FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1015, 4 July 1930, Page 13

FINANCE & MARKETS

Gilt-Edge Market Firm Movements on ’Change Bv “Noon Call.” AVERY firm tone in the market for gilt-edge stocks is the principal feature of business ou ’Change.

eliictuations price movements, shown by a comparison of sales over the past M hours with the price at the tin ,„ of the previous recorded sale, include: Sank of New Zealand, fall of 3d. Auckland Gas, rise of 6d. Renown Collieries, rise of 3d. Mount Lyeli (rights), fall of 3d. Mew Zealand Insurance, fall of 6d. , » * Business on the Auckland Market Transactions on (he Auckland nmrj.e t over the past l hours havo included the following: Yesterday afternoon.—Commercial Bank, of Australia, 3 is 3d: Hank of Veiv Zealand. 57s ltd: Auckland Gas, ■6s: Waihi Gold Minins, Us sd; Jleliowa Collieries, 13s 3d: Mount Lyell iriglits), 3s tid. At this morning s early call.—New Zealand Insurance, -ilis 6d. At midday: Commercial Bank of Australia. 31s 3d; Robinson lee Cream, 26s (5 parcels); Mount J.yoll (rights), 3s 3d. Market at Midday In the banking group New Zealands, which have, been high in comparison with the rest ot' the group for some time, show an easing tendency: Commercials are selling ii eel\ .it —is 3d, a price which allows n return of upproximately 7.1 per c ut. Most banks ore quiet, little business being recorded j:i the section Insurance shares have fallen from favour at tho moment and the market even for the most popular shares in Ibis- group, is a little weaker. Auckland Gas shares moved up a

, further Od yesterday to sell at 2Cs, a j prico which allows an approximate return ot' 6.1 per cent, on investment | At this price the shares seem a little high as tho return is not exceptionally j attractive and there is every reason, to believe that the. market will drop iinj mediately the present lack of confij donee in the investment market passes over. A review of past years shows that investors seeking safety invari- : 'lily turn to sound utilities such as j A upland Gas in times of stress boost- ! ing tho market to high levels, but that, ! immediately the position, clears, the market drops back again. Waihi Mining scrip is a little easier, and buyers were not prepared to go higher in the open market today than 1 is 2d, compared with sales yesterday at 14s sd. Robinson Ice Cream continue to meet w ith a ready sale at 255, a price which allows ;l return of approximately 8 per cent, based on the latest dividend. Buyers continue to predominate in the gilt-edge section. Reliance Loan and Mortgage A call of 2s 6d a share lias beeui made by the directors of the Reliance ; Loan. Mortgage and Discount Company |on the preference shares. The call ; is payable on October 3. * Dividends Payable British Tobacco—interim. 3 p.c. Now N.Z. and River Plate Land Mort - gage Co., Ltd.—interim, 4i P .«• Now .11. M. Arcade Theatre—interim, Pref., 6h P.c.; ord., 12* p.c. .. Now Sanford, Limited.—ord., 2i p.c. p.a.; pref.. 7 p.c. p.a July S Farmers’ Fertiliser Co.—B p.c. Aug 2 Nat. Bank of New* Zealand —final, 12 p.c. p.a July

TODAYS QUOTATIONS

COMBINE OPERATING? N.Z. BUTTER IN CANADA OTTAWA, Wednesday. The Prime Minister or Canada, Mr. *j* L. Mackenzie King - , in the course 01 a. speech at Moose Jaw, Saskatchewan, said representations had been to him to the effect that there Jfere strong grounds for believing that ine recent reduction in payments to warmers for cream was due to the secret operation of a combine and was designed to increase its profits, and !_ na t the importation of New Zealand gutter under the agreement with New was being made a cloak for the operations of the combine. Mr. King intimated that if prima Jacie evidence was forthcoming to that such a combine was at ” or k and that tho agreement with fj ew . Zealand was being used to serve r 1 ® interests of any combine, it would fj® niade the subject of an investigaon under the Combines Act. butter market quiet foed. 12.5 p.m. LONDON. Thursday. . Jhe butter market is quiet. Danish, Choicest salted New Zealand, 136 s 0 1375; Australian, 132 s to 1345. United New Zealand, 146 s to 150 s; AusnL an * 132 s to 1345. u-vTu ese * s easier. New Zealand, Qite 755, coloured 80s to 82s. butter and cheese Joseph Nathan, from Trensrouse Nathan, Ltd., London: Butter niar«t very quiet at 1365; cheese, white coloured 82s; more doing. Merchants report receipt of overCablegrams as follow: JJalgety and Co., Ltd., from London, under date July 3: Butter: The maret j s quiet. New Zealand, finest te «. 134 s to 1375: Danish, 144 s to trv V.. Auit »W an » finest unsalted, 132 s salted. 132 s to 1355: G.A.Q., stl 9 J Q 130 s. Cheese: The market is •teadier. X ow Zealand. white 74s to •wMk Colourea 80s to 82s; Canadian, f • ® to 82s, coloured 80s to 82s, t WmL 7a to 78s * Top price ® are excep '

COMPETITION IN WHEAT ADJUSTMENT OF ACREAGE United P.A.—By Telegraph Copyright WASHINGTON, Wednesday. The Department of Agriculture in a special report on the world wheat outlook says an extensive adjustment of the wheat acreage must be made if production is to be profitable to the growers in the next six to ten years. This is necessary to meet the intensified competition in the world markets owing -to increasing production in other countries and the lack of demand. , , . Discussing the necessity of looking forward for longer periods than before the report says the wheat area in the south-western States of America in 1919 was 14,000,000 acres larger than in 1910, while those of Argentina, Canada and Australia were 28,000,000 acres larger. . . _ Tho expansion in the last few years was made possible by improved equipment, new wheat varieties, and improved cultivation practices, particularly where tho rainfall was scanty. 'Thus wheat had been raised on lands hitherto thought to be unsuited to it. Large areas of such lands were still available at low costs in the important surplus-producing countries. Within the next decade Russia was ukcly to reenter the export field as an important competitor. PRODUCE IN SYDNEY SYDNEY, Thursday. Tho following are today’s quotations on the Sydney produce market: Wheat. —Bulk, 4s lid; bagged, 4s 2 Id. Flour. — £lO ss. Pollard. — £7 10s. Bran. — £7 10s. Potatoes. —Tasmanian, £S to £9 10s; Victorian. £7 10s. Onions. —Victorian, brown. CO 10s. Ga ts. —White, 4s to 4s 3d; Algerian, to 4s Gel. Maize. —5s Sd. Adelaide prices are: Wheat. —4s 3d. Flour. — £ll ss. Bran and Pollard.—».*<J Oats. —3s 6cL -J

TRADE IN PRODUCE POTATO MARKET WEAK HEAVY SUPPLIES ON SPOT The Sun Office, 9 a.in. Grain, seed, and produce markets show little life at the moment; the speculative element is practically absent from all- dealings, and merchants, for the most part, are only prepared to cover immediate requirements. | The expected firming' of the potato market did not eventuate, and spot quotations at the moment, at from £7 t o £ 7 5s through store, are slight ly below those of last week. Ample stocks continue to be available in the South, and consignment lots on top of f.o.b. sales coining up with each boat are an effective check on any effort to boost prices. Another factor which cannot bo discounted too lightly is the cheapness of the majority of vegetables on the Auckland market ; the tendency at the moment among the consuming public is to oat more vegetables and less potatoes. Two produce boats arrived during the week and another <>ne comes up next week. It seems that there is little chance of the market hardening to any great extent, over the next week or so. Steady Supplies of Canterbury Onions Supplies of Canterbury onions continue to be sent up to Auckland, but the quality is such as to necessitate almost immediate consumption. The market is inclined to be a little easier than last week, and the general through store quote is Ss a cwt. The first shipment of Victorian Drown Spanish is due here next week, and these will sell through store at from I.os to 30s (id a cwt. The wheat position is unchanged, with the Pool continuing to regulate prices. Through store, Auckland, merchants ask 7s lOd a bushel for good whole fowhvlieat. A rise of 3d a bushel would not. be unexpected in the near future if the Pool maintains its policy of pushing prices up each month. South African Maize Arrives The long-expected shipment of South African maize arrived during rho week, and turned out to be of splendid quality packed in new bags and without a, sign of the weevil. Heavy sales were made for delivery from the ship’s side, and as a result the wholesale market may be a little, quiet for the next few days. Through store, the cereal sells at Gs Gd a bushel. A little Pay of Plenty and Poverty Bay maize is offering around 5s f.o.r. or f.0.b., but Auckland merchants are not interested at the moment.. The spot market for <»ats and chaff shows little change. B Gartens sell through store at 4s 9d a bushel. Southern chaff is selling at .£lO IQs a ton. A fresh shipment of Tasmanian chaff will be released on to the spot market over the week-end to sell at £lO a ton through store. Normal trading is reported in bran and pollard: bran is selling at 8s Dd through store, and pollard at 10s 3d a cwt.

NO DIVIDEND PAID CABLES AND WIRELESS LONDON, Wednesday. It is now announced that Gables and Wireless, Limited, will not pay a dividend on the A and B ordinary stocks. It will pa3‘ only interest on the 5A per cent, cumulative preference stock. After the announcement that the company would not pay dividends the shares fell sensationally. A stock fell from 36A to 30L B from 16 to 3 2i, and the preference stock from 87 to 75J, making a total drop on the market capitalisation of about £10,000,000 and of more# than £29,000,000 compared with the highest prices last year.

Closing quotations at today's midday Buyers. Seller £ s. d. £ s. d. RANKS— Aust. of Commerce . I 2 0 1 4 0 12 10 0 Com. of Australia . 1 1 1 1 1 4 Ditto (new issue) 1 0 Ditto (pref.) •• 6 10 0 Kill;., Scot. •<- A list. 1 Nat. of Australasia 1t 10 14 1. 0 Ditto (con.) .. i 0 0 New South Wales . New Zealand .. 17 17 6 Ditto (D mort > 1 6 0 t'nion of Australia . — 11 17 6 INSURANCE— National — 0 14 6 New Zealand .. 2 G (> 7 Queensland 0 11 South British .. • - — 3 LOAN AND AGENCY— Com. Invest and Bank 0 30 0 3 n Ditto (new issue) 1 0 Farmers Co-op aucL A (pref.) 0 17 Ditto It (pref.) 0 16 0 Newton King (prefA 0 31 N.2. and River Plate 1 X 1 N.Z. Guar. Corp. .. 0 0 Loan and Merc. S7 0 0 Reliance Loan (pref.) — 1 0 0 COALCrey Valley 1 3 6 — Hikurangi .. .. 0 2 0 Ditto (A pref.) f» 3 S G Renown .. . . .. . . 14 Ditto (pref.) . . 0 :s 0 0 Ditto (new issue) 0 7 0 Taupiri 1 6 G — Taupiri (pref.) . . 1 0 Westport. • . 1 10 9 AVestport-Stockton . — 0 2 GASAuckland 1 5 ?, 1 6 6 Ditto (con.) .. .. 0 18 0 — SHIPPING— 3'evonport Ferry .. 1 2 y — 1 0 0 Northern Steam 0 14 fi 0 34 9 Ditto (con.) .. .. 0 G 0 6 y P. and O, irtef. stk.t 1 G Union Steam (pref.) 1 0 3 — TIMBER— National n 7 « 0 0 0 Parker-Lamb .. .. 0 11 b 0 16 u UliEWERIES— X 0 Ditto (pref.) .. .. 1 1 0 -— N.Z. Breweries 11 2 12 •U Staples — 2 8 miscellaneous— Australian Glass . . 1 IS 0 Aust. Iron & ste.-l . (pref.) 0 19 0 (rref.) 0 4 4 0 5 0

call were:— Bt lyers. Seller S £ s. d. £ s. d. British Tobacco .. 1 17 6 Burns, Philp .. .. — 1 16 Bycroft, Ltd 1 13 0 l Colonial Sugar 41 10 0 42 Con. Brick Pipe U J 8 0 Dominion Pictures . 1 l 6 Ditto ( pref.) . . .. 1 1 G Dunlop-Perdriau 0 14 0 Electro. Zinc (pref.) 1 0 1 l» Farmers* Trading .. 0 8 0 0 8 3 Fullers Pictures . 14 Ha y w a rd ’ s P i c t ur es 0 14 0 Hill and Plummer .. 1 0 0 H.M Arcade Theatre (pref.) 1 0 0 XZ. Drug 0 Milne and Choyce (deb. stock) .. .. 1 4 6 1 National Pictures . 0 13 6 Farmers’ Fertiliser . 1 9 1 1 11«*bin.son Ice Cream 1 4 1 Sanford. Ltd IS Taranaki ‘ h!fields . 0 1 0 Thames Theatre Co. 0 10 l.j 0 f nion Oil 1 16 0 Whittome Stevensons — 1 19 0 Wilsons Cement .. 2 3 b 2 4 9 MINING— Moanataiari (pd.) . — 0 1 Kawarau 0 0 0 Lucky Shot (4s pd > 0 1 0 Waihi 0 14 It Waihi Grand June. 0 1 0 1 L0 .Mount I -yell .. .. 1 4 J 4 10 Ditto (rights) 0 2 0 u * 2 DEBENTURESAuckland Gas, 1932, 99 0 0 Ditto, I93i>, 64 p.c. 101 10 0 Auck Harbour Board. per cent. .. .. 96 0 0 98 0 0 Ditto. 55 p.c. .. . 100 0 0 Ditto, 6 p.c .02 0 0 Bor. Devonport, 44 93 10 0 Booth. Macdonald 70 0 0 Williamson’s Films 101 0 0 Gisborne Sheepfarmers Hikurangi Coal 102 0 0 N.Z. Breweries 1 1 6 — GOVERNMENT LOANS War Loan, 1030, 4i 99 0 0 Ditto, 1938, 4 1 p.c. 99 0 0 Ditto, 1939, 45 p.c. 99 0 0 Ditto, 1941. 45 p.c. 99 0 0 Ditto; 1933, 5 ; V p.c. 98 0 0 Ditto, 1933, 55 p.c. 99 0 0 Ditto, 1930. 55 p.c. 99 0 0 — INSCRIBED STOCK ! War Loan, 153S, -fi 99 0 0 Ditto, 1939, 4 5 p.c. 99 0 10C 0 0 t Ditto, 1927-41, 5i 97 0 0 ! Ditto, 1933, 5i p.c. 98 0 0 1 Ditto, 1933, 55 .. 99 i Ditto, 1936, 55 p.c. Ml 1 Ditto, 1932, 5.i .. 98 0 —