FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 879, 24 January 1930, Page 10

FINANCE & MARKETS

Steady Trading

MARKET ON ’CHANGE

By “Noon Call.” ALTHOUGH prices for most stocks are.oil low levels, there are sipus that one week free of bearing influences such as those which have dogged the market for the past three months would see a healthy revival in trading. There are many investor!; holding back owing to uncertainty in respect to the near future market conditions, despite the fact that they realise there are many good “buys” in the market at the moment.

Fluctuations Price movements shown by a comparison of sales on the Auckland ’Change over the past 24 hours with the price at the time of the previous recorded sale, include:— Com. Bank of Aust., fall of Ud. South British Insurance, fall of 6d. Bank of New South Wales, fall ©f 2s 6d. business on the Auckland Market Transactions on the Auckland market over the past 24 hours included the following: Yesterday afternoon.—Com. Bank of Australia, 23s 7}d: Hill and Plummer, 21s 6d; Newton King (pref), lls Gd. morning’s early call. —Moana- . i;» ; (paid). Is 9d, 2s and 2s :v No ■ * n King (pref). Us (id: Com. Bnr.k * Vust. (rights), 2s. : • • . idday call: Bank of New s, £4O 12s 6d; South Bri- • ice, 80s. Auckland Gas - sd: Moanataiari Mining, 5 id f 1 ; 6d. r - o-> nat *•a r • Mining Scrip Active v • for Moanataiari mining . ; • * hened again this morning . 'i - were made at from Is i)d h •.■ t r the paid-up issue. ithv developments are looked for r . larters as a result of prest,r. < •, . -n - ns down at the mine. * * * Thit Morning T- ‘nee of the Australian posiv-.: r ies to bear heavily on the market, and several Australian stocks have reached even lower levels over the past 24 hours.

Commercial Banks were offered at 23s Gd this morning. JDalgetys have sellers at £l2 12s 6d, and no buyers; Goldsbrough Mortis are weaker with unsupported sellers at 31s Gd. The market for Auckland Gas holds very firm, steady business being put through at 24s lOd. In the miscellaneous group. Farmers’ Trading meet with a steady inquiry at 8s Gd. Wilsons Cements are offered at 40s 9d, without attracting buyers. « « » Northern Boot Progress The news circulated during the past 24 hours that the directors of the Northern Boot and Shoe Manufacturing Company, Ltd., were considering entering into negotiations for amalgamation with other firms in the same line of business throws some light on the reason for the steady inquiry which has existed for the company’s scrip over the past two or three months. The directors are not letting anything out in respect to the proposals until the meeting of shareholders called for an early date. Dividends Payable Due. British Tobacco, pref., final, 6} P C Jan. 31 Union Bank—interim, 12.} p.c. p.a. Jan. 2D Commercial Bank of Australia—interim, ord., 15 p.c. p.a.; pref., 4 p.c., p.a Feb. 7 N.Z. Insurance—interim, lid a share Feb. 12 Queensland Nat. Bank—quarterly, 2} p.c Feb. 13 Victoria Nyanza Sugar—final for last financial year, 5 p.c., and Interim for current year, 2} p.c. Feb. 25 Broken Hill South—quarterly, 2s a share Feb. 26 Electrolytic Zinc—interim. ord. and pref., 12 p.c. p.a Mar. G

TO-DAY’S QUOTATIONS

Closing quotation: at today's midday call were:—

PRODUCE PRICES ,

REFORT FROM SYDNEY SYDNEY, Thursday. The following are today’s quotations ©n the Sydney produce market: Wheat.—At country stations, 4s o}d; •x trucks, Sydney, 5s ltd. I lour.— £l2 10s. Bran. — £7. Pollard.— £ 9. Potatoes.—Tasmanian. £ 0. Onions.—Victorian. US; Globe. £l3. oats. —White. ss; Algerian, Is Gd. Maize.—7s 3d. Adelaide prices are: Wheat.—4s lid. Bran. — £6 10s. Pollard.— £8 ss. Oats.—Algerian. 2s 9d. HIDES MARKET MELBOURN E, Til ursday. At the Melbourne hides sale today the market was firm. Bights and mediums advanced one-eighth of i penny to a farthing. Others were unchanged. FRUIT CONSUMPTION Reed. 10.30 am. LONDON, Thurs. "The year 1!t29 showed a record consumption tot fruit in Great Britain,” says the Rmpire Marketing Board’s report. The total imported and home supplies amounted to 33.133,0000 wt.

WELLINGTON GAS COMPANY

YEAR OF RECORD SALES

A dividend at the rate of 8 per cent, per annum will go to the shareholders in the We'lingtoii Gas Company for i the yea: just closed. The directors’ report states that after payment of iht) interim dividend of 4 per cent, on I the ordinary shares, the year’s dividend 1 on the preference shares, and providing for depreciation of plant, buildings. and machinery, and for debenture redemption fund, the profit and loss balance amounts to £33,038 7s lOd. It is proposed to pay a further dividend ol 4 per cent, (making S per cent, for the year), £11,152 Bs, and to carry forward the balance of £21,885 19s lOd. The report states that a record number, 2,702, of gas cookers was fixed j during the year. The increase in the I consumption of gas has been highly ; satisfactory. The revenue account I shows that sales of gas, etc.. and I rents amounted to £252,895 as against C 239.049 in 1928. Manufacture and I distribution cost £ 144,981 as against - 136,400; management and other expenses £33,823 as against £33,787, and rates and taxes £12,351 as against L 11.232. The profit on the gas aceount is £61,739 15s 7d as against for the previous year. SHEEP FOR WAIKATO The last of the large mobs of sheep bound from Poverty Bay to the Waikato and Bay of Plenty set out yesterday, when a lino of about 3,000 breeding ewes left Waimata for Te Puke, reports the Poverty Bay “Herald.” Over 30,000 she6p have left this district this season for the north, and practically all are still on the road. The first mob, of about 3,000 wethers from Ruatoria, reached Taneatua this week to be put on railway trucks for the completion of the journey to the Waikato.

A QUIET PERIOD

TRADE IN PRODUCE MAIZE FROM AFRICA Sun Office, 9 a.m. Auckland grain, seed and produce merchants are taking little profit from what are usually their best selling lines at the moment. With the market for onions and potatoes glutted, they are confining their attention mostly to grain. The most noteworthy happening of the week has been the booking of a small shipment of South African maize to arrive here about the end of March. The price landed on the Auckland wharf, including the cost of fumigation is expected to work out at about 6s 3d a bushel. Gisborne merchants are offering maize for February delivery at 6s 3d a bushel, but little actual business has been reported. A few small parcels for prompt shipment have been sold this week at down to 6s f.o.b. Gisborne. The market, however, shows little life, and it seems that there is much more maize talked about than traded in. At the moment there does not seem to be much available in store in Gisborne. Small parcels are still being sent out of the Hay of Plenty. but business from there is practically all confined to South Auckland traders. Little Money In Potatoes The auctioneering firms are practically the only people making money out of potatoes this season. The farmers will no doubt be called upon to meet heavy losses. The prices in the marts are so low that merchants cannot meet the competition and have practically withdrawn from the business meantime. Each day, however, heavy supplies continue to come into the marts to meet with very low prices. Although the quality is good, blight is starting to make itself felt. The wet w'eather is also proving a determining factor in the quick sales. The tubers will not keep for much more than a week; thus quick sales are imperative. The nominal through store price in Auckland is in the vicinity of £4 a ton. Peculiarly enough, the nominal price at Pukekohe is slightly higher at £4 15s a ton, anti a certain amount of business is being done for railing South at that figure. Onions Not Maturing Onions continue to glut the market, and prices in the marts range around oS to 5s a cwt. The wet weather is preventing the ripening of the crop, and the onions coming on the market as a result, are not good keepers. Wheat is very firm in the South. Auckland through store prices range up to 8s 3d a bushel, although the average price is in the vicinity of Bs. One or two merchants are cutting the market down to 7s 9d a bushel. Oats are in rather short supply, and indications are that firm prices will rule from now on right through the new season; reports regarding the new crop state that 8,000 less acres have been put down this year. Stocks of good bright chaff are in short compass and quotations, through store, Auckland, hold firm at £ll 10s a ton.

LONDON WOOL SALES

DOMINION OFFERINGS Reed. 10.30 a.m. LONDON, Thursday. At yesterday’s wool sales, 1,227 bales of New Zealand wool were sold. EAST TAMAKI DAIRY CO. Continued steady progress is shown by tile monthly report of the East Tamaki Co-operative Dairy Company, Ltd. The make for the month of December totalled 143 tons, which is 53 per cent, increase on the figures for the same period last year. The total make for the first seven months of the present season is 592 tons, compared with 391 tons for the same period last season. The total cash payments to suppliers this season amount to £81,219, compared with £54,966 last year. CHICAGO WHEAT Reed. 10.15 a.m. CHICAGO, Thursday. Wheat.—March. 1 dollar 233 cents a bushel: May. 1 dollar 273 cents; July, 1 dollar 29 cents.

Buyers. s ellers. £ s. d. £ s. d. BANKS— Australian of Com. 1 8 0 Adelaide . S 7 0 Australasia . . .. — 11’ 2 ft Com. of Australia 1 2 2 1. ft Ditto (rights) 0 2 ft 0 2 4 Ditto (pref) 6 15 0 2 ft Com. of Sydney 5 ft 'Eng., Scot. & Aus. 0 National of N.Z. . 1ft 0 Nat. of Australasia . 1 ft ft ft Ditto (con. > . . . 1ft ft New South Wales . 4 • ft 4ft 17 ft New Zealand 2 15 17 ft Ditto (D Mort.) . . 7 Union of Australia . — 12 2 0 INSURANCE— Xational ft 15 New Zealand .. .. 4 Queensland 17 0 South British .. 2 ID ft 1 0 DOAN AND AGENCY— Dalgety and Co. Dominion Invest, and — 12 6 ft Bank 1 1 ft Ditto., B shares . 1 Farmers’ Co-op. 4 l 0 Ditto B (pref. > 0 ] •; Coldsbreugh, Mort . 1 1 1 Newton King (pref.) ft 11 ft 12 ft N.Z. Guarantee Corp ft 9 ft X. Auck. Farmers’ Co-op. B (pref.) .. .. .. — o 12 0 COAL— Hikurangi ft 1 0 0 Ditto (pref.) .. .. 0 4 ft Dicto, A (pref.) 0 A ft ft Pukemiro 2 14 Ilenown ft 17 ft Ditto (pref ) .. . ft A Ditto (new issuer A Taupiri 1 0 Ditto (pref.) .. .. 1 0 t\aipa 0 14 0 Westport 1 10 0 — GAS— Auckland 1 4 s 1 0 Ditto (con.) .. .. ft IS 4 0 IS 7 SHIPPING— Devonport Ferry .. 1 0 1 Howard Smith . 1 Northern Steam 0 14 Ditto (con.) .. .. — 0 7 0 TIMBER— Rev land-O’Brie n 1 8 ft National 0 8 2 ft l’arker-Lamb .. .. — 0 17 6 BREWERIES— - Ditto (pref.) .. .. 1 1 0 J. Staples 1ft 0 Crown .. 0 10 ft 0 12 c

Buyers Sellers. £ s. d. £ s. cl MISCELLANEOUS— Australian Glass 2 1 0 2 4 a Aus. Iron and Steel (pref.) 1 0 6 Booth, Macdonald (pref.) 0 0 British Tobacco 1 6 3 6 Burns, Philp . . . . 1 19 6 Bycroft, Ltd 1 11 6 < Colonial Sugar . . .. 44 1ft 0 Dunlop-Perdriau 1 1 0 1 2 0 Electrolytic Zinc (ord.) 1 12 6 Ditto (pref.) .. .. 1 13 0 Farmers’ Trading .. 0 8 6 0 9 Fullers’ Pictures ft IS 0 Gear Meat 0 Hayward’s Pictures 0 18 0 Henry Jones Co-op. 1 10 Hill and Plummer 1 6 N.Z. Drug 3 14 6 Milne and Choyce (deb. stock) 1 S 0 Morris Hedstrom (pref.) ft IS 0 N.Z. Farmers' Fert. 1 1 1 9 X.Z. Paper Mills 1 1 0 X.Z. Refrigerating . 10 6 0 12 6 Northern Boot .. . . 0 9 Robinson Ice Cream 9 Sanford, Ltd ft 16 6 Sliarland and Co. .. 1 1 0 S. R. Maxwell & Co 0 4 6 0 9 0 Ditto (pret.) 1 1 Taranaki Oilfields . 0 4 0 ft 0 Union Oil 1 6 Wliittome, Stevensons 5 ft Wilsons Cement .. — 2 0 9 MINING— Alburn ia ft ft 2 ft 1 0 Moanataiari (pd) .. 0 ft 9 Ditto (2s 4d pd) .. ft 1 1 0 0 Ditto (Is 6d pd) . . 0 1 1 Lucky Shot (-5s pd) 0 0 Ohinemuri (ord.) . . ft 4 ft 0 b 6 Waihi ft 13 5 0 13 8 Waihi Grand Junct. 0 1 3 0 1 4 DEB ENT U RES— A tick. Har. Board. 51 PC 95 0 0 98 0 0 City ot Auckland, 1952. 5$ p.c 9S 0 0 Bor. of Mt. Eden, 1 02 0 0 W ilhanison Film — 104 0 0 Gisborne Sheepfarmers’ — 96 0 0 GOVERNMENT BONDS War Loan, 1928, 4i 99 15 0 Ditto, 1933, ol . . 98 10 0 100 0 0 INSCRIBED STOCKWar Loan, 1U3S, 4; 99 15 0 Ditto, 1927-41, 5i — 98 0 0 Ditto 1933, 5i 99 0 Ditto, 1933, 5i .. 98 10 0 100 0 0 Ditto, 1936, 5i .. 98 10 0