FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 875, 20 January 1930, Page 10

FINANCE & MARKETS

Market On ’Change v Rise in Moanataiaris By “Noon Call.” A .MILD flutter in Moanataiari mining scrip provided the only life to an otherwise very dull market this morning. Only one sale of investment stock was recorded on the Auckland ’Change.

FLUCTUATIONS Price movements on the Auckland Exchange, shown by ®-ales during the morning, compared with the price at the time of the previous recorded sale, included: Bank of New Zealand, fall of 9d (last sale in Christchurch on Saturday). • * * Frankly Speculators Speculators, Ltd., has been registered fn Sydney with capital £50,000, in 3,000,000 shares of Is each. The objects the company are, “to carry on the business of investors and speculators in all its branches.” Business on the Auckland Market Transactions on the Auckland market during the morning included: At the early call:—Reported—Moanataiari Miming, 2s; ditto, (2s 4d pel). Is Hid. On 'Change—Moanataiari Mining <2s 4d pd), Is 3d. At the mid-day call:—On 'Change— Moanataiari Mining, 2s 2d: ditto (Is fid pd.), Is 2d; ditto (2s 4d pd.), Is 2d. Reported—Bank of New Zealand, 67a. Market ai: Mid-day The market continues affected by flh air of uncertainty as to near future trends, and business is confined to ■within a very small compass. Sellers predominate in every group. The loan and agency section is weak, and practically neglected. Goldsbrough, Aforts are weathering the storm badly, and sellers have dropped to 35s 6d without attracting buyers on to the open market. In the coal section. Grey Valleys are the only shares attracting anything outside a nominal demand. Auckland Gas hold very firm on late levels. The gilt-edge section is neglected. • * * Mine Managers* Reports Mine managers report as follow;

TO-DAY’S QUOTATIONS

Closing quotations at today’s midday call were:—

BUTTER AND CHEESE DAIRY BOARD’S REVIEW The New Zealand Dairy Produce Board has received the following market report from its London office, • iated January 17, prices for the previous week being in parentheses; Butter New Zealand: Salted. 152 sto 15Gs (151 s to 158 s); unsalted, 16Ss to 176 s <l74s to 1765); 155 s equals approximately la 3d. f.0.b.; first whey, 14Ss i 148 s); second whey,, 146 s (1445). Deliveries New Zealand this week, 1,633 tons; in store. 3.570 tons. Australian: Salted, 148 s to 152 s < 150 s to 1545): unsalted. 154 s to 158 s (156 sto 158 s). Argentine: Unsalted. 150 s to 152 s < 150 s to 1525). Market steady. Danish, f.0.b., 162 s (161 s) spot, 169 s to 172 s (168 s to 170 s). Dutch: UnsaJted. 170 s to 172 s (178 s to 180 s). Market slow. Polish: 140 s to 146 s (140 s to 1465). New Zealand retail price reduced ‘o 3s 7d. Danish retail price reduced to Is Sd. Cheese New Zealand: White, Sss to 87s (S6s t) 87s); coloured. S3s to S4s; S3s to S7s equals approximately 7?d, f.o.b. Deliveries New Zealand this week, 29,349 crates; in store, 45,679 crates. Canadian: White and coloured, 96s to 98s (96s to 98s). Market quiet. Market for New Zealand steady. Retail price, lid to Is. Deliveries Canadian, 6,400 boxes: in store, 160,500 boxes, compared with 8 256 boxes last year. English: Finest farmers, 110 sto 316 s (110 s to 116 s); exceptional. 120 s. Shipping Movements The Rangitiki commenced to discharge butter and cheese on January 10. The Port Hunter completed discharge of cheese on January 13.

T'lytox is .i scientific insecticide. Produced to kill the fly and mosquito «viL Kills swiftly—surely.—2o.

Alburnia: The leading stope on main Orlando lode has been carried along 10ft, a total of 119 ft. The reef here averages 3ft wide and is still a strong body, carrying nice bright mineral blend and silica. The No. 1 winze on the hangingwall branch of the Orlando lode has been sunk 3ft, a total of 41ft. The reef here averages 2ft wide and Is still a strong body of stone, carrying mineral blend and silica. The drive seaward from top of the rise on the cross leader has been extended 7ft, a total of 13ft. The reef here averages 12in wide and is a compact body of stone, carrying all the minerals for making gold. The two flinties that came out of the footwall still continue but are rising very fast, and are now above the level. Saturday's N.Z. Sales tsales on New Zealand Exchanges on Saturday, with the approximate return on investment based on the latest dividend, included: Wellington

Dividends Payable . Due. N.Z. Insurance—interim, lid a share Feb. 12 Victoria Nyanza Sugar—interim. 25 p.c Feb. 25 Union Bank—interim, 12J p.c. p.a

LONDON MEAT MARKET SMITHFIELD QUOTATIONS The New Zealand Meat Producers’ Board has received the following cablegram front its London office, dated January 17, advising Smithfield delivered prices averaged for the week ended that date, as follow: New Zealand Wethers and Maidens. —Canterbury quality, selected brands, 561 b and under. 7id a lb; 571 b to 541 b, 7d; 651 b to 721 b, 6 5-Sd: other brands, 561 b and under. 7ld: 571 b to 641 b, 7d; 65ib to 721 b, 62New Zealand Ewes.—64lb and under, 5 1-Sd. New Zealand Lambs. —Canterbury quality, selected brands, new season’s, 361 l» and under, lid; other brands, first quality, 361 b and under, 10 5-Sd; second quality, 30-321 b. average 92Australians Lambs (new’ season’s). — Victorian, first quality, 361 b and under, 9d; 371 b to 421 b, 9d. Argentine Lambs (new season’s). — First quality, 361 b and under, Sd; 371 b to 421 b, Sd. New Zealand Beef.—Ox fores, 4£d; hinds. 62d. Argentine Chilled Beef.—Ox fores, s*d; hinds. 7id. Australian Frozen Beef.—Ox crops, over 1001 b, sd: hinds, over 1601 b, 61d. New Zealand Frozen Pork. —Porkers, 601 b to 801 b. lid; 811 b to S9lb, 10td; 1001 b to 1201 b, lOd; baconers. 1211 b to 1801 b, Old. Lamb.—Market very firm owing to small arrivals, but trade rather slow. Mutton Market.—Demand is good for both wethers and ewes. Stocks short: market firm. Beef Market.—Firm, with good demand. New’ Zealand Porker Pigs.—Ready sales all arrivals at present prices. New Zealand Baconer Pigs.—Good inquiry for small quantities available.

When your muscles and joints pain, that’s the time for ELLIMAN'S EMBROCATION. Sprains, strains, aches and pains disappear.—l 3.

DEBITS; NOT CREDITS POTATO GROWERS PROSPECTS GLUT ON THE MARKET Debits, not credits, will predominate on most Auckland potato and onion growers’ balance sheets this season. Local traders do not remember a time when there was such a prolonged glut on the market for these commodities as at the moment.

In the City Marts this morning good table potatoes were selling at from Is 6d to 3s a sugar bag; an equivalent of from 3s to 5s a cwt. Growers from all parts of the district, Avondale, Panmure, Patumahoe, Mangere and Pukekohe, have been sending supplies forward for sale without reserve for over six weeks now. The result is that the market, never a very keen one at this time of the year, is absolutely glutted and buyers, in many instances, are taking more than their usual requirements only because of the exceptionally low prices at which the, tubers can be picked up. Discussing the position this morning, Mr. H. Gladding, auctioneer for Turners and Growers, Ltd., stated that one of his firm’s regular customers who had seldom taken more than five sacks of potatoes at a time over a long period of years, had taken 40 bags this morning on account of the low price of Is 6d a sack. Although blight had not made its appearance as yet, the potatoes would not keep on account of the wet weather which lias prevailed over the past few weeks. Growers, for the most part, were forced to cut losses and get out on the best available basis. Indicating the volume of supplies coming forward, Mr. Gladding stated that his firm had put through over 8,000 bags of Auck-land-grown potatoes last week. There seemed little chance of the supplies diminishing until late in February, when it was quite probable that considerably higher prices would rule. How the grower was faring was the side touched on to a Sun man by Mr. R. Johnston, of Radley and Company. The growers were suffering big losses on this year’s crop, said Mr. Johnston. After paying for bags, digging, freight and selling charges, the grow'er had something in the vicinity of 5d a bagleft with which to meet commitments for rent;, rates, seed, manures, planting, etc. One of the factors helping to bring about the glut is the increasing quantities of potatoes harvested at this time of the year from backyard gardens. Tile demand is weakened also by the absence of City dwellers and school children at the beaches, where the tendency is to live on fruit and tinned foods, and neglect the potato. Onion growers are also suffering from' a weak market. The new season’s crop is being marketed with a demand which places practically the same value on onions as it does oil potatoes. The wet weather lias prevented the bulk of the crop from maturing and growers are sending forward for sale any lines which show signs of not keeping too well. In the mart, immature onions are selling at from Is 6d to 3s a sugar bag. TAUPO LANDS “EQUAL TO WAIKATO” VISITING EXPERTS’ VIEWS At tlio invitation of the RotoruaTaupo Railway League a party of prominent Waikato farmers recently toured the Taupo district, with a view to gaining? a first-hand knowledge of the development possibilities of the district. All classes of country was visited, and the party returned convinced that the district is eminently suited for agricultural development. The following signed statement was handed into the league at the close of the tour: “We have inpected a great part of the pumice area and have been most agreeably surprised, having seen paddocks equal to anything in the Waikato at a similar stage of development. We have visited the farms of Messrs. Alexander, Priis and Seccombe on Reporoa, and traversed the settlement in all directions on the roads. We have also visited ‘Strathmore,’ ‘Broadlands,’ Waiotapu. and Wairakei and the Guthrie settlement. The result is that we have formed the following decided opinions: That this country comprises by far the largest area of land available in New Zealand for improvement and settlement in small areas. That the land can readily be brought into good pasture by modern methods and manuring at a very moderate cost and in a remarkably short time and is eminently suitable for dairying That for successful settlement a railway is absolutely necessary. “We therefore, strongly urge the immediate resumption ot the construction of the Rotorua-Taupo railway as a national work of the first importance.” The members of the party were Messrs. J. Bara ugh (past chairman of directors of the Farmers’ Freezing Company and the Farmers’ Auctioneering Company),'Dynes Fulton, R. U. Glasgow, F. E. Hughes (ail members of the directorate of the New Zealand Co-operative Dairy Company, Limited), C. J. Parian© (general manager of the. New Zealand Co-operative Dairy Company), J. E. Makgiil (chairman of directors of the Auckland Farmers’ Freezing Company), Stewart Reid (director of the Farmers’ Auctioneering Company), Daniel V. Bryant (one of the most successful farmers in the Waikato). CAPITAL OF £30,000,000 COMMUNICATIONS COMPANY Reed. 10.15 a.m. LONDON, Sunday. It is disclosed that the capital of the Imperial i International Communications, Limited, is fixed at £30,000,000 in £1 ordinary shares. The “Financial News” explains that this total is fixed on dividend requirements of £2,882,550 and observes that the whole position is very obscure. It appears necessary for the Marconi manufacturing profits to expand greatly if a. merger is fixed and a dividend is to be paid.

Buyers. Sellers. £ s. d. £ s. d. BANKS— Australasia Com. of Australia 1 4 Bng., Scot. & Aus. tf 15 0 National of N.Z. .. Nat. of Australasia (con.) 8 New South Wales . 40 ft 0 New Zealand . . 2 9 Ditto <D Mort.) .. Union of Australia . 11 17 6 12 0 INSURANCE— National New Zealand .. .. 2 4 ft Queensland 2 South British .. .. 2 19 6 3 1 6 loan and agency— Dominion Invest, and Bank Farmers’ Co-op. Ditto (A pref.) .. ft IS 0 Ooldsbrough Mort . Nat. Mort and A grey. Newton Kins (pref.) 0 10 9 N.J5. & River Plate 1 :> "N.Z. Guar. Gorp. . 0 N. Auck. Farmers' Co-op. (B pref.) . 0 10 0 — COAL— Grey Valley .. p q Hikurangl (R Ditto (pref.) .. .. 0 Ditto. A (.pref.) .. 0 Pukemiro Renown Ditto (pref.) . . . . Ditto (new issue) ft *T*a upiri "Waipa VVestport - Stockton — 4 CAS— A inrk land 1 4 Ditto (con.) .. .. ft IS 0 IS S SHIPPING— Devonport Ferry .. 1 -» 6 o Northern Steam Ditto (con.) .. .. Union Steam (pref.) 1 0 3 TIMBER— Kauri Timber . . .. ft 9 Ueyland-O’Brien 1 X National 0 X Parker-Lamb .. .. — 0 17 6 ■WOOLLEN— Wellington .. .. .. — € 2 6 BREWERIES— C. L. Innea Ditto (pref.) .. .. 1 1 0 X.Z. Breweries .... 4 7 6 4 8 6

Re tu rr i on Sale Pr I n v estm't. £ d. d. C om. Bank of Aus. 1 4 Bank of X.S. \\\ (Sydney res.) .. 1 ft 4 1ft 11 Kauri Timber .... 0 10 ft 4 13 9 Christchur ch Com. Bk. of Sydney 23 12 6 5 5 Btnk of N.Z 2 17 9 N.Z. Refrig. (10s paid! 0 5 0 N.Z. Banners’ Co-op. (A pref.) 2 15 ft S N.Z. Breweries .... 4 Staples’ (2) 2 15 Dunlop (2) 1 1 Mount Lyell .... 1 17 — Dunedin Com. Bank of Aus. 1 4 5 o Ditto (3) 1 4 . , 6 2

Buyers Sellers s d £ s d MISCELLANEOUS— Aus. Iron and Steel (pref.) 1. 0 9 British Tobacco 4 0 Bycroft, Ltd 1 31 Colonial Sugar .. .. Dominion Pictures .. 1 0 o Ditto (pref.) .. .. 1 0 0 Electrolytic Zinc (pref.) — 1. 14 0 Farmers’ Trading . 0 8 4 0 0 Ditto B (pref.) .. 0 13 9 Fullers’ Pictures .. 0 Gear Meat Hayward’s Pictures 0 18 0 H.M. Theatre Arcade (pref.) 1 I 0 N.Z. Drug 14 Milne and Clioyce, (deb stock) . . . . Morris Hedstroni (pref.) 0 IS 0 N.Z. Farmers’ Fert. N.Z. Refrig, (con.) 0 4 0 Northern Boot .. . . 0 S G Robinson Ice Cream 1 Sanford, Ltd 0 Ditto (pref.) .. .. 0 Sharland & Co. 1. S. R. Maxwell 0 4 G 9 G Taranaki Oilfields . . 0 4 9 0 5 G Union Oil 0 Whittome. Stevensons 0 Wilsons Cement 2 0 3 2 1 0 MINING— Albumin n n 24 0 ,1 0 Moanataiari (paid! - 0 2 ft 7 Ditto (2s Id paid) n 1 1 ft Ditto (Is 6d paid) 0 l 1 ft 0 Lucky Shot (4s pd.) ft Ohincmuri Cord.) .. 0 0 6 Waihi 0 13 6 0 1 9 Waihi Grand June. ft 1 7 Mount Lyell i IK G Rawong 0 (i 9 — DEBENTURES— A u ok. Ha r. Board, 100 0 0 City of Auckland. 1952. 51 p.c. — 98 0 Auck. Hosp Bd., 5i — 99 0 0 Gisborne Sheepfarmers’ — 96 0 0 GOVERNMENT BONDS War Loan. 1938, 4i 100 5 0 Ditto, 1941, 4i p.c. — 99 0 0 INSCRIBED STOCK War Loan. 1939, 4£ mo 5 0 Ditto, 1927-41, 5£ — 99 10 0 Ditto, 1933, 5* p.c. — 100 0 0