FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 975, 19 May 1930, Page 11

FINANCE & MARKETS

Quiet Morning on ’Change Farmers’ Trading Improve THE volume of business registered at the week’s opening * calls this morning was small. Farmers’ Trading are again firmer with buyers 8s Bd, sellers 8s 9d.

Business on the Auckland Market Transactions on the Auckland market this morning: At-the morning early call.—Comraercial Bank of Australia (late sale), £1 Os bid; South British Insurance (late sale), £2 19s 3d; One Tree Hill, 52 per cent., 1963, £IOO 15s. At the midday call.—Commerqial Bank of Australia, £1 Os 9d; Mount Lyell. £1 7s 9d. Market at Midday There is little change in the bank section. Australian of Commerce and Australasia are slightly firmer. Commeicial of Australasia are steady sa!es this morning at 20s 9d. National oi Australasia, paid, are a shade nrmer. New Zealand are inclined to nrm. Union are unchanged. In the insurance section. National Buyers have increased to 14s 2d. New Zealand are firm. Queensland buyers aro steady at 475, but sellers have reduced to 4Ss 3d. South British are

steady. Standard have persistent buyers at 535. Local body and Government bond and stocks remain steady, few sellers appearing this section. Dividends Due Due. Dental and Medical Supply—annual, 4 p.c May 19. Grey Valley Coal interim, 3 v- b- c * , •• •• May 21. National Bank of Australasia—final, both issues, 10 p.c. p.a. May 28. Bank of N.S.W.—quarterly, 25 P-c May 28. Farmers’ Trading—A and B pref., 7 p.c. p.a May 31. Burns-Philp—final, 3 0 p.c. p.a. May New Zealand Paper Mills—final, 75 p.c. p.a May 29. P. and O. Deferred Stock—interim, 5 p.c., free of English tax May. Wilsons Cement—final, 5 p.c., bonus. 25 p.c June 4. Mount Lyell—interim, 5 p.c. .. June 23. Faterine Stock Foods—pref., 5 p.c. p.a June. Calls Reliance Loan Co. —pref., 2s 6d a share July 2.

__ TO-DAY’S QUOTATIONS

Closing Quotations at today’s midday

call were:-^

FROZEN MEAT

SMITHFIELD PRICES LONDON, Saturday. The weekly quotations for the undermentioned classes of frozen meats are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or ex London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values ono farthing: a pound should he deducted from the prices quoted below. Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of the shipments now on offer. New Zealand Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 651 b to 721 b, 4 l-8d; North Island, 651 b to 721 b, 4d; ewes, 481 b to 641 b, 3 l-8d; 651 b to 721 b. 2 7-Sd. Argentine Sheep.—First quality crossbred wethers. 651 b to 721 b, 3Yd; over 721 b, 3d. Patagonian Sheep.—Wethers and/or maiden ewes, under 501 b, 3 5-8 d; 501 b to 601 b, 33d; ewes, 401 b to 501 b, 3d. New Zealand Lambs.—Canterbury, 361 b and under, 65,d; 371 b to 421 b, 6d; 3-Sd; 431 b to 501 b, 6 7-8 d; other South Island brands, 361 b and under. 8 l-8d; 431 b to 501 b and selected North Island brands, same weights, 6 7-Sd: other North Island brands, first quality, 361 b and under, 8d; 371 b to 421 b. 7 1-Sd. Patagonian Lambs. —First quality, 361 b and under, 6Jd; 371yb to 421 b, 6d; second quality, average, 301 b, 6 3-Bd. New Zealand Frozen Beef. —Ox fores, 1601 b to 2201 b, 3£d; ox hinds, same weights, 55d. Australian Frozen Beef. —Ox hinds, over 1601 b, SJcl!* Argentine Chilled Beef.—Ox hinds. 1601 b to 2201 b, 6Jd. New Zealand Figs.-—First Quality, 601 b to 1001 b. Sid; 1011 b to 1201 b, 7id; others, unchanged.

LUCKY SHOT MINES

A report from the mine supervisor of the Lucky Shot Mines, Limited, dated May 17, states;—"The drive at the bottom of the winze lias been advanced a further distance of 15 feet sinco wo last reported. The reef Is still making across into the hangingwall over to the big reef and if it should keep its present course it should iunction with the main body. The reef is now starting to show strong colours of gold when broken down. This is file first we have seen in this level.”

BUTTER AND CHEESE

Joseph Nathan and Company report that tile butter and cheese market is steadier. There is more inquiry.

LONDON MEAT SALES

LAST WEEK’S PRICES LONDON, May 16. The approximate average prices for meat realised for the week, based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and for • representative parcels of the goods offering, on the basis of delivery to the Smithfield market and/ or ex London stores, are: New Zealand Sheep.—Canterbury and North Island crossbred wethers and maiden ewes, and selected, 481 b to 561 b, 5 l-8d a lb; 571 b to 641 b, 41d; 651 b to 721 b, 4 1-S; selected North Island brands, 481 b to 5.61 b, 4|d; 571 b to 641 b, 4ld; ewes, 4Slb to 641 b, 3 l-8d; 651 b to 721 b, 2 7-Sd. New Zealand Lambs.—Canterbury, 361 b and under, 84d; 371 b to 421 b, 7 3-Sd; second quality, average, 331 b, 74d; other South Island brands, 361 b and under, 8 1-Sd; 371 b to 421 b, 11; 431 b to 501 b, 7d; selected ' North Island brands, including Downs, 361 b 'and under, Sid; 371 b to 421 b, lid; 431 b to st)lb, 7d; second quality, average, 311 b, 73d; other North Island brands, first quality, 361 b and under, 8d; 371 b to 421 b, 7 1-Sd; second quality, average. 311 b, 72d. Australian Lambs.—Victorian. first quality, 361 b and under, 7d; 371 b to 421 b, 65d. Argentine Lamb.—First quality, 361 b and under, 7d; 371 b to 421 b, 6d. New Zealand Beef.—Ox fores. 3£d; ox hinds. s&d. Argentine Chilled Beef.—Ox fores. 3 7-8 d; ox hinds, 6|d. Australian Frozen Beef.—Ox hinds, over 1601 b, s&d. New Zealand Prime Porker Pigs. 601 b to 1001 b, Bid; 1011 b to 1201 b, 71d. Xew r Zealand Prime Baconer Pigs.— 1211 b to ISOlb, 75d. GLUT IN BUTTER LONDON, Saturday. Discussing the situation in the butter market, a member of a leading Tooley Street firm says: “Although consumption is reported to be increasing, evidently it is not increasing sufficiently to absorb current supplies, as the stocks in cold store in Britain increased by 4,800 tons during the last four weeks, and have now reached 21,300 tons, which is a considerable weigh t. “Although the wholesalers’ and retailers’ stocks are running much lighter than usual, we hear of drv weather in New Zealand, and the prospect of Canada's taking some of the surplus now in cold storage in New Zealand, and if these two factors come about we may have a much better outlook. But the output of the Continental countries is expanding, and they are finding a difficulty in selling their produce week by week.”

MARKET FOR HIDES

LONDON, Saturday. Hides. —Meat works dry sal teds, Queensland, 351 b to 451 b, 7£d: 301 b to 401 b. 7 l-_Sd; 251 b to 351 b, 7 1-Sd; 201 b to 301 b, 7d: New South Vales, same weights, -73 d, 7Jd, 7&d, 7id; wet salted. Queensland, 501 b to 601 b, 5 l-8d; 401 b to 501 b, sd; New South Wales, same weights, s|d, 5 5-Sd; Victorian, abattoirs, same weights, sldj sid,

AUSTRALIA’S FINANCE

BORROWED TOO MUCH, SAYS CRITIC NEW YORK, Saturday. The Foreign Department of the National City Company has issued a report of a survey of the Australian financial situation, in which it cautions holders of Government bonds against pessimism, because of the recent fluctuations in the market. The report makes the point that Australia in recent years has placed too great a v dependence on overseas borrowing in furtherance of programmes of economic development which should have been undertaken more slowly. It continues with a detailed exposition of the financial situation, and says, “In the past few years the Commonwealth Government, by and with the co-operation of the respective State Governments, lias very materially strengthened the machinery for the redemption of the public debt, and for more stringent control of fresh borrowing.” The report concludes: “One of the favourable factors in the operations of Australian public financing in the past year has been the record redemptions of debt. The whole problem of the liquidation of the public debt of Australia has been placed on a much sounder basis, through joint sinking funds having been established. “There is every evidence that Australia is doing her best to protect the interests of her creditors, and we feel that Australian bonds will soon attain t.ieir .usual levels, with enhance!! reputation and security.” BETTER FEELING ’CHANGE FIRMER AT HOME LONDON, Saturday. The gilt-edged section of die Stock Exchange lias been father overloaded with the recent rush of new issues, many of which were not fully subscribed. The underwriters were “thus left with large proportions of these issues on their hands and were forced to sell British funds during the last tew days. However, a better feeling has been apparent and gilt-edged stock generally have shown a firmer tendency, although, having regard to the favourable monetary position, the movements of this market must still be considered disappointing. But there are signs of improvement a notable one being the advance in the price of the last New Zealand issue, which, after opening at a small discount, is now quoted at about :k premium. JAPANESE LOAN th ® re is Pleuty of money available for profitable investment is shown by the success this week of the 3oan ’ Partly the conversion on 500,000 of the 55 per cents, at DO. the cash portion of.this loan was heavily oversubscribed and the lists were closed within -an hour, which is hardly surprising, as it yields A 6 4s cent., allowing for redemption in 1965, and Japanese credit is usuallv reckoned at under 6 per cent. The other sections of the Stock Exchange show little activity, industrials being especially dull as a result of the continued rise in the unemployment figures, the unfavourable Board of li ade returns and bad reports by various companies, particularly In the textile industries. Although tho imports of Australian wine this year show a considerable talling-off compared with 1928, the first four months’ figures, being 709,45 S gallons, against 1,196,537, it is satisfactory to note that consumption is steadily increasing. In April the quantity of Australian wine entered for home consumption was 281,859 gal°°“Pared with 157,394 in April, 1928 and the figures for the first four months of the year are even better roc’^o 8 ? 8 ’ 781 Ballons, compared with 6-5,203 last year. EFFECT OF WOOL SALES The satisfactory course of. the London wool sales is generaly regarded as an indication that confidence has been restored. Most of the expert writers express optimistic views. 3ie , ‘ correspondent says:—— The rise in values shows unmistakably that the industry is in much better heart. The movement in London has fully confirmed the improvement that has taken place since the second series closed, notwithstanding that fully half the mills in the West Biding are at a standstill. Continental buyers are very much in evidence, competing for Merinos. The homo trade has been the principal operator in crossbreds. There was a big offering of crossbreds, but it is unlikely to bo detrimental to their ready disposal.

a 3 * I s no 3; nfnch to anticipate tnat all offerings will be cleared without much, if any, reaction.”

COMMERCIAL BANK

A PROGRESSIVE INSTITUTION FIFTY BRANCHES IN N.Z. A branch of the Commercial Bank °f Australia, Limited, has been opened at Masterton, making thfe total number of branches and offices of the bank 643, of which 50 are now open in the Dominion of New Zealand. The bank has a registered capital of £5,000,000 paid up to £3,867,350, and reserve funds, including undivided profits, of £2,057,939, and the paid-up capital and visible reserves of the bank at the end of the present year will exceed £6,500,000. Last banking returns show the bank’s deposits increased by £414,441, the advances increasing by £3,137,874. The usual rate of dividend paid by the bank upon ordinary shares is 15 per cent, and preference shares 4 per cent.., the total payments for dividends in the last balance-sheet of the bank onlv requiring 72.7 of the profits earned, the balance being added to various reserves and proprietors’ funds. The bank continues to steadilv extend its operations in the Dominion and a contract has just been let for the rebuilding of its premises in Queen Street, Auckland, and a similar rearrangement of the Wellington promises is contemplated in the near future. MOTUROA OIL BORE Press Association NEW PLYMOUTH, Today. The Moturoa Oilfields, Ltd., bore has reached a depth of 644 ft, 344 ft having been drilled this week in blue shale with a 12£in diameter hole. Good progress has been made.

Buyers. Sellers. d. £ a d. banks— Aust. of Commerpp 1 A. . Australasia .. * Com. of Australia .. 1 0 Ditto (con.), 5s pd. Ditto (pr'ef.) .. .. Cn K .. Scot., & Aus. Nat. of N.Z. ‘in Nat. of Australasia Ditto (con.) .. .. 7 8 New South Wales New Zealand . . Ditto (D mort.) .. Union of Australia. 11 5 0 11 8 0 INSURANCE— National . New Zealand .. .. South British .. .. 0 LOAN AND AGENCY— Farmers’ Co-op. Auc. (A pref.) 0 17 Ditto, B (pref.) .. Goldsbrough, Mort . 6 Nat. Mort. & Agency 2 19 0 N.Z. and River Plate N.Z. Guar. Corp. .. Loan and Mercantile 90 0 0 COAL— Grey Valley .. .. Hikurangi .. . . ( 1 3 Ditto (pref.) .. .. 0 4 Ditto (A pref.) Pukemiro Taupiri 1 4 o Ditto (pref.) .. .. 1 2 0 Westport-Stockton 0 1 3 0 1 10 GAS— Auckland .. .. „ . 1 4 Ditto (con,) .. .. 0 17 6 0 18 0 SHIPPING— Devonport Steam • 1 1 G (pref.) 1 0 Northern Steam 0 13 n Ditto (con.) . . . . 0 G Union Steam (pref.) 1 0 0 TIMBER— Kauri Timber .. .. 0 12 National 0 7 3 Parker-Lamb .. ,. — 0 1G 6 BREWERIES— C. L. Innes 1 1 Ditto (pref.) . „ .. 1 1 0 N.Z. Breweries 2 12 O' 2 12 9

Buyers. Seller*. £ d. £ s. d. MISCELLANEOUS— Booth, Macdonald (pref.) 0 r, __ British Tobacco ... i 18 o 1 Colonial Sugar .. .. 40 Dominion Pictures .. 1 b Ditto (pref.) .. .. 1 0 0 Electrolytic Zinc (pref.) 1 5 8 1 Farmers' Trading . . 0 8 0 Ditto, A (pref.) .. 0 15 9 Ditto (B pref.) .. 0 11 Hamilton Theatres . Hayward’s Pictures Henry Jones Co-op. 1 8 Hill and Plummer .. H.M. Arcade (pref.) 1 0 0 Milne and Choyce (deb. stock) .. .. 1 G National Pictures . N.Z. Farmers’ Fert. 0 IS 6 N.Z. Refrig 0 10 0 Ditto (con.) .. . . 0 4 Sanford, Ltd Ditto (pref.) . .. Taranaki Oilfields . 0 1 0 Union Oil Whittome-Stevenson 1 19 Wilsons Cement ... 2 2 0 MINING— Moanataiari (paid). 0 Kawarau 0 0 2 Lucky Shot (4s pd.) Waihi 0 Wa ih i (1 r a n d J u n c. 0 Mount Lyell .. .. 1 7 6 1 8 0 DEBENTURES— Auck. Har. Bd., p.c .9 8 0 City of Auckland, 1940, 5i p.c 9G 0 Ditto, 1943, 5 h P.c. Bor. Mt. Eden, 53 100 Booth Macdonald . . Williamson’s Films . N.Z. Breweries 1 1 Gisborne Sheepfarmers — 89 0 0 GOVERNMENT LOANS War Loan, 1930, 99 0 0 Ditto, 1938, 4?j p.c. 98 Ditto, 1039, 4i p.c. 98 2 G Ditto. 1941, 4a p.c. 97 lb 0 — INSCRIBED STOCK War Loan, 1938, 4$ 98 2 6 Ditto, 1939, 4 h p.c. 98 2 Ditto, 1927-41, 51 Ditto, 1932, 5 i p.c. 98 0 0 99 0 0