FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1004, 21 June 1930, Page 15

FINANCE & MARKETS

Prices Continue Erratic Market on 'Change By “Noon Call.” PRICES cont inue very erratic on ’Change, and the general trend is still toward lower levels ; in certain directions, however, there are signs of a recovery.

«-i nr.TUATIONS— Price movements, shown by a romparisori of sales over the past 24 hours with the price at the time of the previous recorded sale, include: — British Tobacco, fall of 1s 3d. Commercial Bank of Australia, fall of 3d. Mount Lyell, rise ot 6d. Bank of Australasia, fall of 4d. Bank of New South Wales, fall of 2s 6d. # _ * Business on Auckland Market Transactions on tl-e Auckland market over the past 24 hours included the following: Yesterday afternoon: —Bunk of Australasia £l2 11s: Commerical Bank f Australia 21s 9d; British Tobacco, Si, 6d; Mount Lyell, 27s Cd. This morning:—Bank of Mew South Wales £3B ss; Soutli British InsurKauri Timber. 14s. Market This Morning The banking grout) continues to suffer as a result of withdrawal ot support bv a section ot the Australian market and falls have again predominated in price movements in the eroup over the past 24 hours. To some extent the easier tone in the market for Australian stocks is understandable when it is realised that Government loans are offering in Austra-

lia with a return of 6 per-cent; riskier | ■ lasses of securities naturally do not ! appear so attractive in comparison. j Among the miscellaneous securities which have improved during the past 2 4 hours are British Tobaccos and Mount Lyells; buyers of the former offered 39s 6d this morning, without drawing sellers below 40s 6d. The mining group, generally, is dead, but Waihis continue to meet with a steady demand, and the market has firmed a penny. Tin shares are neglected at the moment. New Zealand Farmers’ Fertilisers are very firm, with steady buyers at par and no sellers. It is reported that this company will be holding its annual meeting a little late this year. It closes its books for the year in March, and usually has its annual meeting in June. * * * Dividends Due Due. Mount Lyell—interim, 5 p.c. . June 23 Australian Glass —final, ord., 5 p.c. bonus, 2i p.c.; pref filial, 4i p.c June 25 Farmers’ Trading—ord., 10 p.c. June 26 Goldsbrough, Mort and Co., Ltd., —final, 10 p.c. p.a June 27 Doan and Mercantile —Interim, ord., 2 p.c.; 5 p.c. pref., p.c.: 6i p.c. pref., 31 p.c. . June 30 Morris Hedstrom—final, 4 p.c. .. June 30 British Tobacco—interim, 3 p.c. June 30 N.Z. and River Plate Land Mortgage Co., Ltd.—interim, 41 p.c July 1

TO-DAY’S QUOTATIONS

Closln* quotation, at today'* midday call were:— Oelleen Rll VAl**. KbSl!®!"*.

TE AWAMUTU STOCK SALE The New Z;alan<3 Koan and Mercanj tile Agency Company, Limited, Hamilton, reports, that at its Te Awamutu stock sale on Thursday there was a heavy yarding of both fat and store cattle. There was no extra prime ox beef yarded, and for medium fat bullocks a price of £ll 10s w«s obtained. On good quality cow beef, competition was brisk, and late prices were fully maintained. p r ime fat cows made £9 10s to £lO 17s t>d; lighter fat cows, £8 18s to £0 2s 6d: medium fat heifers realised from £7 to £8 15s; medium fat cows, £7 2s 6d to £ S 17s lid; killable cows, £6 Ss to £7; boner cows, £4 12s tjd Ito £5 10s. Store cattle were penned in | average numbers, and prices were on a par with last sale. A line of wellI grown Holstein and Shorthorn two- ! vear-old steers averaged £9; good j store cows, £4 Es to £5 3s; lighter do., £3 19s to £4 2s Gd. There was an average yarding of sheep, and prices for fats were slightly easier, though store owes showed an increase. Fat wethers, £1 4s; medium fat ewes, 18s; medium fat lambs. 17s 3d to 17s 9d; lighter do., 16s to 16s 6d. Good Jersey cows made from £lO 10s to £ll 10s; poorer quality, from £9 15s to £lO. Heifers sold well, up to £l4 be.ng obtained for two Jerseys owned by J. Mclvor. of Paterangi. Others made from £ll to £l2; poorer quality heifers realised from £9 10s to £lO. Good ! store pigs made £1 os to £1 jus, ; medium stores, £1 Is to £l 4s, 15s to X9s; wean era, 10s to I3s.

OAT MARKET EASIER POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. The chief feature since the last report has been a further easing in the oats market. A grade Cartons were offered yesterday at 3s 9d, f.0.b., s.i., and today were quoted at 3s 9d to 3s 9Ad. There are not a great many offering, and the demand is dull. For spread delivery, today’s quotation is 4s f.0.b., s.i. B grade, which is not offering in any quantity, has eased to a corresponding extent. Chaff has also eased slightly, and the quotation today is £6 17s 6d to £7 a ton, f.0.b., s.i., for June delivery, which is equivalent to £5 5s to £5 10s on trucks. For July-August-September delivery, it is worth a little above the figure quoted. Interest in the wheat market, except for forward business in next season’s crop, has practically ceased. A little business for next season’s wheat is still being done. Fowl wheat remains firm at 6s a bushel, f.0.b., s.i., and the demand is fair only. The potato market is in a peculiar position. Timaru supplies have brought quotations to 92s 6d a ton, f.0.b., s.i., for prompt delivery, £5 5s a ton for July, and £5 15s for July-August-Sep-ternber. Timaru so far has not shipped nearly its usual quota. Farmers are being offered more than £4 a ton on trucks, but there are very few orders being received and most of the business is confined to forward contracts. The Katoa is due to leave on Monday for Auckland and the Waimarino later in the week, The onion market is weak, with very little demand. The quotations today ranged round £ 3 a ton on trucks. BANK OF ENGLAND WEEKLY RETURN LONDON, Thursday. The Bank of England return for the week ended June 18 is as follows: — Issue Department

SHORT LOANS AND BILLS The Bank of England rate of discount is 3 per cent., to which it was reduced on May 1 from 3£ per cent. Short loans are quoted at 2 per cent., same as last week. The market rate of discount for best three months’ bills is 2 15-32 per cent., as compared with 2£ per cent, last week. FOREIGN EXCHANGES The following rates on foreign exchanges arc current today, compared with the cabled quotations on June 1< and

COLONIAL STOCKS The following tables gives quotations for consols and colonial inscribed stocks, compared with those of June 12:—

N.Z. FARMERS ABROAD

GREETED AT SYDNEY SYDNEY, Friday, The visiting New Zealand farmers have arrived at Sydney. They were given a civic reception today. They will spend the next few days in sightseeing locally and will leave for Queensland on Monday. According to the arranged itinerary, the visiting farmers, of whom there are 67, will leave Sydney today for the Jenolan Caves, via the Blue Mountains, and return tomorrow evening. On Monday they will leave by special train for Queensland and will visit Toowoomba, the chief city of the Darling Downs district. After an inspection of the Gatton Agricultural College they will complete the journey to Brisbane on Wednesday. After a day of sightseeing in that city the party will depart for Nambour. a centre of the banana and citrus fruit industries, where dairying and sugar-cane growing are also extensively carried on. A visit to Bundaberg, where there are sugar-mills and distilleries, will be paid on the following day and the party will return to Brisbane on June 29. Further sightseeing will include the towns of Lismore, Wollonbar and Grafton, and the party .will reach Sydney on July 3 to spend two days at the sheep show. On July 7 a visit to Canberra be made, after which the MurrumDidgee and Wagga Wagga districts will be visited. Leaving Wagga Wagga on July 10, the party will make a tour of the wheat districts in the Murray River basin and of the vineyards in the Rutherglen district, after which a day will be spent at the Mount Buffalo National Park. Arriving in Melbourne on July 14, the party will leave the same day for a tour of the famous brown coalfields of Victoria. On July 17 the farmers will leave Melbourne by the Maheno for Bluff, after a tour comprising 3,500 miles by railway and 700 miles by motorcar. WORTH WHILE DAIRY HERD SEASON’S AVERAGE OF 359L8S From Our Own Correspondent TAUPIRI, Friday. The dairy herd owned by Mr. A. W. Buss, of Taupiri, made a very fine record during the past season, when the total amount of butter-fat produced was even greater than that for the previous season, which was considered a good performance. There are 30 cows in the herd, including seven two-year heifers. In 281 days the herd averaged 3591 b. of butter-fat, the highest amount produced by one cow being 4851 b., and the lowest 2751 b. The heifers are remarkably good as such, giving an average of 3181 b., the best heifer producing 4131 b. of fat, while the lowest in production was 2231 b. It will be seen that the average of the herd, not including the heifers was more than 3711 b. of butterfat. THE PATERSON PLAN WILL IT LAST? Is the Paterson scheme of bLitter ! sabilisation in Australia in danger? j The “Australasian” remarks that the great majority of those guiding the destinies of the dairying industry are quite confident of maintaining the integrity of this sheet anchor of the producer. But there are whisperings to the contrary, and a serious note of warning has been sounded by a leading Sydney proprietary firm, which has extensive interests in Victoria. It is pointed out that, in addition to returning the producer London parity, plus the export bonus, prices to the local consumer are loaded with an additional 2d to 3d a. pound.

The public, in effect, is paying the bonus as well as the premium on local sales. How long will the Australian consumer submit to it in these days of concentration upon reducing the cost of living as w'ell as production is the question. Mr. Bruce, as Prime Minister, raised the issue very pointedly at the 1929 Royal Sydney Show, and with the ascendancy of the “workers” in politics, the question is how far voluntary stabilisation can be carried with safety and equity. The dairy farmers’ factory cheque now represents Is IJd a lb net, while the wholesale distributing rate is Is 6Jd, and the retail price to the ultimate consumer is Is 9d to Is lOd.

LONDON AND LANCASHIRE Capitalisation of £727,862, comprising part of the amount at credit of profit Lind loss account at the end of 1929, was recommended by the board of the London and Lancashire Insurance Company, Ltd., in its report for last year. The sum is to be applied to reducing the uncalled liability on the company’s shares, and is equal to a bonus of £1 on each £5 share, on which there was a liability of £4, now to be reduced to £3. Final dividend in respect of 1929, was at the rate of 10s a share, making the return for the 12 months, 19s. or 95 per cent., to which must be .added the value of the bonus share distribution Further “plums” for the fortunate shareholders are in prospect, the board having intimated that the next interim dividend, to be paid in November, will be raised by Is, making it 10s a share, or 20s for the current year. From the 1928 account, £1,645,982 was carried forward, so that after the bonus appropriation there would be in hand a balance of more than £927,000.

METAL PRICES LONDON, Thursday ; (Quotations on June 16 are given in 1 parentheses.) Copper.—Spot. £SO 6s 3d (£47 6s; 3d); three months, £SO 11s 3d (£47 j Us 3d). Electrolytic Copper.—Spot. £54 15s ; (£54): three months. - (£56). Wire Bars.— £SG (£56). i Lead. —Spot, £l7 17-s 6d (£l7 13s); ; three months, £l7 17s 6d (£l7 Ids). j i Spelter.—Spot, £l6 12s 6d (£l6 8s! ! 9d) ; three months, £l7 3s 9d (£l7 Is j j " Tin. —Spot, £1 38 7s 6d (£133 8s i i 9d); three months, £l4O 2s 6d (£135! j 3s 9d). ] Silver. —Standard. 15 15-16 d (lo 11-; 1 16d) per oz.: fine, 17 3-16 d (1G 15-lGd). WHEAT VALUES SLUMP j Reed. 9.5 a.m. CHICAGO, Friday, j Falling over three cents, all deliveries in wheat touched a new low level. Trade today got a firm start on moderate buying orders, but was overcome, and the market dropped steadily, less from pressure than lack of support. July, at low point, sold at 931 cents; September at 96 7-8 cents, December at 1 dollar 1J cents. These levels have not been touched BERLIN BANK RATE DOWN Reed. 9.5 a.m. BERLIN, Friday. The bank rate has been reduced to 4 per cent.

HOROTIU CLEARING SALE i Dalgety and Company, Ltd., report | having held a clearing sale of dairy : stock on account of Mrs. Arthur EdI monds at Horotiu, when there was a i good attendance and a very successful j sale resulted. The herd was in spleni did condition, and the majority were J showing close to calving. The pedii gree cows offered were not in great ! demand. although of good quality. ! The herd of 24 sound cows averaged £l2 10s. The highest price obtained was £l9 10s for second calvers. Faulty 5 cows made up to £9 10s. Pedigree I Jersey cows to 20 guineas. Pedigree I Jersey bull. 3 years. 20 guineas. Grade Jersey heifers made up to £l4 10s, | and weaner heifers, £ 3 10s.

Buyers. Sellers. £ s. d. £ s. a. BANKS— A.u»t. of Commerce 1 3 f) 1 4 9 2 Ditto (10s paid).. 0 — nine.. Scot. & Aust. G Nat. of N.Z. . . . Nat. of Australasia — 15 0 Ditto (con.) . . ■ ■ 38 — ft \ew South Wales.. 18 o New Zealand . . . . 12 0nlon of Australia. jnsuran ce— 11 Netr Zealand .. .. 2 0 ft 2 7 6 19 South British .. .. - 6 LOAN AND AGENCY— £om. Invest and 0 IS 9 — Ditto (3 shares) - farmers* Co-op. Auct, 17 Ditto B (pref.) .. 1 — ttoldsbrough, Mort.. Newton King (pref.*) G 31 N.Z. & River Plate 90 0 ioan and Merc. •• Reliance Loan .. — * 6 COAL — Grey Valley — Hlkurangi .. .. • « 0 1 0 1 0 2 0 Ditto (pref.) .. .. Pukemiro 0 Ditto (pref.) . • • • 10 Ditto (new issue) ft Taupiri Ditto »pref.> .. .. "Westport C AS— Auckland 1 0 •( 9 1 5 6 Ditto (con.) •. .. SHIPPING— Devon port Steam •• Huddart-Parker 1 2 ft — (pref.) Northern Steam 0 .14 ft 0 14 9 0 3 Union Steam (pref. ) TIMBER— Kauri Timber .. 0 13 9 0 15 0 ft 1 0 Parker-Lamb 0 10 G 1G BREWERIES— C. L. Innes 1 1 ft Ditto (pref.) .. .. N.Z. Breweries 1 10 2 11 6

Buy*r*. *. £ s. d. £, 8. d. MISCELLANEOUS— British Tobacco .. 1 19 6 2 0 6 Con. Brick and Pipe Dominion Pictures . Ditto (pref.) .. .. 1 Electro. Zinc (pref.) 1 1 i-’anners’ Trading 1 . . U O Fullers' Pictures .. 14 Hayward’s Pictures Hill and Plummer . . — H.M. Arcade Theatre — Milne and Choyce (deb stock) .. W X.Z. Farmers' 3?ert. Sanford, Ltd. (* * 6 Hit to ( pref.) . . • - 19 G 0 1 10 Thames Theatre Co. 0 10 0 Union Oil Wilsons Cement .. - 6 * ° MINING—- — 0 0 4 0 0 Lucky Shot (4s pel) Waiht Wailii Grand .Tunc. Mount Lyell 1 7 G ° DEBENTURES— Auck. Gas, 1935, Si 100 0 0 — Auck. Harbour Boaro, Ditto, 5i p.c OG 0 0 — Citv of Auckland, unto, J.95S. si p.c. 9 { 0 0 100 —■ Bor. Devon port, ti. — 102 o Bor. •>£ Takapuna. Booth, Macdonald . I Williamson's Films — Gisborne Sheepj farmers 1 Glaxo 0 government loans War Loan. 10o0, 4i 90 5 n — 1 Ditto, 1938, 44 p.c. 98 ; Ditto, 1939, 44 p.c. Ditto, 1941, 4i p.c. Ditto, 1936. 54 p.c. 99 INSCRIBED STOCK 98 IT G — 98 ■ Ditto, 1927-41. 5i — Ditto, 1932, 54 p.c. JJ U

Notes in circulation .. .. .. In banking department £359,247,209 57,362,801 Government debt Other Government securities Other securities Silver coin Fiduciary issue Gold coin and bullion .. .. £11,015,100 232,889,623 11,629,060 4,466,217 260,000.000 156,610,010 Total £416.610,010 Banking Departmen Rest • - Public deposits Other deposits, bankers Other accounts Seven- day and other bills . 3,304,572 16,577,610 58,331,534 35,687,253 3,340 Total Government securities . . Other securities, discounts, advances Securities Notes Gold and silver coin .. .. £128,457,309 £46,475,547 7,098,791 16,640,653 57,362,801 879,517 Total £128,457,309 The principal items of the above return compare as follow with those for last week, the proportion of the reserve i being shown in the last line: — ! Deposits— 11 I Government . - £8,238,879 Bankers 58,822,236 j Other accounts 35,383,438 June 18 16,577,610 58,331,534 35,687,253 £102,444,553 £110,596,397 | Securities — Government . . £46,310,547 Advances, etc. . 0,804,409 Other 13,943,043 Reserve 53,178,140 Note circulation . 364,002,26 1 'Coin and bullion 157,180,407 Proportion . . . • 51.90 ‘June 19, 1929, £167,469,000. mum. May 7, £164,502,391; January 1, £146,502,391. £46,475,547 7,098,791 16,640,653 58,242,318 359,247,209 157,489,527 52.60 1930: Maximinimum,

par:—• June 19 June 17 Par. 4.85 2332 4.855 4.85 1316 4.85 25-3 2 4.8G6 123.7 123.80 34.825 34.835 Amsterdam, fl. . . 12.085 12.10 20.205 20.45 18.09 18.09 18.15 Copenhagen, kr. 18.16 18.16 34.435 163£ 1635 24.02 Helsingfors, mark 1925 41.15 41.94^ 2iJ. — — u 108.25 —' 375 375 818 25.22J 517-32 41 3-16 41 9-16 4».5 i d Calcutta, rupee . 17 25-3 17 25-32 Shanghai, tael . . 17£ —’ Hong Kong, do 15 j Yokohama, yen . 25 7-16

Price. £ s. d. Variation, s. 0 Consols. 21 per cent. . . 54 5 0 10 0* Funding' Loan, 4, 1960-‘.*0 10 War Loan, 5, 1929-47 . . 102 6 86 Same. 98 17 62 65 96 87 5 81 N.S.W., 4, 1933 N.S.W., 3, 1935 S4 1 61 N.S.'W., 31, 1930-50 .. .. 64 97 1 N.S.W., 6*. 1930-40 99 17 N.S.W., 6, 1930-40 .. .. 96 15 100 Same. Queensland, 3, 1922-4 < .. Same. Queensland, 6, 1930-40 . . X.Z., 41, 1949-5S 94 5 Same X.Z., 3 h, 1940 8S NT.Z., 3, 1945 <9 10b S. Australia, 31, 1939 . 80 0 0 4S 10 20 0* IS Aus„ 6i. 1930-40 99 17 15 0 | Tasmania, 3, 1920-40 10 Tasmania. 63, 1930-40 .. . W. Ans., 31, 1929-Sj Same \V. Aus.. 3, 1915-35 84 17 t; -; W. Aus., 6, 1930-40 . . 95 tHigher. ‘Lower. 0