FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 934, 29 March 1930, Page 11

FINANCE & MARKETS

A Better Tone

MARKET ON ’CHANGE

By

“Noon Call.”

THE market oil Change closed for the week tills morning with most sections showing little movement. The general tone vas the brightest for a Saturday morning for several weeks.

gi..p.tuations price movements, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, inof New Zealand, rise of 2d. Moanataiari Mining, rise of 2d. * » * Business on the Auckland Market Transactions on the Auckland mar- , over the past :i4 hours included: "Yesterday afternoon. Auckland xj'irliour Board, 193 ti, 4 per cent. ±190; Pukemiro Collieries. B9s 6d; Taupiri f-oal °6s: New Zealand Breweries, £4 1,9,1 and £4 3s; Moanataiari Mining. " S THs morning.—Bank of New Zealand 575: Auckland Gas, 23s tld; Klectrolytie Moantaiari Mining Tio manager of the Moantaiari Mining company wired yesterday as folon footwall of reef; south re e£ wider than drive; showing strong dabs or Oil Prospecting Company A recent issue of the -Mercantile Gazette” contains notice of the registration of Moturoa Oil Fields, T,td„ with a capital of £IOO,OOO in 400,000 „ ha res of 5s each. Subscribers are Messrs. A. B. Williams, 11. B. tvi 1 -

. liaxns and A. IT. I s . Moline (Gisborne(, G. ; W. Magnus, F. H. Bass and C. N. Taylor (Wellington), and J. B. Donald (Auckland, one share each. The obj jects of the company are to acquire j from Taranaki (N.Z.) Oil Fields certain mining leases and to carry on the business of miners and prospectors. Heavy production is not expected, but the promoters point out that the class of petroleum formerly won from the Moturoa field was sufficient to promise successful exploitation if only a comparatively small flow could be induced. The new company has taken over the rig formerly used by Taranaki Oil Fields in the Waiapu district, together with a considerable amount of drilling pipe. Dividends Payable Pukemiro Collieries, intermim, 2s a share Mar. Cl British Tobacco —interim, 3 p.c. Mar. 31 Hume Pipe Co. (Aus.)—interim, 4 p.c Mar. 31 C. L. Innes—interim, pref.. 4 p.c. Mar. 31 N.Z. Guaranteed Stock—interim, and 4d on 8s pd., lOd on fully pd., 7 p.c. on p-ref Mar. 31 Timaru Breweries —10 p.c April Bank of Australasia—final, 7 p.c. Apl. 4 Howard Smith, Ltd.—interim, cum. pref., 6 p.c., p.a Apl. 6 Kempthorne-Prosser Drug Co.— final, 5i p.c Apl. 8 Milne and Choyce. Ltd.—interim, ord.. pref. and deb. stk., 8 p.c. p.a Apl. 10 New Zealand Breweries —interim 71i p.c Apl. 14

TO-DAY’S QUOTATIONS

Closing Quotatlcns at today*, midday call were:—.

TASMANIA ALOOF

Heed. 10.50 a.m. SYDNEY, Today. The New South Wales State Government agreed to the Federal wheat pool proposal, but Tasmania declines to co-operate.

PRODUCE MARKET QUIET POSITION IN CANTERBURY Press, Association CHRISTCHURCH, Friday. Wheat is now coming to hand more freely, and the stores are being filled J U p. Values are still at 15s Sd on trucks for Tuscan, 5s lOd for Hunters, and Gs 2d for Pearl, but at the moment there is not much buying. There is the greatest uncertainty in regard to the probable yield, but a fairly general agreement prevails that it will be much lower than was expected a few weeks U °Bran has been reduced 10s a ton in sympathy with the Australian movement. Oats are offering to a very small extent, but not very many are wanted. Values are about 3s 10£d for A grade Gartons, and 3s Sid for B grade, f.0.b., There is a little demand from the i North Island for chaff, but offerings are small. From £ 4 12s Gel to i-*4 15s on trucks, and up to I- G 10s, f.0.b., 5.1., cover values. Tlio equivalent of 5,000 sacks of potatoes was dispatched by this weeks boat to Auckland; f.0.b.. s.i., values for the main crop are £4 12s Bd lor July, and lor .lulj-September £e 12s Bd The. on-truck price ranires from £3 10s to £3 12s Bd for Whites, and UP to £3 las for Dakotas. Tlxo onion market has collapsed, and quotations on trucks have dropped to £2 5s a ton. As a result of the heave I Auckland crop, no orders are corning l from dlierc, and there is no export to Sydney this year, whereas last season several thousand tons were shipped. xlt c i llss es of seed are the same as previously reported. The market is still inactive. COMPANY REGISTRATIONS Recent company registrations at Auckland include the following private companies:— , • , Western Produce Company, Limited, general merchants. Capital £3,000 m t*l shares. Subscribers: John William Bavkv. 1,500 shares; Eric Roberts Bavley, 1.300 shares; Gerard Leslie Bayley* 200 shares. Colonial D istributors, Limited, machinery merchants and manufacturers. Capital £750 in £1 shares, teubscribers: Clifford Grist Salmon, 500 shares; Samuel iu Dunseath, 200 shares.

STORAGE SPACE TAXED

ACCUMULATION OF PRODUCE POSITION OF COOL STORES Seldom has been such a wealth of primary produce held in Auckland stores as at the moment. Heavy production, with a consequent shortage, of shipping space has combined to bring about a big tax on Auckland freezing space for primary produce. Production dairy produce for March throughout the whole of the province has been well ahead of that of last year. Fat stock has also come forward freely, and stocks are starting to accumulate at the various works. On top of all there has been an unexpectedly big increase in the fruit harvest, and thousands of’cases now coming forward daily show every indication that there will be up to 40 per cent, more apples exported this year than last. The result of this heavy increase in production, all calling for cool storage, has been a heavy accumulation at the various works —Southdown. King's Wharf, Horotiu and Westfield works are all finding it necessary to draw on more storage space than in normal years. At the moment little difficulty is being experienced in coping with the a premium over the rie-Ct ■iAi'iAilon. But nevertheless vr-.il weeks. Freight space calculations made earlier in the season are now found to be well below requirements, but, for the most part, it is too late to make fresh arrangements and, although, two or three boats may be diverted into New Zealand waters, for the most part those controlling- export will have to make the best of existing arrangements. 9 Whereas, earlier in the season, one boat took over 100,000 boxes of butter from Auckland in the one shipment, five vessels scheduled to load at Auckland during April will take little more than that amount between them. To a slight degree the storage position has been accentuated by the decision of some factories to hold supplies back as long as possible in the hope of an improvement in the dairy produce market. It is not expected that there will be any worth-while easing in the position until well on into May.

BANK OF ENGLAND WEEKLY RETURN BONBON, Thursday. ] The following is the Bank of England ! return: — Issue Department Notes issued in. circulation £352,203,815 In bank department .. .. 62,840,063 Government debt 11,015,100 Other Government securities 232,986,880 Other securities 11,537,685 i Silver coin 4,460,335 | Amount of linanciary issue 260,000,000 j Gold coin and bullion .. .. 151,143,5 TS Banking Department Proprietors* capital 14,553,000 Rest 3,7.38,526 Public deposits 15,786,«73 Other deposits, bankers .. 54,874,277 Other accounts 35,916,736 Seven-day and other bills .. 1,769 Government securities 44,766,909 Other securities, discounts, advances 19,411,233 Notes 62,840,063 Gold and silver coin .. - . 852,871 The principal items of the above return compare as follow with those for Vast week, the proportion of the reserve, being shown in the last line; —

Maximum, March 19, £154,245,375; minimum, January 1, £146,115,719. SHORT LOANS AND BILLS The Bank of England rate of discount is 3} per cent., to which it was reduced on March 20, from 4 per cent. Short loans are quoted at 2i per cent., compared with 2 per cent, last week. The market rate of discount for best three months’ bills is 2 3-16 per cent., as compared with 2J per cent, last week. FOREIGN EXCHANGES The following rate* on foreign exchanges are current today, compared with the cabled quotations on March

RECORD ON CHANGE NEW YORK BUYS HEAVILY Reed. 11.30 a.m. NEW YORK, Fri. The Stock Exchange broke the year's record with the sale of 5,055,000 shares many issues touching new high level.in a sudden burst of strength and activity in the last half hour.

HELP TO PRODUCERS MEASURES IN AUSTRALIA Reed. 10.40 a.m. CANBERRA, Today. A Bill was introduced in the Senate providing for the payment of a bounty on cotton seed, lint and yarn. The Acting-Minister of Customs expressed the opinion that industry was able to stand unaided for six years hence . A Bill to establish a Central Reserve Bank, the objects of which include further assistance to the primary and secondary industries, is being introduced on Tuesday. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Amalgamated Dairies. Ltd.. from their London Office, dated March 27: "Butter, market active at close of business yesterday. Anchor, 1325, but no general confidence in advance. Cheese, white, 78s to 795; coloured, SOs; market quiet.” A. H. Turnbull and Company, from W. Weddell and Company, London, under date March 28: —"Butter: Danish. 149 s to 150 s; New eZaland, unsalted, 138 sto 1445: salted, 120 s to 130 s; market steadier. Cheese: New Zealand, white. 7Ss to 795; coloured, 79s to Sis: market quiet. Canadian cheese, white, 96s to 100 s: coloured, 90s to 985.”

AUCKLAND WOOL SALE I ___ RANGE OF PRICES j "There was a representative bench j of buyers and bidding was animated at the lower levels now prevailing.” states ; the official report issued by the AuckI land ’Woolbrokers’ Association at the close of the sale. ; "As at the second Auckland sale. I Bradford was again the principal i buyer,” continues the report. "Prices | ruled 2d to Id lower than the January sale in Auckland and were about on a J par with those realised at the recent Napier sale. Against this it must be ! borne in mind that the quality of the wool offered was, as is usual toward I the end of the season, not so attractive, i Seedy and sandy wools were much in ! evidence. About 75 per cent, to SO per j cent, of the offering was sold under | the. hammer. i "It is evident from the quotations ."Ben below that wool is being sold below the cost of production at present, with resultant loss to the producers.” The individual catalogues in the order of sale were: Abraham and Williams, Ltd. . . 1.857 A. Buckland and Fons. Ltd 1.260 Farmers’ Co-operative Auctioneering Company, Ltd 2,725 N.Z. Loan and Mercantile Agency : Company, Ltd . .. 4,025 , Dalgety and Co.. Ltd., and North J Auckland Farmers’ Co-opera-tive, Ltd., in conjunction.. .. 5.552 Total 15,728 The following table gives the range of

COTTON DEPRESSED i DISTRESS IN INDUSTRY British Official Wireless RUGBY. Thursday. [ In the House of Commons today iSir j Herbert Funnel. Liberal member for ! Darwen. raised the question of unemI ployment in the cotton industry. He ■ | observed that the trade depression in | Lancashire was, worse than it had been , within the knowledge of a whole gener- * ; ation. The cause of the parlous condition of | the industry at this moment was to j be found in the decline of exports in India. Britain had lost half her trade under the shelter of the cotton tariff. ; : The production of cotton goods in India J | had increased, while the imports of [ i Japanese cotton goods into India had grown enormously. The preference supposed to be given : i to British cotton, as against the Japan- ! . ese article, was regarded in Britain as ; in no degree balancing the large duties : | on British cotton. Mr. W. Graham, president of the | Board of Trade, admitted the gravity I of the conditions in Lancashire. The ‘ latest figures indicated that there were 1 ; 154.000 people registered as out of work. ; The committee which had been appointed to investigate the matter would ! shortly complete the taking of evidence ! and prepare its report. ! As a result of representations, the j Indian authorities had stated that. ! while they could not modify their tariff

| of 15 per cent, ad valorem, they would | impose an additional duty against | foreign cotton. Lancashire had been , relieved to some extent by that announcement. However, since then it i had been indicated that an amendment would be accepted in India which • would take away that form of preference to British goods. Great as was the difficulty for Lancashire. the Minister said ho did no 1 think the Government could make any ; further representations, or carry the j appeal beyond the stage to which i had been carried. L-L=—V . -

Buyers. Sellers. £ s. d. £ s d. banks— Vast of Commerce 1 a 0 _ Adelaide — Australasia .. .. .. — Corn, of Australia . . Nat. of Australasia Ditto (con.) .. .. 14 17 0 7 9 0 New South Wales .. New Zealand .. .. 2 16 10 1 17 3 INSURANCE— 0 5 6 — New Zealand .. .. 2 :i 6 South British .. .. 3 2 loan and agency— Paigety and *'«>. Dominion Invest. & — 11 6 0 3 Banking — ■ 1-Arm ers Co-oj>. Ditto (B pref.) — Ooldsbroush. More Newton King (pref) X.Z and River Plato N.Z. Loan & Merc. — 102 0 Co-op. (B pref.) .. OSS 0 10 COAL — Grey Valley 1 7 3 llikurangi Ditto (pref.) .. -- 0 6 0 Ditto (A pref.) .. 0 14 c, Ditto (pref.) .. . 0 3 0 0 3 4 Ditto (new issue) . Taupiri Ditto (pref.) .. .. 0 14 0 Westport - Stockton — 3 GAS— Auckland 13 4 Ditto (con.) .. .. 0 16 10 0 13 cote Ditto (7 per cent. — 0 0 18 Ditto (8 per cent 1 0 0 "Whangarei .. .. •HIPPING— Pevonport Steam .. 12 0 1 3 6 Howard Smith .. .. Huddart-Parker *'*■ (px*ef.) 10 0 Northern. Steam 0 13 6 Ditto (con.) .. 0 6 2 Union Steam (pref.) 10 0 TIMBER— 0 la 0 0 S 0 Parker-Lamb .. .. BREWERIES— ~ C. L. Innes 110 — Ditto (pref.) .. .. 116 — N.Z. Breweries .. . - MISCELLANEOUS— Booth, Macdonald 4 16 0 (pref.) —

Buyers. Sellers. £ s. d. £ s. d. British Tobacco 2 2 0 2 2 9 Colonial Sugar .. .. 44 0 0 Dora. Pictures 1 0 0 Ditto (pref.) .. .. 1 0 0 Electrolytic Zinc (ord.) 1 1 Ditto (prel. > . . . . 1 7 9 1 8 9 Farmers’ Trading . . 0 8 4 3 Ditto (A pref.) .. 0 15 6 0 16 Ditto (B pref.) . . 0 13 0 Gear Meat 1 IS 6 Hayward’s Pictures 0 12 0 0 14 0 Henry Jones Co-op. l 9 G M.M. Arcade (pref.) 1 0 6 N.Z. Drug Milne and Choyca (deb. stock) .. .. 1 Morris Hedstrom (pref.) 0 IS 0 National Pictures . . 13 Farmers’ Fert 1 0 N.Z. Paper Mills . . 1 0 Robinson Ice Cream 1 Sanford, Ltd 0 15 Ditto (pref.) .. .. 1 0 Shariand & Co. (pref.) 1 0 0 Taranaki Oil Fields 4 Union Oil 1 19 6 Wliittome-Stevenson 1 Wilsons Cement . . 1 18 6 1 19 6 MINING— Alburnia 0 0 1 0 0 6 Moanatalari (paid) 0 1 10 0 6 Ditto (con), 2s 4d paid) 0 0 6 0 1 Ditto (Is Od paid) 0 1 3 0 — ... 0 0 6 Ducky Shot (4s pd.) — 0 2 0 Ohinemuri (ord.) .. 0 0 6 Waihi 0 13 4 Waihi Grand June. 0 1 3 0 Mount Dyell 1 14 9 1 Kuala Kampar Tin 0 Kampong 1 DEBENTURES— Auck. Gas, 1935, 6} 100 0 0 — 96 10 0 — 101 0 0 City of Auckland, * 1943, 5£ p.c 96 10 0 ; Auck. Power Board. 96 [ Hamilton Fire Bd., 6 102 Bor. of Hamilton, 6 101 [ Bootli-Macdonald . . 70 0 0 90 Williamson's Films . — 103 0 0 GOVERNMENT bonds — War Loan. 193S, 41 97 7 6 — Ditto, 1339, 41 p.c. 7 6 Ditto, 1941, 4i p.c. Ditto, 1933, 51 p.c. Ditto, 1933, 5i .. 99 Ditto 1936, 5£ 99 INSCRIBED STOCK War Loan, 1938, 4jJ 97 7 6 t — Ditto, 1939, 4i p.c. 97 Ditto, 1927-41, 5i . 9b 0 0 97 0 Ditto, 1933, 51 p.c. 9b Ditto, 1933, 5£ p.c. 99 2 6 Ditto, 1936, 51 p.c. 99

Deposits— Mar. 26 Mar. 19 £12,882,680 £18,786,773 (.2,086,473 54,874,277 Other securities 35,883,025 35,916,736 £110,852,178 £109,577,786 £41,481,563 6,060,054 6,110,557 16,258.430 13,300,681 65,355,174 63,692,934 348,890,201 352,303,815 151,996,749 ’‘•Coin and bullion 154,245,375 Proportion .. .. 58.90 ♦March 27, 192 9, £158,160,000. 1930:

25 and par:— Mar. 27 Mar. 25 Par. . : -4 4 8i 6 x!- 32 ill i:ISS Paris, fr 124.28 124.25 124.21 Brussels, belga .. 34.875 34.88 35.00 Geneva, fr 25.135 25.135 25.22 Amsterdam, fl. .. 12.12 3-8 12.12 3-S 12.10 Rome, lire 92.81 92.97 92.46 aSTri: :: ?S:8i» 838 s 8:8. Copenhagen, kr." 18.17 liUS isills Vienna, sell. .. . . 34.545 34.575 34.585 Prague, kr 164* 164 3-16 24.02 S«. raarti aTJ- 8 8ft 1 Ii:lI a Lisbon, escu 108.30 10S.30 — :: I?I ill 8 II:8» R. de Janeiro, mil. 5 25-32 5 25-32 — Calcutta, rupee .. 17 13-16 17 13-16 18d Shanghai, taei .. 23 233; — Hong Kong, dol. . IS 1-8 184 — Yokohama, yen . 242 24 3-S 24.58d Batavia, fl — 12.12i 12.10 CONSOLS AND COLONIALS The following table gives quotations for consols and colonial inscribed stocks, compared with those of March 20:— Price Variation Consols, 21 per cent. . . 57 0 0 10 0t Fund Loan, 4. 1960-90 92 0 0 Same War Loan, 5 1929-47 . . 103 2 6 7 Byconversion Loan, 31 . . 79 3 9 6 3* Victory Bonds, i .. .. 95 0 0 20 Of Con svealth, 54, 1922-27 94 0 0 62 6t Com’wealth, 6. 1931-41 .100 0 0 22 fit Vu-1 < if ia n. .. OS u <• 2 2 0 •' Victorian’ 5l’, 1930-40 .9S 0 0 55 0t Victorian, 5, 3 932-42 .. 92 5 0 77 fit Victorian, 42, 1940-60 . . 87 10 0 85 0t N.S.W., 4, 1933 94 7 6 .12 6t X.S.AV., 3. 1!*35 87 0 U 37 6t X.8.W., 3 i, 1930-50 .... 72 7 6 52 6+ , N ,S.AV ., t>.(, .. . • 1 00 n li j li * X.S.AV., fi\, 1930-40 . . 100 10 0 5 Or X.S.AV., 6. 1930-40 .. .. 100 2 6 25 Of Queensland, 1930 .. 99 5 0 5 Of Queensland, 3. 1922-47 .. BS 2 6 12 fit Queensland. 6. 1930-40 .. 98 15 0 30 Or ; X.Z., 4i. 1949-58 96 7 6 62 fit !-X.Z.. 1940 89 12 6 17 6* X.Z.. 6, 3936-51 105 5 0 15 0i S. Australia, 1939 .. 84 12 »0 52 61 S. Aus., 3. 16 or after 54 10 0 30 0t S. Aus.. 6i. 1930-40 .. 101 0 0 25 01 Tasmania, 3i, 1920-40 .. 82 0 0 10 Ot Tasmania, 3, 1920-40 .. SO 0 0 40 OS Tasmania, 6$, 1930-40 .. 100 12 6 7 O’AV. Aus., 3h, 1929-35 .. SS 2 6 Same AV. Aus., 3, 1915-35 . . SS 0 0 32 61 AV. Aus.. 6, 1930-40 .. 99 10 0 40 Of +Higher. ♦Lower. The Funding Loan is quoted ex-divi-dend.

prices realised, with January, 1930, shown as a comparison: — prices March, 1930. d d J r~ 1£ ‘ ; ir • FINE HALF FRED S3 to 9 — MEDIUM HALFBRED (50/56) — tS£$? :: :: sj is ?i ?» to to “i COARSE HALFBRED US 30) Super — to 10-1 71 to SI 6 to t>£ l 4 Inferior 6 to FIXE CROSSBRED (46 4S> — Average S1 to p MEDIUM CROSSBRED (44 46) 11 Average 6I to 71 s COARSE CROSSBRED (40 44) Super Average «! to sf S to 1! LOW CROSSBRED (36 '40) — II Inferior to ei HOGGETS — il lo II Coarse b*i to 8 Fine (44/50) .... Medium (40/44).. Seedy & inferior. IFtol 3 to 5 / 3 to to 103, h BELLIES AND PIECES — Crossbred — Good to Low* to medium 2J to 3J il to 35 Medium to good Inferior to seedy 2 to 3i 4 tS 6 25 Crossbred 2 to 31 -I to 3