FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 907, 26 February 1930, Page 10

FINANCE & MARKETS

Insurance Steady COAL ACTIVE KEE.N business is registered in most insurance shares and prices are well maintained. Coal shares are attracting many investors and are continually changing hands.

Business on the Auckland Market Transactions on the Auckland market over the past 24 hours included: Yesterday afternoon. —South British Insurance, £3 Is; Grey Valley Coal, £1 6.s 9d; Pukemiro Collieries, £3 9s 6d; New Zealand Breweries. £4 2s 6d: Wilson’s Cement, £1 18s 9d; New Zealand Government War Loan, 1933, per cent., £99. At the morning early call.—Commercial Bank of Australia, £1 2s 6d; Union of Australia, £l2 3s. At the midday call.—New Zealand Insurance. £2 3s 9d; Birkenhead and Northcote, 12s Cd; Dominion Pictures, £1 Is. Market at Midday In the bank section, Australian of • 'ommerce are inclined to harden. Ausi ralasia are asked for at £ll 3 Ss Cd without attracting sellers. Commer- * ial of Australia are again earning. Wales are steady. Union of Australia have improved to sales £l2 3s. Although few sales are recorded, many inquiries are registered for shipping shares. Devon port Ferry have steady buyers and sellers. HuddartParker are again supported with buy-

ers 35s 6d, sellers 3Ss 6d. Northern Steam, both issues, are steady. Union iSteam have persistent buyers at 20s. Brewery scrip is in. demand. Many buyers are seeking Innes and Company shares, but without success. N.Z. Breweries changed hands last evening at 82s 6d. Staples are inclined to firm. m * • Mine Managers’ Reports Mine managers report as follow: Hauraki.—The drive seaward on the Stockwood r€;ef from the bottom of the winze below the 400 ft. level has been advanced 10ft for the week, making the total distance 3 6ft. The reef continues to be a strong body of ore with the usual pug formation on the hangingwall. Breaking down the reef stripped is now under way. Dividends Payable Due. Bank of New South Wales, quarterly, 2i per cent Feb. 27 Carlton Brewery, int. 7 per cent. Mar. 1 Electrolytic Zinc—interim, ord. and pref.. 12 d.c. p.a Mar. 6 Huddart Parker, intermim, 3 per cent, on prefs. and 5 per cent. on ords Mar. 3 5 C. L. Innes, interim, 4 per cent. Mar. 31

TO-DAY’S QUOTATIONS

Closing Quotation® at today’s midday call were:—

TARANAKI OIL FIELDS

WEEKLY PROGRESS REPORT Press Association GISBORNE, Today. Tho Taranaki <N.Z.> Oil Fields’ report for the week ended February 22 is as follows: Gisborne No. 2 Well.—The men are working on caved ground and fishing for lost tools. They are now securing tho outer strings of casing with cement in order to control the gas pressure. Gas is still very active, and a slight show of oil continues intermittently.

WOOL MARKET

PRICES IN SYDNEY SYDNEY, Tuesday. At the Sydney wool sales the offerings totalled 7.350 bales, of which 6,921 were sold, also 397 disposed of privately. The market again was very firm, with special inquiry for superline lots. All sections of the trade operated freely. Greasy Merino sold to 25d. ROMNEY WOOL DOWN United P.A.—By Telegraph—Copyright LONDON, Monday. In the course of an address to the Bradford Chamber of Commerce the president, Sir Frederic Aykroyd, said the Romney Marsh sheep produced wool which was little better than donkeys’ hair. He added that Leicesters were among the best sheep ever bred, and were displacing Romneys in the Dominions. Sir Frederic said the New Zealand Government was alarmed at the decline in the value of Romney wool, and had sent a representative to ascertain what could be done.

INCOME-TAX PAYMENTS

COMPANIES’ BIG SHARE Income-tax returns for the year ending March 31 last numbered 105,286, of which some 55,440 were exempt, leaving 52,846 having to pay tax. The gross assessable income for the year was £61,026,507, of which £36,363,375 is classed as income. The taxable income after exemptions and allowances are deducted w a s £29,535,984. Following are details: Accessible Income.

This shows that companies contribute nearly two-thirds of the total in-come-tax. Individuals are allowed fairly good exemptions. Firstly, the tax is only on tho excess over £3OO. A further exemption is allowed of £SO for each dependent child or,grandchild. th°n life insurance premiums, superannuation, and National Provident payments up j to 15 per cent, of the income are al- j lowed; so that the man with a family and whose life is well insured, tc.. gets very substantial exemptions, and tho big bulk of the income-tax, as shown above, is thrown on to companies.

METAL PRICES

MARKET IN LONDON LONDON, Monday. (Quotations on Feb. 20 in parentheses.) Copper.—Spot. £69 31s 3d (£69 18s 9d); three months, £6S 15s 7’d (£6B 16s 10£d). Electrolytic Copper.—Spot. £S3 10s (£ S 3 10s); three months, £B4 5s (£B4 ss). Wire Bars.— £S4 5s (£B4 ss). Lead.—Spot, £2l 3s 9d (£2O 13s 9d); three months, £2l (£2O 11s 3d). Spelter.—Spot, £l9 (£lB 17s 6d); three months, £29 7s 6d (£l9 10s). Tin.—Spot, £172 Is 3d (£174 17s 6d); three months, £175 Is 3d (£177 15s 7Ad). Silver.—Standard. 19 7-8 d (19 13-16 d) an ounce; fine, 21 7-16 d (21 3-8 d).

OUTLOOK ON CHANGE

| NEW ZEALAND MARKETS LESS SURPLUS CAPITAL By “Noon Call’’ i Surplus funds available for in- ' vestment in New Zealand seem to i have definitely contracted to with- ! in shorter compass during the past few weeks. After the rally and comparatively heavy trading early in the month there has been a • definite relapse of buying operations and all sections are now quiet. Apart from the general depression and shortage of ready money, there is no real cause for a quiet tone on 'Change. It seems as if the worst is over, and that from now on, apart from temporary setbacks, we can look forward hopefully to better prices. There is still a large amount of pessimism being preached particularly in respect to Australia, but much of this : must be taken with a grain of salt; it must be remembered that the psychology of the crowd always makes for pessimists when things are bad just as there are optimists in abundance when things are good. If everyone could see round the corner there would be steadier markets and fewer losses • in the world of finance. Admittedly affairs in financial circles could be better in both New Zealand and Australia, but, after recognising this, it seems that there are many sigris that bedrock has almost if not quite been reached in respect to the market for most of the better class stocks, and that there is no real cause for gloom among those who have bought wisely in recent months. As Joseph Palmer and Sons, the well-known Sydney sharebrokers, in a recent review state, now should be the time to buy heavily, provided always that discrimination is used in making a selection. Companies that should continue to do well right through the depression and better afterward are obviously good buying if their shares have fallen heavily; and there are a number of these. There are others j which have fallen low enough to jusi tify purchase, despite a temporary curj tailment of dividend. Each stock ! must be selected and examined for its asset value and chance of ultimate improvement rather than for dividends likely to be paid this year. . Return on Investment Below is a summary of sales made on New Zealand Exchanges during the week ended February 25, giving the , approximate return based on the latest dividend: Latest Approx. Price. Return.

FRANKTON STOCK SALE

HEAVY YARDINGS Prom Our Own Correspondent. HAMILTON, Tuesday. Nearly all classes of stock were yarded in large numbers at the Frankton saleyards today. The previous week’s rates for ox beef were maintained, though second quality cow beef was slightly easier. Quotations for pigs showed an improvement, while sheep were firm at late rates. The auctioneers report as follows: New Zealand Loan and Mercantile Agency Company, Limited.—Fat bullocks, £l3 16s to £l3 ISs; fat cows, £9 Is to £lO 2s 6d; lighter, £7 16s to £S 17s Gd; light, £6 15s to £7 10s; fat wethers, 25s Gd to 27s Id; ewes, to 15s 9d; heavy baconers, £ 4 to £4 11s; lighter, £3 10s to £3 ISs; heavy porkers, £2 15s to £3 8s; light, £2 10s to £2 14s. Farmers’ Co-operative Auctioneering Company, Limited.—A good yarding of all classes of cattle and sheep. Ox beef met with keen competition and showed a slight advance. Good quality cow and heifer sold at late rates. Fat sheep were penned in average numbers and realised late rates. There was a keen demand for all classes of store sheep and-last week’s quotations were fully maintained. Store cattle were yarded in more than average numbers and met with fair competition. A line of 230 3 8-months to 2 5-year steers sold in conjunction with the other companies were practically all cleared. There was a full yarding of all classes of pigs, which sold at late rates. Baconers averaged 7id to 7ftd a lb, while porkers averaged 7id to 7 2d. Quotations: —Prime fat steers, £ls to £ls 7s; fat cows and heifers, £9 15s to £11; fat cows, £9 to £9 10s; medium fat cows, £7 19s to £8 15s; forward-conditioned cows, £G 5s to £7 7s Gd; store cows, £ 4 to £6; vealers, £2 to £2 17s 6d; fat wethers, 25s 6d to 28s 4d; store wethers, ISs 2d to 225; fat ewes, ISs to 21s; fat lambs, 20s to 24s lid; store lambs, m.s., 15s 9d; four and six-tooth breeding ewes, 26s 4d; four-year ewes, 24s 3d; fiveyear ewes, ISs to 19s; two-tooth ewes, 18s 6d to 245; heavy baconers, £4 10s to £4 lCs; medium baconers, £4 4s to £4 8s; light baconers, £3 15s to £4; heavy porkers, £3 6s to £3 13s; light, £2 15s to £3 3s; choppers, £2 19s to £4 ss; stores, £2 5s to £2 10s; slips, 32s to £2 2s; weaners, 20s to 275.

Dalgety and Company, Limited.—An average yarding of beef. The few pens of prime ox sold under keen competition at full late rates. Young cow and heifer beef also maintained rates, but inferior and boner beef was considerably lower. Heavy ordinary quality cows made up £9 ss; others, £6 to £7 15s; light bullocks, to £l3. There was a large yarding of store cattle, chiefly consisting of two-year steers. The demand was dull and a good many pens were passed at auction. We scld two and a-half-year Hereford steers at £9 14s; mixed coloured grown steers, £8 12s Cd; two-year Shorthorn steers, £8; Holstein yearling steers, £6 5s and £5 ss; Holstein steer calves, £3 ss; bull and store cows, late rates. A small yarding of fat sheep, which met with keen competition at full late rates. - Fat wethers made 27s 6d; fat ewes. IDs. Lambs were yarded in good numbers and sold under very keen demand. We sold 53 aged store ewes at 12s 6d; '73 black-faced lambs, at 12s 6d; 45 shorn m.s. lambs, 11s; 78 at 8s 3d; 49 woolly lambs, 13s; 90 shorn ewe iambs, 13s 6d; 181 wether lambs, 11s lOd; 145 shorn lambs, 13s 3d; 50 shorn lambs, 14s 7d. Mixed aged ewes made 23s 3d. There was a large yarding of fat pigs, which sold under keen competition at late rates. Stores sold at increased values. Heavy baconers made £4 10s to £4 IGs; porkers, £3 8s to £3 12s; light, £2 16s to £3 3s; large stores, £2 2s to £2 12s; slips, 27s to 355; best weaners, 18s to 245; others, 14s to 16s.

SOUTHERN GRAIN MARKET

POSITION IN CANTERBURY Press Association CHRISTCHURCH. Tuesday. For some reason there is a lessened demand for Velvet and Pearl wheat this season. There are those who attribute it to the fact that improved milling machinery and better baking methods now make it possible to convert Tuscan wheat into bread of firstclass quality, and as Tuscan is cheaper than Velvet or Pearl, it is more generally sought by millers. Against this, however, there are millers who say that it is impossible to make the best bread from Tuscan alone, and they buy Hunters and Pearl to mix with it. Wheat is now coming on to the market fairly rapidly, but some of it is out of condition. Prices remain unchanged at 5s 9d -for Tuscan. 6s for Hunters, and 6s 3d for Pearl, on trucks. There is an occasional sale of Tuscan at 5s 8d on trucks. Fowl wheat has firmed a little and is today quoted at 5s lOd f.o.b. for prompt delivery. The market for oats is not quite as firm as it was, though there are not a great many offerings from farmers. The price on trucks is 3s 9d for A’s. 3s 6d for B’s, 4s 6d to 4s 9d for Duns, and 3s 3d to 3s 9d for Algerians. Some forward business is being done on the basis of 4s lid f.0.b., s.i., spread delivery, April to September, for A’s, and 3s S£d for B’s. The North Island is buying chaff from Tasmania, though it is not getting it for less money than it would have to pay the' South Island for it. Today the quotation for Canterbury chaff is £ 5 to £ 5 5s a ton, on trucks, while the North Island is paying Tasmania £5 5s a ton for best qualitv and £5 for second quality, f.o.b, Tasmanian ports. No change has occurred since the previous report in the values of barley, peas or clovers. During the past few days cocksfoot has been offering freely, but merchants for the most part have sufficient for their immediate requirements. The value today is 8d to 9d for Akaroa seed, and 7d to 8d a lb for Plains seed. It is too early yet for new cowgrass, but a little old variety has been selling at 4d to 5d a lb, on trucks at country stations. The potato market is easier than it was and sales were made yesterday at £3 5s to £3 10s a ton, on trucks. Forward business has been done at £4 12s 6d for April-May-June, and at £5 12s 6d for July-September, f.0.b.. s.i.

TAUMARUNUI STOCK SALE

PRICES IMPROVE From Our Own Correspondent TAMARUNUI, Tuesday. ■A particularly heavy Awarding of j sheep (more than 6,000) at the weekly I sale today saw a decided improve- i nient in prices. Bidding throughout was very spirited, and the prices realised were: Sheep.—Fat wethers, 265; fat ewes. 16s 4d; two-tooth wethers, 21s 9d to 22s 3d; four-tooth ewes, 20s 3d to 23s 4d: two and four-tooth wethers, 22s 2d: six-tooth wethers, 245; five-year-old ewes, 17s 4d to 19s; two-tooth ewes. 21s to 25s 4d: four and six-tooth ewes, 23s 9d; old ewes, 12s to 19s; wether lambs, 11s to 14s 6d; ewe lambs, 19s; m.s. lambs, 8s Cd to 13s. Weaner pigs made 19s. j

Buyers. Sellers. i a. d. * a d. BANKS— Aust. of Commerce 1 4 f\ 1 5 6 Australasia 11 IS 6 Com. of Australia . L 1 7 Ditto (new isue) . 0 6 8 0 4 Ditto (pref. > .... — 6 17 6 Knp.. Scot., &: Aus. « 9 0 National of N.Z. . . 17 6 6 0 Nat. of Australasia Id 0 15 10 0 Ditto (con.) 7 11 6 New South Wales.. 40 0 0 41 0 0 Xew Zealand . . . . 17 3 2 18 0 Ditto (D mort. > . . 1 6 9 Union of Australia 12 0 0 12 b 0 INSURANCE— National 0 14 0 0 14 6 New Zealand . . . . 4 6 Queensland 12 6 South British .• .. 3 0 0 3 1 3 LOAN AND AGENCY— Dalgety and Co. .. — 11 17 6 Farmers* Co-op. .. 4 1 0 Ditto (B pref.) .. 0 16 0 < .oldsbrough, Mort 1 12 0 1 12 3 Nat. Mortgage . . . . 18 0 Newton King (pref.) 0 11 0 0 13 0 Dominion Invest, and Banking 1 0 6 N.Z. & River Plato 1 10 N.Z. Guar. Corp. .. 0 9 0 N.Z. Loan & Merc. LOO 0 0 107 0 0 N. Auck. Farmers’ Co-op. (ord.) .. .. 0 2 4 — COAL— Grey Valley .1 6 1 7 3 Hikurangi Ditto (pref.) .. .. Ditto (A pref.) .. 0 Pukemiro 3 8 n 14 Ditto (pref.) . . . . 0 0 Ditto (new Issue) Tauplri Waipa Westport —- Westport-Stock ton — 0 - GAS— Auckland 1 ?, 4 1 3 Ditto (con. t . .. Birkenhead anti Northcote 0 10 0 SHIPPING— Devon port Steam . 1 2 6 1 4 0 Howard Smith . . . . 1 15 Northern Steam .. . 0 13 6 Ditto (con.) .. .. Union Steam (pref.) 0 TIMBER— i 1 0 — l s National 0 8 ° B REW FRIES— C. L. Innei i 1 • — Ditto (pref.) .. .. l — J. Staples - * 1 6 MISCELLANEOUS— Australian Glass — 2 3 3 Aust. Iron and Steel (pref.) — 1 0 3

Buyers. Sellers. £ d. E s. <3. Bootli, Macdonald (pref.) .. ... (1 4 0 0 S 0 British Tobacco 0 9 Burns, Philp . . 1 17 9 Bycroft, Ltd 1 12 0 1 15 9 Colonial Sugar 43 17 6 44 0 Dominion Pictures . 1 0 0 Ditto (pref.) .. .. 1 0 0 Dunlop Perdriau . . 1 1 0 Electrolytic Zinc ford.) 1 S 0 1 n G Di.tto (pref.) .. .. 1 9 6 Farmers’ Trading • 0 8 6 Ditto (A pref.) .. 0 14 0 0 17 6 Ditto ( B pref.) . . 0 13 0 Fullers’ Pictures 0 18 0 Dear Meat — 1 n 0 Hayward’s Pictures — 0 18 0 Henry Jones Co-op. — 1 10 X.Z. Drug 13 u Morris. Hedstrom (pref.) 0 IS 0 N.Z. Farmers’ Fert. 0 19 6 1 1 0 N.Z. Paper Mills.. 1 0 6 X.Z. Refrigerating . 0 11 6 Ditto (con.) .. 0 6 Sanford. Ltd 0 16 n Ditto (pref.) .. .. 1 0 0 S. R. Maxwell . . . . 0 4 9 0 9 0 Taranaki Oil Fields 0 0 Union Oil 1 0 Wairakei, Ltd 0 10 0 Whittome-Stevenson 2 0 Wilsons Cement 1 IS 0 1 19 6 MINING— Alburnia 0 0 3 0 0 n Moanataiari (paid). 0 1 0 Ditto (2s 4d pd.) 0 1 0 1 8 Ditto (Is 6cl pd) 0 1 0 L 9 Ducky Shot (4s pd.) 0 0 Ohinemuri (ord.) 0 0 Ditto (pref. ) . . . . 3 Waihi 0 13 0 13 8 Waihi Grand June. 0 l 0 1 6 Mount Lyell 1 13 4 1 1 4 0 Kuala Kampar Tin 0 8 6 Kampong Lanjut . . 1 2 6 — DEBENTURES— Auck. Gas, 1035, O.j 103 0 0 Auck. Har. Board, 101 0 0 103 10 0 City of Auck., 1040, 97 0 0 Borough Mt. Albert. 101 0 Chch. Drainage, 5:f p.c., 10 4 r» 102 0 0 W aitemata, 6 p.c. . . 103 10 0 Gisborne Sheepfarmers 94 0 0 Williamson's Films. — 102 0 0 GOVERNMENT BONDSWar Loan. 1938, 4'j 99 5 o Ditto, 1930, 4i p.c. 99 10 u Ditto, lore,, 5i p.c. 9S 15 0 Ditto, 1036. 5i p.c. 08 1 . 0 INSCRIBED STOCKWar Loan. 1908, 4i 99 Ditto, 1937, 5 1-8 L0 0 Ditto, 1927-41, Oi 06 0 0 Ditto, 1933, p.c. 98 10 0 Ditto, 1936, p.c. 98 17 G

192S-29. 1927-28. Class. £ £ Individuals 48,P.72,1S2 46,286,852 Companies Debenture holders. 11,975,470 11,415,063 agents Non-resident trad176,933 339,739 ers 501,922 609,907 Following is the amount of tax assessed for the past two ye ars:— 192S-29. 1927-2S. £ Individuals 1,126,238 1,126,092 Companies Debenture holders’ 1,979,642 i,SS3,S65 agents Non-resident trad31,574 57,339 ers 28,554 37,573 £3,166,008 £3,104,869

£ s. d. £. s d. BANKS— Australian of Com. 15 0 5 15 11 Com. of Australia. 12 6 Com. of Sydney . . 21 15 0 National of N.Z. . . 6 16 0 Nat. of Aust. (con.) 7 11 0 6 12 New South Wales . 40 10 0 New Zealand 2 17 6 Ditto (D Mortg.) . 1 6 3 5 14 Union of Aust. 12 1 6 5 3 6 INS UR A NCE-— South British .. .. 3 10 4 4 S loan and agency— Dalgety and Co. . . 11 17 0 Bom. Invest and Bank Golds bro ugh, Mort. 0 19 0 7 7 4 N.Z. Guar. Corp. .. COAL— 0 S 0 S 6 8 Grey Valley Pukemiro .. 16 9 5 19 7 VYestport GAS— 110 S 6 10 5 Auckland .. .. .. 13 4 6 17 o SHIPPING— Northern Steam .. TIMBER— 0 14 0 S 5 8 Bartholomew 1 1 9 7 7 Kauri Timber . . . . 0 15 0 5 0 Leyland-O’Brien BREWERIES— 1 S 6 5 16 11 N.Z. Breweries 4 2 6 9 9 Tooths MISCELLANEOUS— Booth, Macdonald 1 19 9 6 5 10 0 4 6 British Tobacco 2 2 4 5 13 4 Colonial Sugar . . Electrolytic Zinc 43 17 6 5 14 0 lord.) 119 S 1 4 Bitto (pref.) .. Farmers’ Trading . 1 9 7 S 2 3 0 8 7 9 6 5 N.Z. Brug 3 12 0 5 11 J Mount Lyell 113 9 11 17 0 National Electric 0 10 6 11 S 7 N.Z. Farmers’ Fert. N.Z. Refrigerating 10 9 7 14 2 (con.) 0 5 10 New Colosseum 2 0 0 11 5 0 Sharland & Co. (pref.) 10 3 6 IS 3 Victoria Nyanza Sugar 2 16 7 4 7 Whittome Stevensons 2 16 S 8 8 Wilsons Cement .. BEBENTURES— Auck. Har. Bd., 5J 1 18 9 5 3 2 96 0 0 5 19 Booth, Macdonald, 1932, 65 p.c N.Z. Farmers’ Co-op. 70 0 0 9 G 3 1945, 65 p.c. .. .. 86 0 0 8 3 2 GOVERNMENT BONBS— War Loan, 1939, 45 98 17 R 4 13 1 Bitto, 1933, 55 p.c. 90 0 0 5 17 6 IXSCRIBEB STOCKWar Loan, 3938, 45 )S 17 G 4 13 4 Bitto, 1927-41, 5.V 96 15 0 5 13 1 Bitto, 1937, 5 1-S 95 17 6 5 IS 8