto, 1936, 5i p.c. 101 10 0 — INSCRIBED STOCK War Loan, 1927-41, 5£ 99 10 0 — Ditto, 1933, 5J .. 99 10 0 — Ditto. 1933, 51 p.c. 101 0 0 Ditto, 1936, 5J p.c. 100 5 0