FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 815, 8 November 1929, Page 10

FINANCE & MARKETS

Steady Trading Market on ’Change By “Noon Call.” STEADY trading in the more solid stocks lias been one of the features on ’Change over the past ”4 hours. are holding firm, the market showing little tendency either way.

FLUCTUATIONS Price movements on the Auckland 'Change, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include:— Farmers' Trading, fall of Id. Bank of New Zealand, rise of 3d (last sale in Christchurch yesterday). • • * Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included the following - : Yesterday afternoon.—Bank of Australasia, £l3 15s: South British Insurance. 65s 4d; Goldsbrough, Mort, 445; Farmers’ Trading, 9s 2d; Commercial Bank of Australia, 27s 9d. At this morning’s early call.—On 'Change: Bank of New Zealand. 61s 3d. "Reported: Kawarau Mining, 4d; New i Zealand Breweries (deb.), 28s 3d; Bank I of Australasia, £l3 15s (late sale yesjterday); Commercial Bank of Australia, 27s 9d (late sale yesterday). At the midday call: —Bank of New | Zealand, 61s 3d; National Insurance, 11 6s 3d; New Zealand Insurance, 46s 3d. * * * Sharland and Co. Prospects The extra profits which Sharland and « ompany derive as a result of the company absorbing the business of Young’s Chemical Compand should be sufficient speedily to wipe off the goodwill, stated the chairman of directors at the annual meeting of shareholders of i lie company, held in Wellington yesterday. In moving the adoption of the report the chairman referred to the accjuisition of the business of Young’s Chemical Company as from April 1. This was accountable for the larger figures on both sides of the balance uneet. The goodwill to be paid to the owners of Young’s Chemical Compai|y did not appear in these accounts, as it would not be exactly ascertained until April. 1931. It was based on certain increased sales due to the amalgamation for two years from April 1. 1929, and so far these sales had come up to expectations.

Mount Lyell Dividend A cable from Melbourne advises that (shareholders in the Mount Lyell Mining end Railway Company are to participate in a final dividend for the year ended September 30 at the rate of Is 3d a share, in addition to a bonus of Is 6d a share. This makes 4s a share {for the year, or 20 per cent, on the paid tip capital of the company. The market this morning showed little reaction to the news, and two months ago, before the general depression set in, similar news would have sent the market up to within the

vicinity of 50s. At today’s approximate market price of 41s 6d the return on investment would be in the vicinity of 19.5 per cent, on the year’s payments to shareholders. Waiomo Sulphide, Ltd. The managing director of the Waiomo Sulphide Corporation advises that the crushing plant should be ready to commence operations about the end of December. Development on the claim is meeting with satisfactory results. * * * Market at Midday Business at this morning’s call was confined mostly to the banking and insurance groups. Bank of New Zealands are the only shares showing any signs of increasing strength, moving up from sales last week at 60s to business this morning at 61s 3d. The loan and agency group is quiet, with Goldsbrough Morts inclined to be a little easier. Coals remain very firm with steady buyers in for the better-known Waikato concerns. Timbers are attracting a greater speculative inquiry and a comparatively wide range of shares finds support on the lower levels. Breweries are very quiet. Qhinemuris, with the market in certain quarters looking for satisfactory developments at the mine in the near future, are practically the only shares attracting much interest in the mining group. Kuala Kampar Tins are a little firmer. • * * Dividends Payable Due. Anthony Hordern—interim (half-yearly), pref., 7J p.c. p.a., ord. 8 p.c. p.a Nov. 13 Dalgety, Ltd., 3 p.c. and bonus of 7s a share Nov. 14 Queensland Nat. Bank.—interim 10 p.c. p.a Nov. 14 Northern Steam, interim (half-yearly), at rate of 8 P-c. p.a Nov. 15 Broken Hill South—ls 6d a share .. Nov. 15 Burns-Philp—interim (halfyearly), 10 p.c. p.a Nov. 15 Taupiri Coal—interim, Is a share, ords Nov. 16 Wilsons Cement, interim of Is a share Nov. 26 Nat. Bank of Australasia— Ord. and con., interim 10 p.c. p.a Nov. 27 N.Z. Paper Mills—interim, 31 p.c Nov. 29 Sharland and Co.—Pref. and ord. (final), 4i p.c Nov. Aust. Glass—interim, at rate of D p.c. p.a. on prefs., and 10 p.c. on ords Dec. 1 N.Z. Loan and Mercantile, 8 Mt. Lyell, final of Is 3d and * bonus of Is Pd a share .. Dec. 18

TODAY'S QUOTATIONS

Closing Quotations at today's mid-day call were:—■ Ouyare. Sellers. Buyers Sellers. £ s d. £s. d. £s. d. £s. d.

WOOL SALES AT PERTH FIRM MARKET MAINTAINED United PA. —By Telegraph—Copyright PERTH, Thursday. At the wool sales bidding was very spirited. Bradford buyers were keen on suitable lines. The market was firm, w ith prices 7J per cent, above those of the October series. The highest price realised was 18^d. AUSTRALIAN POTATOES United P.A.—By Telegraph—Copyright SYDNEY, Thursday. A conference of potato-growers from all the States was opened today in Sydney. The chief problem for discussion is better marketing arrangements. Among the motions to be submitted is rne insisting upon the Federal embargo lifted eW ea * anc * potatoes not being

NEW AUSTRALIAN LOAN INTERNAL BORROWING WISE ‘ United r.A. — By Telegraph—Copyright LONDON, Thursday. The “Daily Telegraph’s’’ city editor says the announcement of Australia’s internal loan of £10,000,000 is no surprise. There has been a good recovery in Commonwealth Government stocks in London, but the moment would hardly be opportune for the flotation of a large Dominion loan here. The Federal authorities are wise in seeking assistance on their home market. A cablegram announcing the loan was published yesterday. The Federal Government is offering 51 per cent, stock, maturing in 1934, at 9S. Allowing for the bonus on redemption, the net return to investors on these terms is £5 14s 4d per cent. Since September 16 Commonwealth 5i per cent, securities maturing in 1939 have been on offer at the various State treasuries at 99—giving a net return of £5 7s 6d per cent.

TRADE IN PRODUCE POTATO MARKET QUIET CHAFF GIVES CONCERN The Sun Office, 9 a.m. Southern potatoes have, for the most part, ceased to concern Auckland merchants, and attention is being diverted more and more to new season’s tubers. There are still fair supplies of old season’s potatoes on the spot, but more and more trouble is being' experienced in holding: these in store. Comparatively heavy parcels of brokers’ lots have been sold in the marts over the past week or so at varying prices. Through merchants’ stores, Auckland, best tubers are quoted at from £8 to £9 a ton, according to quantity. Mer* chants are only buying from hand to mouth, and most of the old season’s potatoes are now being used to supply country orders. The wet weather of the past few days has held up digging in the country, but, nevertheless, steady supplies of new potatoes are coming forward to sell around 2d to 2£d a lb. in the marts. It should only be a week or so now before the market drops to somewhere in the vicinity of £l2 a ton. There is every indication that Pukekohe is to have a good crop; the recent rains may tend to bring on blight, but nothing of that nature has been reported yet. Onion Market Weaker The Aorangi from Vancouver brought down considerably heavier supplies of onions than merchants looked for, and there appears to have been a tendency toward panic selling in some quarter's over the past day or so. The market has certainly eased on last week’s quotations, and merchants’ through store quotations range up to 17s for bags and 18s for crates. In the marts they are selling to retailers at 17s a crate and 15s a bag. The mart prices are not subject to merchants’ discounts. There appears to be ample Supplies on the spot at the moment, and merchants are not showing any signs of anxiety regarding the near future. There is some talk of business with Melbourne in Victorian Globes for shipment at the end of the month, but it does not appear likely that there will be much doing with that quarter. The Californian onions have given satisfaction this year, and another consignment or two from there should carry the market on till the arrival of the Pukekohe crop, which is only about seven weeks off. The feeling is that merchants are sure of the quality of the Pacific Coast onions,, and they are not sure about the Victorians. Chaff Hard to Obtain Chaff continues to give merchants considerable concern. Supplies continue extremely difficult to get hold of, and some merchants are unable to meet all spot commitments. The price for good Southern chaff is very firm at up to £ll 10s a ton, according to the size of the order. Although the Tasmanian product is not popular over here, there is every indication that a further shipment will be arranged to arrive here early in December; a steamer has been fixed to load produce across the Tasman about the end of the month. The cereal markets are quiet. Wheat Is firm at late rates, selling through merchants’ stores at up to 7s 9d a bushel. The oat market is very firm, with an upward tendency. Through store, Auckland, merchants ask 4s 9d a bushel for B Gartons and 4s lid for A’s. The maize market is lifeless and quotations show little change on late rates. There is still a steady retail demand, but little interest is taken in the wholesale forward position, merchants for the most part being prepared to cover immediate requirements only. Through store merchants ask 6s od a bushel; 5s 3d is still the nominal price on trucks at Bay of Plenty stations. Ample supplies of pollard are held on the spot. Bran is still a little difficult to get hold of in sufficient ciuantities. CO-OPERATIVE PIG MARKETING COMBATING “FISHY” TAINT „_ A . definite attempt to combat the hshy taint in pork, which has been causing trouble on the Home market, is being made by the New Zealand Cooperative Pig Marketing Association of idamilton. The association announces that it will not take delivery of any pigs which, on killing, show signs of haying been fed ori whale oil. "Wo have repeatedly drawn attention to this evil of late, and trust by our decision to make no payment upon pigs affected by whale oil, we shall cause a discontinuance of its use, and thus not place the pig industry in New Zealand, which has been so carelully built up, in jeopardy on the overseas markets,” states the latest report of the association. The association has now finalised arrangements for curing pigs on owners' account. The rates of advances on consignments have been revised to the following schedule:—Porkers, 601b' to 110 lb„ 6d; baconers, 1111 b. to 1801 b„ 6d: Heavy baconers, 1811 b. and over, 3d: choppers, Id. MAHARAHARA COPPER GEOPHYSICAL SURVEY TO BE MADEPress Association WOODVILLE, Today. At a public meeting held at Woodville last evening it was announced that the Minister of Mines bad offered a subsidy of £SOO toward the cost of securing a geophysical survey by German scientists of the Maliarahara copper field, in the prospecting of which the sum of £40,000 has already been expended by various companies. The total cost of the geophysical survey is expected to be about £3,500 and the public is being asked to subscribe £3,000 to the prospecting company. If the money is forthcoming a start will be made with the survey early in January. AUSTRALIAN PRODUCE (United P.A.« —By Telegraph — Copyright) SYDNEY, Thursday. The following are today’s quotations on the Sydney produce markets:— Wheat.—At country stations, 5s 2d. Flour. —£1 3. Pollard.—£S. Bran.—£B 10s. Potatoes.—Tasmanian.- £27 to £3O: Victorian, £27. Onions.—£lo to £l3. v Oats. —White, 4s 9d: Algerian, 4s 6<l. Maize.—ss 9d a bushel. Prices at Adelaide are:—• Wheat.—ss sd. Flour.—£l2 15s. Oats.—4s 9d.

BANKS— Aust. of Commerce — 1 12 ft Australasia 13 18 0 Com. of Australia . 1 7 7 1 8 ft Eng., Scot. & Aust. 7 17 0 National of N.Z. fi 14 ft Nat. of Australasia 18 0 0 18 12 fi Ditto (con.) .. .. 8 17 fi 9 3 0 xs.w 48 0 48 12 « New Zealand 3 0 0 3 1 fi Union of Australia • 14 7 INSURANCE— A.P.A ft 13 3 National .. .. •• .. 0 IK 1 ft IK i» New Zealand .. 6 (* 8 fi Queensland 3 1 0 South British .. .. 5 0 United — 10 0 0 LOAN AND AGENCY— Dalgety and Co. .. 14 5 0 15 0 0 Bom. Invest. & Bank — Farmers' Co-op Auct. — 0 Ditto (A nref.) IS Ditto (B prcf.) IK K Ctoldsbrouarh Mort. . 3 6 Newton Kin?: (prof.) N. Auric. Farmers* 0 1 Ditto (B pref.) 0 ll 0 6 COAL — Hikurangi ft 1 ft — Ditto (pref.) .. .. Ditto (A pref.) .. 5 10 ft IK fi 0 17 3 Ditto (pref.) .. .. Ditto (new issue) 0 .Taupiri 1 9 9 1 10 3 r>itto (pref.) .. .. W’aipa — b GAS— Auckland 1 4 10 — Ditto (con.) •• .. IS — Thames 0 6 0 0 S 1 * 6 SHIPPING— .Devon port Ferry .. 1 1 fi 1 2 9 Howard Smith . . .. 1 6 JIuddart-Parker — 6 Ditto (pref.) .... — Northern Steam Union Steam (pref.) 6 TIMBER— Bartholomew .. .. 1 0 6 — 0 IS 2 1 IS 12 National .. - - •• 0 WOOLLEN— Xaiapoi (pref.) .. .. — 0 16 6 BREWERIES— N.Z. Breweries., .. — 4 S 0 Staples and Co. •. 2 12 — MISCELLANEOUS— A dair Bros . .. ,. — 1 4 ft British. Tobacco 5 K Burns. Philp .. Bvcroft. Ltd 1 1ft ft 1 14 K Colonial Sugar .. .. — 52 10 ft

Dental and Medical 0 9 0 Dominion Pictures . 1 0 6 Ditto (pref.) .. .. 1 0 6 Dunlop-Perdriau Electrolytic Zinc — 1 6 3 (ord.) 1 14 0 1 14 9 Ditto (pref.) .. .. 1 15 0 :l 16 0 Farmers’ Trading . 0 1 0 9 5 Ditto (B pref.) 0 U 9 0 16 0 Gear Meat 0 Grey and Menzies . 0 10 6 Hamilton Theatres 0 19 6 Hayward’s Pictures 0 18 6 Henry Jones Co-op. 1 11 H.M. Arcade Theatre (pref.) Holden’s Motors 1 1 0 ““ (B pref.) 1 ft 6 N.Z. Drug 3 13 ft 15 ft Lewis Eady (ord.) . 1 3 ft Ditto (pref.) .. .. Milne and Choyce, — 1 0 0 (deb. stock) .. .. Morris Hedstrom 1 7 0 1 S 0 (pref.) 0 IS 0 N.Z. Farmers’ Fell. 1 1 9 1 6 Northern Boot .. .. 0 S 3 Robinson Ice Cream 1 4 Robinson Ice Cream 0 18 6 Ditto (pref.) .. .. 0 19 6 1 1 3 S. R. Maxwell 0 10 ft Taranaki Oilfields . . 4 9 Tonson Garlick 0 5 0 0 6 6 Union Oil, Soap . . 1 0 Whittome- Stevenson 6 0 Wilsons Cement . 2 2 3 — MINING— Alburnia (2s lOd pd.) ft ft 4 ft 1 6 Moanataiari (paid) . 0 0 0 1 1 Ditto (2s 2d pd.).. ft 0 1 ft 0 6 Ditto (Is 6d pd.).. ft 0 2 Kawarau 0 ft 3 0 0 6 Ducky Shot (4s pd) 0 0 6 ft 1 6 Ditto (con.) .. .. ft 0 75 Ohinemuri 0 10 0 11 6 Waihi 0 12 3 ft 12 6 Waihi Grand June. 0 1 0 1 5 1 1 2 6 Kuala Kampar, Ltd 0 9 4 0 10 0 DEBENTURES— Auck. Harbour Board. 1932, 41 p.c 9S 1ft 0 Ditto, 5$ p.c. 99 0 0 Ditto, 5i p.c. Timaru Har., 1936, 100 0 0 — 5 p.c City of Auckland, — 98 0 0 1936, 5J p.c 99 0 0 — Ditto. 1943. 5J p.c. 100 0 — N.Z. Breweries 1 8 1 1 8 6 GOVERNMENT BONDS— War Doan. 1938, 45 100 0 ft 100 10 0 Ditto, 1939, 4J p.c. 100 ft 0 Ditto, 1941, 44 p.c. 100 0 ft Ditto, 1933, 51 p.c. 99 10 ft Ditto, 1936, 51 p.c. 100 0 0 INSCRIBED STOCK War Loan, 1927-41, 99 ft ft Ditto, 1933, 51 p.c. 99 1ft ft Ditto, 1936, 5i p.c. 101 () 0 —