FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 867, 10 January 1930, Page 10

FINANCE & MARKETS

Cautious Trading MARKET ON ’CHANGE By “Noon Call.” CAUTIOUS trading continues to be recorded on ’Change. Christchurch has accounted for the biggest part of the New Zealand business over the past 24 hours.

FLUCTUATIONS Price movements shown by sales over the past 24 hours have included the following: Bank of N.S.W., rise of 2s 6d on yesterday’s Christchurch sale. • * • Business On the Auckland Market Transactions on the Auckland market over the past 24 hour& have included:— Yesterday afternoon: Taranaki Oil, 5s lOd; Crown Breweries, 9s fid. At this morning’s early call: New Zealand Breweries, 87s fid. At the midday call. —Reported: Bank of New South Wales, £4O 15s: Kauri Timber, 16s; British Tobacco, 455. * * * Yesterday’s N.Z. Business &ales made on all New Zealand Exchanges yesterday, showing the approximate return on investment based ••a tie latest dividend, included:

Thi' return on New Zealand Breweries shares does not include bonus accretion. • * * Interest in Tin Mining Toward tb© close of last year New Zealand investors tended to take a greater interest in shares in tin mining concerns operating for the most part in the East. Falling prices lor the raw product in November and December saw a sympathetic decline in share prices, however, and the section is less favoured on the New Zealand market as a result. As the outcome of recent negotiations conducted by the Tin Producers’ Association, London, it has been decided to recommend to members that production be restricted from the beginning of 1930, by closing down plants and suspending operations so that a total reduction of output of 15 per cent, shall be brought about. Owing to the uncertainty of the result of the recommendation, London values

have eased still further for both spot and forward delivery. ★ * * Waihi Mining Company The following information has been cabled to the London office of the Waihi Gold Mining Company: For the period ended December 1, comprising 26i crushing days, 21,476 tons of ore were crushed for a result of 7,272 fine,6unces of gold and 54,452 fine ounceju of silver; this includes 1,209 tons mined from the Grand Junction area, which yielded 661 ounces of gold and 6,158 ounces of silver; also 7 ounces of gold and 27 ounces of silver from residues from the old Waihi mill site. In the No. 9 level of the Dominion lode, driving west, the next 22 feet is a mixture of quartz and country of little or no value; we are now preparing to sink a winze for ventilation. In the No. 10 level of the Empire lode in the south section east of the London south crosscut, the next 27 feet assays 52s 3d a. ton. In the Martha lode, situated at 107 feet in the north-west crosscut close to the east boundary,, we have driven to the west 17 feet, the assay value being 74s a ton: also to the east 3 3 feet, the assay value being 43s 3d a ton. Market at Midday All this morning’s business was put through outside the callroom. The market is quiet, and still reflecting the holiday spirit, with investors for the most part not paying se.rious attention to prices at the moment. The insurance group is with sellers predominating. Timbers show increased life, speculative buyers coming in for several shares. Kauris were dealt with at 16s, a price which allows a return, based on the latest dividend, of approximately £4 13s 8d per cent. Taranaki Oils hold their recent improved strength, buyers offering 5s 6d this morning. Mining is weak, and mostly neglected. * * * Dividends Payable Due. N.Z. Insurance—interim, lid a share Feb. 3 2 Victoria Nyanza Sugar—interim, 25 p.c Feb. 25 Union Bank—interim, 125 p.c. p.a... _

TRADE IN PRODUCE HEAVY SUPPLIES OF POTATOES CHEAP ONIONS SUN Office, 9 a.m. Trade in grain, seed, and produce is gradually recovering from the Holiday quiet, and steady trading has beer, recorded over the week. Merchants are now paying a little more attention to future requirements, and talk of forward contracts in certain lines is more common. The position in regard to potatoes has shown little change over the holidays. Heavy supplies are still coming forward from Pukekohe, and the tubers can be bought there at £5 10s a ton f.o.r. The quality, for the most part, is good, but the retail demand is lessened by the fact that there are still fairly heavy supplies of kitchen garden lots available. Through store, Auckland, best quality tubers sell in the vicinity of 7s a cwt. New Season’s Onions Supplies of imported onions are holding out better than was expected, and the best continue to sell through store at up to 16s a crate. The new season’s crop is now coming on the market in increasing supplies, and selling at comparatively low prices, the best selling through Auckland stores at around 9s a cwt. As yet, however, the bulk of the new season’s onions are going through the marts. The continued rains oC the past few weeks have been the cause of considerable concern among local oniongrowers, as onions call for a. period of dry weather in which to ripen. Indications are that the market will be flooded with soft onions for about three months, and for the rest of the season the Auckland market will be. called upon to draw on imported onions. It does not seem that there will be any onions of exportable quality available this season. Maize Market Firmer The market for maize has a decidedly firmer tone, and yesterday Gisborne sellers were asking up to 5s lid f.o.b. for further orders. No bookings were recorded at that figure, but it can be taken as a reliable indication of the trend. It seems that fo,r once the forecasts of the Gisborne merchants have been correct, and that supplies down there have been shorter than Aucklanders were inclined to believe earlier in the season. The market for wheat is also very firm, the price having advanced a further 2d in the South over the past week or so. On the spot, merchants are asking around 7s lid a bushel, and there is every prospect that this price Will be moved up a further penny in the near future. Oats are also very firm, with supplies not easy to get hold of. B. Gartons are selling through Auckland stores at 4s lOd a bushel, with A’s only a penny a bushel in advance of that price. Stocks of chaff continue on the light side, with the Auckland through -store price very firm, best sample selling at £ll 10s a ton. FOREIGNERS ACTIVE SYDNEY WOOL SALES SYDNEY, Thursday. At the Sydney wool sales today there was strong Japanese, French, German and Bradford competition. The market ruled equal to the best rates for the week for all descriptions. Greasy Merino sold to 25d. The bales sold totalled 9,588. AUSTRALIAN PRODUCE SYDNEY, Thursday. • The following are today’s quotations on the Sydney produce market: Wheat.—At country stations, 4s Sd; ex trucks, Sydney, 5s 3d. Flour.— £l3. Pollard.— £9. Bran.— £7. Potatoes.—Tasmanian and Victorian, £3 2. Onions.—Victorian Globes, £8 10s. Oats. —White, ss; Algerian, 4s 3d. Maize.—7s a bushel.

Reti OP Sale pric Inve. tment £ . £ d. XZ htsuranco . . . 2 t (i 4 2 4 Taranaki Oil . . .. 0 10 Wank N.S.W. .. .. to 12 4 IS H l nio i Bank 12 0 4 X.Z. Breweries (1 4 7 !* 8 Ditto 8 0 3 8 Staples’ 14 2 4 12 Nat. Mortgage 4 .S 0 17 6 <’om. Bank of Au St. 1 •> 5 JO 6 Xattonal Mort. .. 4 5> 0 5 17 6 frown Brewery .. .. 0 9 6 —