FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 912, 4 March 1930, Page 10

FINANCE & MARKETS

Lower Prices

MARKET ON ’CHANGE

By “Noon Call.”

TKADIXG on ’Change continues to lack life, and a big percentage of listed stocks are neglected; even many of the most profitable dividend-earners are suffering' from the general depression and continuing to rurove to lower levels.

fluctuations j Price movements, shown by a comparison of sales on the Auckland market over the past 24 hours with the price at the time of tha previous recorded sale, include:— •• Commercial Bank of Australia, fall of Id. Auckland Gas-, rise of Id. British Tobacco, drop of 1s Old. Blenheim Oil Wells The Blenheim Oil Wells Company (Taranaki) reports for the week ended March 1: No. 2 bore now drilled to 1,853 feet. P.A. • * * Business on Auckland Market Transactions on the Auckland market over the past 24 hours included the following;: Yesterday afternoon: —Commercial T»ank of Australia, 21s 9d; Auckland (las (con.), 17s; Mount Lyell Mining, 32s 9d. This morning:—New Zealand War J-.oan, 1939, 4- per cent, £9B 10s; Staples Breweries. 4Ss; Bank of New Zealand. 57s 3d. At midday:—Auckland Gas, 23s 6d ’(two parcels); British Tobacco, 40s 7|d; New Zealand Inscribed Stock, 2933, 5£ per cent., £99 2s 6d. Market at Midday Little movement was shown in any Jgroup at midday. Auckland Gas met •with a steady demand, and a number of parcels were dealt with at 23s 6d, compared with last week’s lowest price of 23s 4d. At today’s price the return on investment, based on the last dividend, is approximately £6 16s 2d per cent. In the miscellaneous group, British Tobaccos, which were selling up as high at 42s 5d last week, but have been weakening in the South since Friday, following on selling pressure from across the Tasman, changed hands during the morning at 40s 7ld. The market for most miscellaneous stocks is weak. Electrolytic Zincs and Mount Lyells, both companies which offer attractive returns, are almost neglected, and the market has a falling tendency. The banking and insurance sections are quiet. Government and local body securities, as always at a time when the general market is depressed, meet with a steady demand, although the actual turnover is not heavy. * * * Wanganui Woollen Mills Sold A private company, with a capital of £50,000, has been formed in Christrhurch and has taken over the Wanganui Woollen Mill as a going concern. The name of the company is National Woollen Mills (N.Z.), Ltd., and the shareholders are H. B. Williams, of Gisborne, who holds 25,000

preference shares of £1 each, and W. E. Best, of Christchurch, who holds 25.000 ordinary shares. The office of the company is in Christchurch. Wanganui Woollen Mills, Ltd., over which an option to purchase was given in December by the directors on account of its unsatisfactory financial position, was formed after the war with an authorised capital of £200,000 in £1 shares. Juno 30. 1928. £184,252 had been issued, paid up to £178,064. In September, 1928, a resolution was passed by the shareholders to reduce the authorised capital from £200,000 to £IOO,OOO by reducing the shares from £1 to 10s, and to write down the issued capital of £184,252 to £92,126. * * * Mine Managers’ Reports Mine managers report as follow: Tui.—During the week the drive on No. 3 reef was extended sft. total 90ft from crosscut. Alburnia. Ordinary development work is being carried on with satisfactory results. New Waiotahi.—Work is continuing in the hillward drive, and this week a change has taken place in the coun-

try. The face is now in nice firm shooting country favourable to gold should quartz be met with. A little water is coming from the face, and the indications are that a reef may be struck at any time. Moanataiari.—During the week the shaft has been sunk a further 4ft, total 02ft. As mentioned by wire, we had bored into solid quartz for 18in. This has been blown out and bored again, and the reef formation is over 3ft wide with no footwall showing. The quartz is very hard and progress is necessarily slow. The reef is bearing at nearly right angles to the shaft, and will lunction with all the leaders met with and also the reef that was showing in the shaft. Colours of gold were seen in the ore, and also in the cleavages and vugs in the reef streaks of cinnebar are showing. Lucky Shot. —Work at the mine has been confined to cutting out a chamber for the purpose of sinking a winze in under No. 2 winze, so as to follow down the run of gold that we had from the added level. We cut good goid and we obtained 351 b of picked stone. Gold is still showing. * * * Dividends Payable Due. Bank of N.S.W. —quarterly, 2i p.c Now. Standard Insurance Co., Ltd. —interim, 6 p.c Now. Electrolytic Zinc—interim, ord. and pref., 12 p.c. p.a Mar. 6 Huddart-Parker —final, ord., 5 p.c.; pref., 3 p.c Mar. 15 Bank of Australia —final, 7 per cent About Mar. 22 C. L. innes—interim, pref., 4 p.c Mar. 31 Booth. Macdonald and Co., 2J p.c., pref Mar. Milne and Choyce, Ltd.—interim, ord., pref, and deb. stk., S p.c., p.a Apr. 10

TO-DAY'S QUOTATIONS

Closing quotations at today's midday call were:—

WOOL MARKET FIRM

RATES MAINTAINED AT SYDNEY SYDNEY, Monday. At the Sydney wool sales today the offerings totalled 8.334 bales, of which 7.721 were sold in addition to 749 sold privately. There was very good general competition and the market was firm at the closing rates of last week. Rather more activity was shown by Japan. Greasy Merino sold to 22d. WELLINGTON PROPERTY DEAL A Wellington property deal of some magnitude was completed last week when Metropole, Limited, acquired the Exchange Buildings in Lambton Quay. The old ‘.'Dominion” building was purchased by the same company last month, and the two properties now form part of a comprehensive scheme for a new hotel, shopping rrca.de. and block of flats to he erected when the present buildings are demolished*

WHEAT MARKET

MOVE TOWARD STABILITY CHICAGO, Sunday. Agricultural leaders have expressed satisfaction with the Farm Board's decision to stop paying arbitrary wheat prices. It is believed that this move will lead to a return of stability in the grain industry. The National Grain Corporation is to continue to make loans to co-operatives on the present crop until July 1.

COLLAPSE AT WINNIPEG Reed. 11 a.m. WINNIPEG, Monday. Wheat collapsed on Monday, finishing as much as four cents down. The week-end was almost devoid of export business, closing prices being; May, 1 dollar 3 2 1-S cents a bushel: July, 1 dollar 132 cents; October. 1 dollar 14 cents.

FRUIT FOR EXPORT

AUCKLAND’S APPLE CROP COMING FORWARD FREELY Last season was a record one for Auckland fruit exporters, 81,000 cases being shipped overseas under the direction of the Fruit Export Control Board. This season it appears that previous records will be exceeded by several thousand cases. Reports from all parts of the district. stated Mr. F. L. Howell, Auckland manager for the New Zealand Fruit Growers’ Federation, to a Sun man this morning, indicate that the harvest is maturing most satisfactorily. The fruit is of good size and is reaching maturity earlier than usual. Aggregate applications from orchardists for shipping space to date are 103,500 cases, and, although it is quite expected that total shipments will not reach that figure, that many growers will find they cannot pack quite as many as . they first expected, final returns should show a wide margin over last season’s figures. The first shipment over the Auckland wharf this season was to have left on the Ivaramea today iur London. Owing, however, to the fact that it was found impossible to make satisfactory stowing arrangements, the apples will remain in store until the middle of the month, when the Matakora will lilt approximately 6,000 cases.

A shipment of Continental fruit of approximately 35,000 cases from the whole of Nexv Zealand has been -arranged for the Pakeha, which will make Auckland the final port of call in New Zealand, about April 16 next. Apart from these two shipments Auckland exporters are somewhat in the dark as to when the fruit will be sent away. Definite information in respect to this is expected within the next week or so. A start has now been made on the apple harvest throughout the district, and the earlier varieties are coming into store daily. It is not known yet whether any export will be made to Canada this year. LONDON PRODUCE MARKET HIGH COMMISSIONER’S CABLE The Department of Agriculture has received the following cablegram, dated March 1, from the High Commissioner for New Zealand. London: Tallow.—There was no auction this week. The market is quiet, with best grades unchanged and common sorts from 6‘d to Is lower. Hemp.—The Manila market continues dull and barely steady. Value of J grade, March-May shipment, is £3l. Sisal: The market is quiet, with an easier tendency. Good marks. No. 1. February-April shipment and MarchMay shipment, were quoted at the. close by sellers at £35: No. 2, £34; fair average quality, 10s less. New Zealand: The market is dull, with more disposition to sell. First-hand business was reported during this week in March-May shipment at high fair, £32: fair, £2B 10s; common, £27 ss; No. 3 tow, £l7 10s. Buyers’ ideas are now 10s below these prices. Wool. The Bradford market is quiet. Spinners are still buying from hand to mouth. Present quotations for tops are:—64’s, warp, 2s 5d a lb; average, 2s 4d; 56’s, Is Sid; 50’s, prepared, Is 6d; 40’s, prepared. Is 3cl to Is 3£.d. Oats. —The market is easier in the absence of buyers and on selling pressure. Plate for March shipment is offered at 13s 9d; Chilean white, 17s 6d. German. February shipment, sold at 14s 6d. English continues in good supply. Choice white feed is offered at 17s 6d to 18s 6d and seed -?2s to 235. The nominal value of New Zealand. A grade Gartons, Mjircli shipment, is 21s. Peas.—English maple are fairly plentiful. Good samples are offered at 44s to 455. Imported for shipment are still in poor request. New Zealand, March-April shipment, can be bought at 555. Buyers’ ideas are about 52s 6d. There is a little better spot demand and New Zealand has sold at 50s to 53s 6d ex store, according to quality. Blues: The afloat market is weak, which has affected forward shipment. Japanese afloat sold at £l4 ss; Februarjr-March shipment. £ls. „ Beans.—The demand for Finnish is limited and prices are lower. Good winter* are offered at 435; small round spring, 44s 6d. Cocksfoot.—The market is quiet, but steady, at about last quotations.

WOOL PRICES IMPROVE

DOUBLE SALE HELD AT WANGANUI RATES EXCEED HOPES Pi css Association TV ANGANUI, Monday. The third Wanganui wool sale of the season was held today immediately following the fourth Wellington offiering, which was sold here as the result of a temporary cessation in the auctions brought about by a dispute between brokers and buyers. A full bench of buyers operated, the gathering being the most representative since sales have been held in this centre. Competition was keen for certain classes of wool and generally an upward tendency in prices was registered. It would be safe to estimate that of the total quantity of wool offered 80 per cent, was sold under the hammer on a slightly rising market. Bidding developed a keen tone at times and prices slightly higher than were expected were obtained. Officially it is stated that a rise of id to Id a pound on the last Wanganui rates was realised. Iveen competition was in evidence for super, lines and the lower grades of wool seemed to command more respect from buyers.

Germany was not a strong competitor and the reduced limits of Bradford were again evident, but buyers from this centre showed more life than at recent sales. Fleece wool showed an advance of £d a lb. in average to good crossbreds and fully Id a lb. in seedy and shabby wools. Prices and bellies were rather higher. In lambs’ wool competition was good and lines free of seed rose Id on the last January sale. There was a margin of difference in the quality of the two catalogues of wool. The Wellington offering was drawn largely from Wairarapa and Manawatu, and in consequence it was much cleaner than the Wanganui clip, which comprised unskirted -wools from back country stations and heavy-con-ditioned late-shorn wools. Any carefully skirted and classed clips attracted more attention than the remainder. The official range of prices for the Wanganui wool only was as follow, prices at the Wanganui sale in January also being given:

The official range of prices for the Wellington wool sale was as follows: Merino. —Super, 12d; average, 9d to llid; inferior, 8d to Sid. Fine Halfbred. —Average, 9ld to 10|d: inferior, 7£d to B£d. Medium Halfbred.—Average, SJ to lOd; inferior, 7d to Bd. Extra Fine Crossbred. —Average, B|d to 10£d; inferior, 7d to 81 d. Fine Crossbred. —Super, 9id to lOd; average, 8d to 9ld; inferior, 7d to Bd. Medium Crossbred. —Super, 9d to 9id; average, 7ld to 9d: inferior, 6-id to 73d. Coarse Crossbred.—Super, 9d to 9ld; average, 7£d to 8Id; inferior, 6&d to 7d. Low Crossbred.—Average, 7ld to 8ld; inferior, 61 cl to 7d. Hoggets.—4Blb to 501 b., 9d to lOid: fine, 73d to medium, 73d to Bld. Lambs. —Fine, 8d to llld: medium. 7-id to 91d; seedy and inferior, all grades, 4ld to 7ld. Bellies and Pieces.—Crossbred: Good to super, 4ld to 7d; low to medium, 4d to 4ld. Crutchings.—Medium to good. 4id to 6ld; inferior and seedy, 3d to 4d. Locks.—Merino, 4id to sld: halfbred, Sid to 4ld; crossbred. 3d to 4d.

EMPIRE TOBACCO CORP.

ACTIVITIES AT RIVERHEAD During the week-end a large party of shareholders in the Empire Tobacco 1 Corporation visited the corporation’s Riverhead properties. The party was taken over the plantation by the manager. who explained that ten different varieties of tobacco had been planted and one had been so successful as to yield nearly 2,0001 bto the acre. The company is providing for the planting of several hundred acres next year, and will naturally use this particular species for the whole crop. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Leonard and Son, Limited, from A. C. Rowson, London, dated February 28: —Butter: New Zealand, first grade. 1445; finest, 1465. The demand is very slow. The market is weak and dull and lower prices are expected. Outlook: Market will probably go lower. Cheese: Deliveries: New Zealand and Australian. 22.486 crates; Canadian, 3.343 boxes. Stock: New Zealand and Australian, 80.356 crates: Canadian, 133,339 boxes. Price: New Zealand, white S6s, coloured 365. The demand is slow, but the market is steady. Outlook: Prospects for market steady. Dalgety and Company, Limited, from their London house, dated 3rd inst.: Butter: Prices are Is to 2s a cwt. lower (last quotations butter 144 s to 1465). Cheese: Prices are Is a cwt. lower (last quotations, white. 85s to 87s, coloured 84s to 86s). POSITION AT CHICAGO Reed. Noon. CHICAGO, Monday. Wheat prices crashed again when it became certain that the Farm Board was out of the market. All deliveries opened lower and fluctuated by fractions throughout the session. July and September deliveries were the hardest hit when professionals sold heavily. The Farm Board agencies seemingly lent aid at times, but following rallies fell far short of the mark set as a stabilisation price. Wheat closed at the following rates: March 1 dollar 8 5-S cents a bushel; May, 1 dollar 13 3-8 cents a bushel: July, 1 dollar 10 1-3 cents a bushel: September, 1 dollar 12 cents a bushel.

Buyers. Sellers. E a. d. S t I BANKS— .Aust. of Commerce . 'l 4 3 1 5 0 Australasia .. .. .. 1?. 0 0 _— Com. of Australia . 1 1 7 1 1 9 Ditto (pref) .. .. — 6 14 0 Ting. Scot. 8: Aust. 6 7 6 6 12 6 National 0! N.Z. .. -— 6 2 0 Nat. of Australasia . ~— 15 10 0 Ditto (cnn.) .. .. —— 7 9 0 New South “‘ales . 39 15 0 40 7 6 New Zealand .. .. 2 17 0 2 17 6 ”Union 01' Australia . 12‘. 0 0. 12 1 0 msumcm. ' .\.1"..\. .. .. .. .. — 0 '.‘ 3 National .. .. .. 0 13 9 0 14 6 New Zealand .. .. 2 3 3 2 4 0 Queensland .. i. .. -— 2 12 0 houth British .. .. 3 0 0 3 1 0 LOAN AND AGENCYinalgety and Co. .. -— 12 0 0 Dominion Invest. and Banking .. .. .. ——- 1 0 6 I-‘armers' Co-op. .. -— 4 1 0 Ditto (A pref.) .. 0 11' 0 0 1:) 0 Ditto (B pref.) .. 0 16 (I 0 17 6 Iioldsbrough. Mort . 1 11 0 ,i )1 9 Newton King (pi-cf.) 0 11 0 0 1:} 0 N.Z. Loan & Mere. 9': 0 0 104 0 0 N. Auck. Farmers’ » (To-op. (0rd.) .. .. 0 2 5 — Ditto (B pref.) .. —‘— 0 n a Reliance Loan .. .. — 1 4 0 COAL,— ‘ Grey Valley .. .. 1 6 0 1 7 :l Mikurangi ,. .. .. 0 1 6 . 0 2 3 Ditto (pi-ct.) .. .. 0 4 o -— Ditto (A pre!,) .. 0 3 0 0 6 0 Pukemiro . . . . . . 2i 8 0 3 10 6 Renown .. .. 014 9 016 0 Ditto (pref.) .. .. 0 3 0 0 2‘. 4 Ditto (new issue) —- 0 2‘. 2 'l‘aupiri .. .. .. .. —— 1 s 0 “lama“ .. .. .. .. —— 0H 0 \Vegtport .. .. i. . — l 11 0 ‘.Vestpoxt-Stnckton — 0 :2 3 GASAuckland .. .. .. .. 1 3 5 1 5 8 Ditto (con) .. .. —— 0 l? 4 Birkenhead .. .. .. — n 1;} 6 SHIPPING— Devonport Steam . . ——-— l 4 0 iloward Smith .. .. .—— 0 19 0 ‘rIuddart-Parker .. 1 15 fl _— Northern Steam .. 0 13 3 0 H 6 Ditto (com) .. .. 0 6 o 0 7 0 Union Steam (pret) 1 0 0 — TIMBER— Rartholomew . . . . 1 1 0 ~— Kauri Timber .l .. — 0 1| 9 J eyland—O‘Brion .. 1 S n l S! 0 .‘(utionni .. .. .. 0 S 5 0 ‘J 6 BREWERIES— C. L. Inno- .. .. .. 1 l O — Ditto (pretl .. .. 1 1 6 —— ”N.Z. Brewrles .. .. 4 0 6 4 '.‘ 6 J. Staples .. .. .. ~— :2 9 0 MISCELLANEOUS— .‘lustralian Glass .. —— ‘.' 2 6 ...ust. Iron 6: S'.eel (pref.) .. .. —- 1 0 3

Buyers. Sellers. \ f. s. d. E I. d Booth. Macdonald (pref.) .. .. .. 0 4 £1 —— British Tobacco .. 2 0 u 2 2 0 Burns. Phllp .. .. — 11’.‘ 9 Eye-raft, Ltd. .. .. 111 G 115 3 Colonlal Sugar .. 43 10 0 44 10 0 Dominion Pictures . 1 0 U — Ditto (Dre-J.) .. .. l 0 0 ~— Donaghy's Rope .. — 1 15 0 Dunlop Perdriau .. — 0 18 0 Electrolytic Zinc (pref.) .. .. .. .. 1 7 6 1 s 0 Farmers' Trading . 0 S (i 0 S 8 Ditto (A pref.) .. 0 14 0 017 6 Ditto (B pref.) .. —— 0 13 0 Fullers’ Pictures .. -- 0 18 0 Gear Meat .. .. .. -— 1 18 9 Hayward's Pictures —— 0 18 0 Henry Jones Co-op. 1 S 0 1 S 6 Kempthorne-Prosser — 3 12 (i Milne and Choyce Deb. stock .. .. 1 6 6 1 S 0 Morris Hedstrom (pret.) .. .. .. .. 018 0 _— N.Z. Farmers’ Fex‘t. —— 1 0 G N.Z. Paper )Iills . 0 1.9 0 1 O 3 N.Z‘ Refrigerating . I! 11 ti _— Ditto (com) .. .. 0 5 6 -—— Sanford. Ltd. .. .. -—- 0 16 0 Ditto (pref) .. .. — 1 0 0 S. R. Maxwell .. .. . —— '3 !I 0 ’l'aranaki Oil Fields . 0 3 6 0 4 9 Union 01] .. .. .. ‘ —— 2 1 0 \Vairakei. Ltd. .. .1 0 6 6 n 10 0 W‘hlttome-Steveusons —— 2 0 6 Wilsons Cement .. 1 18 8 1 13 9 MINING— Alburnla .. .. .. .. — 0 0 6 Moanataiari (paid) 0 :2 2 0 3 Is Ditto (25 4d paid) —— U 1. 10 Ditto (ls 6d paid) 0 1 4 0 1 10 Lucky Shot (4s pd) -— U 2 0 Ditto (0.011.) .. .. — 0 1 (I Ohinemuri (0rd.) .. O I) 6 0 1 {0 Ditto (pref.) .. .. — 0 2 6 “‘aihi .. ,. .. .. .. 0 12‘. 5 01'! T “'aihi Grand June. 0 l 2 (D 1 G Mount Lyell .. .. .. 1 1‘.’ 0 1 12 6 DEBENTURES— Auckland Gas. 1932. 5 per cent. .. .. —— 9') fl 0 Ditto, 1935, 63 p.c. 100 0 0 — Auck. Har. Board. 6 p.c. .. .. .. .. 101 0 0 10310 0 Hamilton Fire Board. 1939. 6 p.c. .. .. .. — 102 0 0 Christchurch Drainage Board .1 —- 10‘: D 0 Borough .\IL Albert. 1963, 52 p.c. .. .. -— T411 5- 0 Gisborne Sheep— t‘armers .. .. .. .. »— 9:; 0 0 GOVERNMENT BONDS—— \Vm- Loam, 19:18. 4.1. ,_ 5w 0 0 Ditto, 13119. 4; p.('. 97 10 0 {‘8 1|] 0 Ditto. 11)::3, 5; p.c. in! u (I ~— Ditto. 1936. 5; our 9:; u 0 —_ lNSCl’db‘ED STUCK—“'ur Loam 19:18, 41. —- :v.‘\' 0 0 Ditto, 11927-41, 5: in; I) n H Ditto. 1933. 3; p.1-. {'9 0 0 ~— Ditto, 1936. 5; p.('. 9:! 0 0 _— Ditto. 1937. 5 1—8 11510 0 _-

.7 d. Extra fine crossbred— Average Si 'anuary. d. 1o S3 d. si Ma to rch d. Inferior . . . . 7 to s S to si Pine crossbred— Average 7% to SJ 7? to !) Inferior to 7 to s Medium crossbred— Average .. .... ~ 7 to 73 7J. to S4 Inferior 6 to B3 6i to Coarse crossbred— Average n to 7i to Si Inferior bi to 6i to Low crossbred— Average 6 to 63 7 to inferior 6i to 7 Hoggets— 4S’s to 50’s .... Si 1 o Si to Fine X to Si S to St Medium 7 to 3 Pieces (crossbred)Good to super 6 to 7 Low to medium 4 to 4i to 5 a Bellies— Low to medium to 4 n to 45 Fine 10£ to in 101 to 115 Medium 7 to n S to 10i Inferior and seedy 4£ to 55 to s Locks— Crossbred .. .. 2i' to 3 3 to n