FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1005, 23 June 1930, Page 11

FINANCE & MARKETS

Limited Trading Market on ’Change By “Noon Call.’' ALTHOUGH the customary Monday morning caution was shown in the placing of quotations on ’Change this morning, there was a comparatively firm tone in the market for sound stocks. Actual trading was confined to within a small compass.

fluctuations— Price movements, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include: New Zealand Insurance, fall of 3dMt. Lyell, rise of 3d (after taking payment of interim dividend into account). Business on Auckland Market Transactions on the Auckland market during the morning includec the following: At the Mid-day call:—Farmers Trading, Os; New Zealand Insurance 475; Mt. Lyell. 26s 9d. Mid-day Market Quiet The downward movement of Uisi week in the price® for all sound stock* seems to have been checked, temporarily, at least. The banking grout showed little movement: Commercial.' are fairly firm with a middle price oi around 21s 9d. New Zealands are «< little easier following the payment ol the dividerd with buyers at 57s Gd compared with sales at up to 60s St three weeks ago. In the Loan and Agency group. Do-

minion Investment and Banking sharos meet with a steady demand at a shade undor par*, buyers were offering ISs 9d this morning, but indications are that the quotation would be lifted a little should sellers make an appearance with a firm quote. Goldsbrough Morts. are steady with a middle price around 31s. a price which allows a return at the rate of G. 4 per cent, ba-sed on the reduced dividend rate. New Zealand Breweries are a little easier, and sellers at 50s 9d this morning could not draw’ buyer® above 50s. Buyers offered 4s for Booth McDonald preference shares this morning. Dividends Due Due. Australian Glass—final, ord., 5 p.c. bonus, 2£ p.c.; pref final, 4i p.c June 25 Farmers’ Trading—ord., 10 p.c. p.a June 26 Goldsbrough, Mort and Co.. Ltd., —final, 10 p.c. p.a. .. .. June 27 Loan and Mercantile—lnterim, ord., 2 p.c.; 5 p.c pref., 2i p.c.; 6-3 p.c. pref.. Z\ 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, 4} p.c July 1

TO-DAY’S QUOTATIONS

Closing quotation* at today'* midday call were:—

DUTY ON MAIZE PROTEST FROM GROWERS Press Association GISBORNE, Saturday. At a largely-attended meeting of maize growers in the Poverty Bay district it was derided to protest against the proposal to lift the duty on maize. The meeting also recommended that a committee be set up to co-operato with the Farmers’ Union and other grain growers in New Zealand in making representation to Parliament on the matter. The dangers of the introduction of maize weevil were stressed by Mr. tV. D. Lysnar, M.P., who contended that other industries were being protected. and maize growers were equally entitled to protection. SUCCESSFUL, CLEARING SALE The New Zealand "Loan and Mercantile Agency Company, Ltd., Hamilton, report having held a very successful clearing sale on account of P. B. and F. Holmes. Pukeatua. in conjunction with Dalgcty and Company, There was a large attendance ol buyers from Putaruru, Morrinsville and Hamilton districts. Good young cows, with good butter-fat returns and early calvers, met keen competition. the 93 sound and in-calf cows averaging £l2 16s. Best Jersey cows with good butter-fat returns made £l2 T ‘> £2O 10s: good Jersey cows, £l4 IDs to £l7; later calvers. £ll to £l3 10s: backward cows, £7 to £9 10s. DEMAND FOR DAIRY COWS The New Zealand Loan and Merer; ntiie Agency Company, Ltd., Hamilton. report that there is a steady demand for all classes of dairy stock in the paddock, and that they have beer successful in disposing of quite a number of in-calf heifers and dairy cows, one of the principal sales being a herd of 93 cows at £32. on acoounl of William Drinkall, of Wairakau. Tc Aroha, to Robert Sproul, of Waihou. WHEAT PRICES DOWN WINNIPEG, Saturday. Wheat prices at Winnipeg: todaj plunged to new depths for the year .luly wheat closed at 96J cents hushel: October, at 1 dollar 0 3-i cents, and December, at 1 dollar 2 1-! cents.

LONDON MEAT MARKER SMITHFIELD QUOTATIONS The Now Zealand Meat Producers’ Board has received the following cablegram from its London office, dated June 20, 3930, advising that the following are the approximate average prices realised for the week, based on actual transactions of wholesale quantities of all descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis of delivered to Smithfield market and/or ex London stores. Prices for the previous week are shown in parentheses: New Zealand Sheep.—Selected crossbred wethers and maiden ewes, 481 b to 561 b, 5 1-Sd (5 1-Sd>: 571 b to 641 b, 42d (4 7-Sd): 651 b to 721 b. 42d (42d): North Island ditto. 481 b to 561 b, 5d (sd): 571 b to 641 b. 4 5-Sd (4£d): 651 b to 721 b. 43d (4 5-8 d): ewes, 481 b to 641 b. 3d (3 1-Sd): 651 b to 721 b. 22d (3d). New* Zealand Lamb.—Canterbury, 361 b and under, 9d (9 1-Sd): 371 b to 421 b, Sid (Sid); 431 b to 501 b, S\d (Sid): second quality, average 331 b, 8d (S 1-Sd); other South Island brands, 3Glb and under, 8 7-Sd (9d); 371 b to 421 b, S 3-Sd (8 3-8 d): 431 b to 501 b, B}d (8 1-Sd): selected North Island brands, 361 b and under, 9 1-Sd (9 1-Sd); 371 b to 421 b, Sid (Sid): 431 b to 501 b, SJd (Sid): second quality, average. 311 b., S 3-Sd (Sid): other North Island brands, first quality, 361 b and under. 83 d (S 7-Sd); 371 b to 421 b, 8 3-Sd (S 3-Sd); second quality, average 311 b S 1-Sd (Sid). Australian Lambs. —Victorian, first; quality’. 361 b and under. 7id (71d): 371b‘ to 421 b. 7ld (7}d). Argentine Lamb.—First quality, 361 b and under, 7 1-Sd (7.\d); 371 b to 421 b, 6ld (6ld). New Zealand Beef. —Ox, fores, 3d (3d); ox hinds, 5 1-Sd (5 1-Sd); cow fores and cow* hinds, not quoted. Argentine Chilled Beef.—Ox fores, Sid (3id); ox hinds, 7\d (6 5-Sd). Australian Beef.—Ox crops, over 1001 b, S\d (3.\d); ox hinds, over 1601 b, sld (51d). New Zealand Prime Porker Pigs.— 601 b to 1001 b, 7Ad (73d); 1011 b to 1201 b, 7d (7d) New* Zealand Prime Baconer Pigs.— 1211 b to 1801 b, 7d (7d). New Zealand Frozen Veal.—Not quoted. Lamb.—Market shade easier for light-weights. Extremely warm weather this week has lessened consumption. Mutton Market. —Wethers remain dull. Ewes, slightly weaker. New Zealand Beef. —Market is dull owing to large supplies of Argentine chilled beef. New Zealand Porker Pigs.—No demand owing to warm weather. New* Zealand Baconer Pigs.—XomI inal prices.

ADMINISTRATION COSTS HIGH LEVEL IN AUSTRALIA OVER HALF COUNTRY’S INCOME Although it has been generally admitted that Australia is one of the most expensively governed countries in the world it came as a great shock, even to Austx-alians, to learn from th*j figures issued by the Commonwealth statistician that the various governing bodies last financial year spent more than half the value of all production during the period. Hero are the items ot expenditure: Federal Government, £81,343,526; six State Governments, £3 20,925,565; 3,05 S local governing bodies, £36,518,151. These items make a total of £238,787,242. In the same period the total value of Australian production was approximately £455,000,000. Exact figures are not yet available, but for 1927-28 tlie total value of production was £453,311,000. To obtain a correct view of the position it is necessary* to take into consideration that expenditure on the provision of services such as the Post Office and the Railway Departments is included in the figures showing Government spending. While the taxpayer’s burden varied considerably according to the State in which he lived, figures show that the total of all Government expenditure was equivalent to £37 13s for every man, woman and child of the Commonwealth. Taking four as the average household, it was £l3O 2s for every family. Other facts disclosed by the statistician are intensely interesting, for some of them, particularly those showing the people's savings, reflect credit on the Commonwealth. The net indebtedness of the Commonwealth and the States at June 30 last year was £ 1,104.028,062. The amount of this owed overseas was £572,282,903. Of the. total debt the States owe £726,406,490. New loan expenditure in 1928-29 equalled £5 Ss 6d a head, which brought the net Government indebtedness to £173 a head. The number of savings banks accounts in Australia was 4,937,428 and the average credit balance was £45 33s 4d. The number of insurance policies on Australian lives was 2,453,602 and the aggregate assurance covered by these policies is more than £342,000,000. Benefit members of friendly societies total 597.875 and the annual revenue of the societies aggregates £2,401,936.

INCREASE IN EXPORTS THIS SEASON'S RETURNS ADVERSE BALANCE SHOWN According to the overseas trade for May, issued by the Customs Department on Saturday, there is an increase of nearly half a million pounds in the total value of exports, in comparison with last year. Imports also increased by £159,000 and the balance for the. month was £337,000 greater than in the corresponding -month of last year. The increase in exports is the first shown by any monthly return so far this year, but the direct comparison, however, is made with an abnormal figure, as the valuation of exports in May last year was the lowest for the month since 1926. Exports for last month, however, were recorded at much lower values than last year, while imports in May of last year were also at a low figure and were below any corresponding return since 3 922. During the first four months of this year, exports were recorded at a figure just over £8,000,000 less than last year. For the five months, the decline is £7,594,387, while imports have increased by £51,351, so that for the period there has been an adverse move ment of £7,645,768. With the latest return, statistics are available for 11 months of the “production year” to June 30. Compared with last year, exports are lower by £8,260.074, while imports are greater by £2.741.355, representing an adverse movement of £11,001,423. BUTTER AND CHEESE DAIRY BOARD’S REVIEW Tlie New Zealand Dairy Produce Board has rcceiv’ed the following market report from its London office, dated June 20, prices for the previous week being in parentheses: BUTTER New Zealand: Salted, 133 sto 136 s (130 s to 1345), last year, 167 s to 170 s); unsalted, 144 s to 146 s (140 s to 1465). (last year, 168 s to 170 s); first whey, 124 s (1225); second whey, 122 s (118 s). Deliveries New Zealand this week, 910 tons; in store, 10.658 tons. Australian: Salted. 130 s to 1325, extra 133 s (127 s to 3305). Unsalted, 130 s to 332 s (127 s to 130 s). Argentine: Unsalted, 120 s to 130 s (138 s to 1245). Irish creamery: Salted, 132 s (130 s); unsalted, 136 s (1345). Danish: F.0.b., 135 s (131 s); spot, 13Ss to 142 s (1365). Dutch: Unsalted. 130 s to 140 s (1325). Estonian: 12Ss to 130 s (124 s to 1265). Latvian: 128 s to 130 s (12Gs). Siberian: 12 6s to 1245). Polish: 106 s to 120 s (96s to 118 s). Market firm. Danish retail price increased to Is 5d last Monday. Empire Marketing Board’s estimated stocks of all butters at June 14, U 030,533 boxes. CHEESE New Zealand: White, 7Ss to 795, up to SUs (77s to 7Ss), last year 92s to I 935); coloured, S4s to sss (S3s to 84s), | (last year, 94s to 955). Deliveries New t Zealand this Aveek, 23,650 crates; in | store. 120.133 crates. i Australian: White. 77s to 7Ss (SOs ! to S2s): coloured, SCs. | Canadian: White. S2s to S4s (S2s to ■ 84s); SOs (795). Deliveries Cah- | adian, 2,372 boxes; in store, 97.752 boxes. English: Finest farmers’, S6s (S4s). Market quiet. Retail prices unchanged. NORTH AMERICAN MARKET The board has also received the following advice from its agents in Canada: Butter: New York, 33 cents (Is 43d); Montreal, 274 cents (Is 1 5-Sd). Merchants’ Report Merchants report receipt of overseas cables as follow: Amalgamated Dairies Limited from its London house:—Butter: After quiet week our prices unchanged. “Anchor” 1365; market closed very firm; retail New Zealand advancing Is sd. Monday, same as Danish. Danish well cleared 137 s f.o.b; deliveries New Zealand 513 tons; stock 10.688. Cheese: Market very quiet, white 795, coloured Sos. Some business passing Is less. Canadian irregular 77s 6d to 80s cif. Little business passing. Retail unchanged. Joseph Nathan and Company, from Trengrouse and Nathan, Limited: Butter market firm at 135 s to 1365; Cheese market quiet, coloured, Sos, white 7Ss.

Buyers. Sell* r;- £ 5a £ d. BANKS— Aust. of Commerce 1 r, 9 1 4 G 10 12 12 0 Com. of Australia. 1 1 0 1 0 Ditto (con. 10s pel) 11 Ditto (con.) .. .. »; 9 0 Knj?., Scot, and Aust. 0 G 0 Nat. of New Zealand 6 0 6 11 0 Nat. of Australasia (con.) 7 10 0 New Soufh W ales 33 0 0 Nctv Zealand . . .. 17 6 18 9 Ditto <L> Mortg A . l 0 Union of Australia 11 L3 0 11 18 6 INSURANCE.— New Zealand .. 2 g G 2 7 6 Queensland o G South British .. .. 2 ID 6 3 0 6 DOAN AND AGENCY— Dorn. Invest and Bank 0 18 0 Ditto 05 shares) . 1 0 0 farmers' Co-op. aucL A (pref.) .. . .. 0 17 0 Ditto t» (pref.) .. 0 1 6 0 (JoUlsbroujrh. Mort . 1 10 6 1 1 1 G Newton King (pref.) 0 12 9 X.Z. & River Plate 1 0 X.Z. Guar. Corp. - - 0 9 0 S T.oan and Merc. DO 0 0 X. Am k. Farmers’ Co-op. (T5 pref.) .. 0 9 G Reliance Loan .. .. G Ditto (pref.) .. .. — 1 0 6 COAL— Grey Valley .. l s n 1 5 3 liikurangi 0 1 0 0 0 Ditto (pref.) .. .. Fukemiro .. .. .. :? 0 8 0 Renown 0 is 0 18 0 Ditto (pref.) .. .. 0 11 0 Ditto (new issue) 0 r> 0 9 Taupiri 1 6 0 Ditto (prer.) . .. 1 0 Mestport 1 0 9 T\ estport-Stockton — 0 2 3 GAS— Auckland 1 4 9 1 5 G Ditto (eon.) .. .. 0 IS 0 SHIPPING— Devonport Steam . . 1 2 0 1 2 0 Huddart-Parker 1 18 0 Ditto (pref.) .. .. 1 0 0 Northern Steam 0 11 0 14 9 1 >itto (con.) . . . . 0 6 P. and O. (def. stk.) 1 S 0 Union Steam (pref.) 1 0 3 — TIMBER— Kauri Timber . . . . 0 13 6 0 13 0 Lev land-O’Brien 1 S 3 National 0 0 0 9 0 Parker-Lamb 0 10 6 0 16 0

Buyer*. Seller*. £ ( 3. d. £ s. d BREWERIES— C. D. Innes 1 1 0 — Ditto (pref.) .. .. 1 1 (1 — N.Z. Breweries 2 10 0 2 10 9 MISCELLANEOUS — Booth-Macdonald U»ref.) ft 4 9 British Tobacco 1 19 3 0 0 Colonial Sugar .. . . 42 2 6 42 12 6 i.'on. Brick and Pipe 0 IS 0 Dominion Pictures . 1 1 6 Ditto (pref.) .. .. 1 1 6 Electro. Zinc (pref.) 1 0 1 Farmers* Trading .. 0 S 11 0 9 Ditto, B (pref.) .. 0 12 4 Fullers' Pictures .. ft 14 0 Hamilton Theatres . ft 1 6 6 Hayward's Pictures 0 13 9 Hill and Plummer . . 1 0 H.M Arcade Theatre (pref.) 1 0 0 Kempthorne Prosser 6 0 Milne and Choyce (deb stock) .. .. 1 6 National Pictures . 0 13 6 N.Z. Farmers’ Fert. 1 0 0 Sanford, Dtd. 0 6 0 14 0 Ditto (pref.) .. .. 0 16 0 0 19 0 Taranaki Oilfields . ft 1 9 Thames Theatre Co. 0 10 0 0 15 0 Union Oil t 16 0 \\ hit tome Stevensons — 1 19 ft W ilsons Cement — 2 6 0 MINING— Alburnla n 0 4 Ballarat (paid) 0 1 Kawarau 0 0 0 0 6 Ducky Shot (Is pd) 0 1 ft Waihi 0 13 S LI 13 9 Waihi Grand June. 0 1 4 0 1 7 Mt. Dyell (ex. dlv.) 1 6 6 1 7 0 DEBENTURES— Auck. Gas, 1935. 6t 100 0 0 Auck. Harbour Board 4 p.c 94 0 0 Ditto, f.J p.c 96 0 0 Auck. Hospital Bd., 101 0 ft Bor. Devonport, 6. 102 0 0 Ditto, 4J p.c 93 10 t> Bor. of Takapuna, 52 101 0 0 Booth, Macdonald . 70 0 0 Williamson’s Films 101 0 0 Gisborne Sheepfarmers SO 0 0 N.Z. Breweries 1 1 6 Glaxo 90 0 0 92 10 0 GOVERNMENT DOANS — War Doan, 1930, 4J 99 5 0 Ditto, 1939. 4'j p.c. 9S 15 0 Ditto, 1941, U p.c. 9X 15 ft Ditto. 1936. ai p.c. 99 0 0 — INSCRIBED STOCK War Loan, 193S, 45 US 15 0 99 10 0 Ditto. 1939. 45 p.c. 9S 15 0 Ditto, 1927-41. 5i 96 15 0 Ditto, 1936, 55 p.c. 99 0 0 Ditto, 1932. 5J p.c. 99 0 0