FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1016, 5 July 1930, Page 11

FINANCE & MARKETS

Confidence Lacking

Market on Change

By “Noon Call.” THU market on Change closed i'or the week this morning as it opened and held throughout the week —quiet, with buyers showing little confidence in anything outside the range of gilt-edge securities.

fluctuations Prime movements, shown by a .rnnarison of sales over the past 24'hours with the price at the time of the previous recorded sale, include: — Mount Lyell (rights'!, fall of 3d. of New Zealand, fall of ltd. Wilsons Cement, fall of 9d. * * * Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have in"'ySterday afternoon: New Zealand War Loan, 193t>, 51 per cent., £99 7s ... £ f and A. Bank, £6; Sank of . Zealand. 57s 4Jd; New Zealand insurance. 4tis 6d; South llritish Inrrance 595: Farmers Trading, Ss; Vilne and Choyce (deb. stock), 24s ,'ui- Wilsons Cement. 445; Renown Coliieries (new issue pref.), 2s Sd; Mount Lyell (rights), 3s This morning: .New Zealand Barm,rs’ Fertilisers, 21s; Mount Lyell, 24s •id; Wailii Grand Junction, Is 9d. * * * Market This Morning Little movement was shown in any -roup on ’Change this morning. Buyfng strength continues weak, and the only section drawing a firm demand is ihat for Government stocks and bonds. Even local-body securities tend to be neglected, with sellers predominating. In the coal group, Hikurangis are particularly weak, sellers’ quotations drawing no support. Waihis eased to a middle price of

14s 2d this morning, compared with k peak price of 14s 9d during the week. * # * Union Steam Preference Issue Reference was made this week to the fact that in addition to the original 1,000,000 5A per cent, preference shares that have been in existence for some years, the Union Steam Ship Company had apparently at some time prior to September 30, 1925, issued a further 1,000,000 5& per cent. 13 preference shares. A statement regarding the issue of B preference shares was made by Sir John Roberts, one of the directors of the company, today. He stated that the interests of the original preference shareholders were in no way affected by the B preference issue in question. All the rights of the original preference shareholders stood, and such original preference shares carried priority rights over the later issue. The issue of these B preference shares had been noted in the annual summary of British shipping Finance.—P.A. Dividends Payable British Tobacco—interim, 3 p.c. Now N.Z. and River Plate Land Mortgage Co., Ltd.—interim, 4} P.c Now H.M. Arcade Theatre—interim, pref., Gi p.c.; ord., 125 p.c. .. Now Sanford, Limited.—ord., 2i p.c. p.a.; pref., 7 p.c. p.a July S Farmers’ Fertiliser Co.—S p.c. Aug 2 Nat. Bank of New Zealand —final, 12 pc. p.a July Ts.Z. Insurance, final of Is a share Aug. 5

TODAY’S QUOTATIONS

Closing quotations at today’s midday call were :

FRANKTON PIG SALES SYSTEM CRITICISED Special to THE SUN HAMILTON, Friday. The Waikato branch oft the New Zealand Farmers’ Union met in Ham«ton today, the president, Mr. J. H. ■frwrniss, presiding. j _ , T £ e Present system of selling pigs by ballot, in operation at the Frankton saleyards, was criticised by several members. It was contended that the method was inequitable, in that sellers 7 10 arrived at the yards late very often had their lots sold early. ft was decided that a committee, consisting of Messrs. W. H. Worster, Mackay and F. C. Roberts, should approach the associated auctioneers a view to reverting to the old of conducting sales.

SOUTHERN PRODUCE MARKETS POTATO POSITION UNCHANGED Press Association CHRISTCHURCH, Friday. The oats market remains firm. The quotation for A Gartons from the South is 3s lOd to 3s 10£d, f.0.b., s.i., for prompt delivery, and 3s lid to 4s for spread delivery. There is little activity in the market for B grade, which is worth 3s 9d for prompt, and a little more for spread delivery. Chaff is firm with a fairly good :n----quirv. At present the quotation is £6 i7s 6d to £7 a ton, f.0.b., s.i., equivalent to £ 5 to £ 5 5s on trucks. Chaff for July-August-September delivery is worth a little more. The potato market is weak and business dull, although a few orders have come from Auckland this week. Growers are still inclined to hold their supplies and the price to them is about £4 a ton on trucks. The Auckland market is fairly heavily supplied. Quotations locally today for the forward positions are £5 2s 6d to £5 5s for July. £5 12s Ud to £5 15s for July-August-September, f.0.b., s.i. The market for onions is extremely dull, with few orders coming to hand from any quarter. The Auckland market. as far as Canterbury is concerned, has been spoiled by the Australian supplies. The quotations are £2 10s to £3 a ton on trucks to growers. . Fowl wheat remains firm at Os, f.0.b., s.i., with the demand good. BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: A. H. Turnbull anti Company, from W. Weddel and Company, Ltd., London, under date July 4:—“Butter: Danish, 146 s to 14Ss; Mew Zealand unsalted, 146 s to 150 s; salted, 134 s to 138 s: market quiet. Cheese: New Zealand, white, 75s to 765; coloured 81s to 83s; rather more doing; Canadian. 78s to S3s.” Amalgamated Dairies, from its London office, under date July 3:—"Butter: Our prices unchanged. Anchor. 138 s. market very firm; no pronounced activity yet; Danish. 142 s f,.0.b. Cheese: After activity, white 765; coloured, Sis to 825.”

WHEAT POOL METHODS CRITIC ALLEGES FAILURE WINNIPEG, Friday. Mr. Frank Oliver, a member of the Canadian Board of Railway Commissioners, in a speech said Canada’s entire economic structure had been shaken to its foundations through the disregard of well-established business principles in the wheat pool's method of handling crops. He said the principles of pool marketing had failed in their purpose. AUSTRALIAN SCHEME CANBERRA, Friday. : The Senate today rejected the Wheat Marketing Bi ! l on the motion for its second reading, though several members of the Opposition voted with the Government. The Bill had aimed at the formation of a compulsory wheat pool with a guarantee of 4s a bushel, as the outcome of which farmers had greatly increased the acreage under wheat. The Minister of Markets, Mr. P. Moloney, was greatly disappointed at the rejection of the Bill, which, he claimed, was due to intense lobbying by wheat merchants. He said no political consequences were likely to arise out of the Senate’s action.

DAIRY INDUSTRY MERCURY BAY COMPANY The twentieth annual report of the Mercury Bay Co-operative Dairy Company reviews the company’s operations during the 11 months ended May 31, and will bo presented at the annual meeting of shareholders on July 19. In order to make the annual meeting mg»re convenient to suppliers, it. has been arranged to end the financial year on May 31. During the 11 months, 1,113,7771 b of cream were received, equal to 438,1831 b of butter-fat. From this, 236 tons of blitter were manufactured, compared with 195 tons in the previous year The proportion of each grade of cream was: Finest, 36 per cent; first, 63 per cent.; second, 1 per cent. During the season the average net price paid to suppliers was 15*lld a lb of butterfat, to which had to be added the bonus of ldd a lb of butter-fat, making an average of 16.36 d net for the year. It was certified that 1.20511 b of butter was made from lib of butter-fat. and that no unsalted butter was manufactured. The following summary is included in the report: Number of suppliers, 75; cream received, 1,113,777 lb; average test of cream. 39.67; highest test'of cream, 58; lowest test of cream, 24; butter-fat received, 435.183 lb; butter made, 528,0691 b; butter made per lb of butter-fat, 1.20511 b; cost of cream collecting, .3S3d a lb of butterfat. FEILDING STOCK SALE

MARKET LITTLE EASIER Press Association FEILDIXG, Friday. A very largg yarding: of fat sheep brought down 'prices slightly, especially of store sheep. Breeding ewes found a lifeless market. Dairy cattle sold well, and store cows and Jerseys were in good demand. Prices: Fat lambs, prime, 18s to 15s 3d; good, 18s 2d: light, 12s to 13s 3d; fat two-tooths, heavy, 275; good, 23s Sd to 24s lOd: fair, 21s 6d to 225; fat ewes, heavy, 22s to 22s 3d; good condition, 16s; fair, 13s 7d to 14s 4d; fat wethers, prime 275; good. 23s 9d to 24s 6d; light, 18s 9d; store ewe hoggets, to 15s 7d; cull lambs, 6s 3d to 11s; two-tooth ewes, running with Southdown rams, 14s to 15s; two-tooth to five-year, 12s; four and five-year, 10s 4d; store cows, Jersey cross, £3 5s to £3 S»; forward cow r s, £3 15s to £4; weaner heifers. £2 5s to £3 2s; fat cattle, light Jersey heifers, £5; light cows, £5 17s 6d to £7 ss; Polled Angus bullocks, light, £8 to £8 15s; dairy cows, early calvers, good, £l2 12s; medium, £9 15s to £11; not so forward, £6 10s to £S ss: springing heifers, best, £lO 5s to £lO 15s; good, £8 12s Od to £8 15s: others, from £7. METAL PRICES LONDON, Thursday. (Quotations on June 30 are given in parentheses.) Copper.—Spot, £49 5s (£49 3s 9d); three months,—*£4B 6s 3d (£49 Is 3d). Electrolytic Copper.—Spot, £54 10s (£54 10s); three months, £56 10s (£56 10s). Wlro Bars. — £56 10s (£56 10s). Lead. —Spot, £l7 16s lOd (£lB 3s 9d) ; three months, £l7 15s (£IS Is 3d). Spelter.—Spot, £ls 15s (£l6 3s 9d); three monahs, £l6 7s 6d (£l6 10s). Tin. —Spot, £136 ISs 9d (£136 13s 9d); three months. £l3B 17s Gd (£l3B 13s 9d). Silver. —Standard, 15 5-Sd (155*d) an oz; fine,’ 16 7-8 d (17d). WHEAT AND FLOUR Wheat. —In sympathy with firmer North and South American advices cargoes are steadier, sellers asking an advance of 3d. Buyers are not responding. Parcels ore in fair request and occasionally 3d higher. By an unnamed steamer due, 37s 3d; by a vessel on the way, 375. Futures. —London: July, 33s 4d a quarter; September. 33s 6d. Liverpool.—July, 7s 0 3-Sd a cental; October. 7s 2Jd; December. 7s 3 7-Bd. Spot trade small. Australian, ex ship, 39s 6d. Flour. —Steady. Australian, ex store, 29s 6d. Oats. —Steady. Peas and Beans. —Slow. Beet Sugar.—August, 5s 9£d. FAMILY ECONOMY SAVING MONEY ON COUGH MIXTURE Saving money on cougli mixture is easily accomplished by using HEENZO (Hean’s Essence) and as well, you find wonderful relief and comfort from all coughs, colds, throat and lung troubles. Purchase one bottle of FIEENZO and add it to water and sweetening as uer directions. This gives a pint of splendid cough remedy at a saving of at least ltte, as you really get eight bottles for the price of one. You will be delighted at the immediate warming and soothing effect of HEENZO. When taken as a gargle for sore throats it gives wonderfiil relief All chemists and stores stocK HEENZO. Price 2s 6d a bottle.—l.

BANK OF ENGLAND WEEKLY RETURN LONDON. Thursday. The Bank of England return is:— Issue Department Notes in circulation £363,583,008 In banking department . . 52,737,886 Total - • • - • £41G,320,594 Government debt ' £11.015.100 Other Government securities 2*2,891.998 Other securities .. 11,628,972 Silver coin 4,463,930 Fiduciary issue 2G0.000.U00 Gold coin and bullion .. .. 156,320,894 Total £416,320.894 Banking Department Proprietors’ capital 14,553,000 Rest : 3,451,307 Public deposits 11,070.595 Other deposits, bankers .. 84,305.246 Other accounts 38,062,694 Seven-day and other bills . 2,444 Total £152,045,286 Government securities .. . . 40,075.547 Other securities, discounts, advances 29,910,820 Securities 19,407,919 Notes / 52,737,556 Gold and Silver coin . . . . 907,114 Total £152.045,286 The principal items of the above return compare as follow with those for last week, the proportion of the reserve being shown in the last line: Deposits—

mum, May 7. L 104,502,391; minimum, January 1, £146,502,391. SHORT LOANS AND BILLS The Bank of England rate ol discount is 3 per cent., to which it was reduced on May 1 from 3i per cent. Short loans are quoted at 2 per cent., compared with 22 per cent, last week. The market rate of discount for best three months’ bills is 2i per cent., as compared with 2 5-16 per cent, last week. FOREIGN EXCHANGES The following rates on foreign exchanges are current today, compared with the cabled quotations on July 1 and par:—

Batavia, fl COLONIAL STOCKS The following tables gives quotations for consols and colonial inscribed stocks, compared with those of June 26: Varia-

HIGH PRICES FOR GRADE COWS Special to TUP SUN - HAMILTON, Friday. A dispersal sale of the Meadowland grade herd was Jield on account of F. Phillips, of Otorohanga, yesterday. The top price was £25 ss, paid by IT. A. Perrott, of Otorohanga, for a cow whose record was 4151 b of fat in 246 days last season. Several cows sold for more than £22, while the average for the herd was £l6 7s 6d. Marked rising yearling heifers sold up to £l2 ss, the average price for the line being £8 8s; unmarked rising yearling heifers brought an average of £6 10s. the top price being £S 10s. PAPAKURA STOCK SALE Prom Our Oven Correspondent PAPAKURA, Friday. At the New Zealand Loan and Mercantile Company’s dairy sale today there was a very small yarding and prices were decidedly easier. Good Jersey cows brought up to £l4 14s; other good cows, mixed breeds, brought from £9 to £11; heifers, close to profit, £8 to £lO ss; backward cows and heifers, from £7 to £8 10s, according to quality. Inferior cows and heifers were dull of sale and brought from £5 to. £6 15s.

MELBOURNE PRODUCE MELBO URNE, Friday. The. following are today’s quotations on the Melbourne produce market: Wheat. —Is 3d to 4s 4d. Flour. — £ll to £ll ss. Bran and Pollard. — £7 15s. Oats. —3s 6d. Barley.—English. 3s 6d to 3s Bd. Maize. —6s to 6s 3d. NEW ZEALAND INSURANCE COMPANY DIVIDEND The directors of the New Zealand insurance Company. Ltd., have decided to recommend to their shareholders at the annual meeting on August 5 the payment of a dividend of Is a shan for the lialf-year, making a total disbursement for the year of .is lid. The directors also intend to recommend that the sum of £300.000 be transferred from reserves to capital, thereby increasing the paid-up capital to £ 1,500,‘00Q.

NX INSURANCE COMPANY BIG GIFT TO SHAREHOLDERS £300.000 CAPITALISED The directors of the New Zealand Insurance Company, Limited, have decided to recommend to the shareholders at the annual meeting on August 5 the payment of a dividend of Is a share fur the half-year, making a total disbursement for the year of Is lid. The directors also intend to recommend that the sum of £ 300.000 be transferred from reserves to capital, thereby increasing the paid-up capital to £ 1,500,000. Thu dividend last year was Is lOd a share. If the proposed capitalisation is approved the* nominal value of shares will bo increased from 16s to £1 fully paid. Since 1912, a total of £1,200,000 has been transferred from reserves to capital; in all. 16s of the now fully-paid £1 shares has been found out of surplus profits.

Buy P rs Sellers. £ s, . d. £ s. d. BANKS —• Aust of Commerce . i 3 0 1 3 9 Australasia —— 13 10 () Com. of Australia . l 1 J Ditto (new issue) 1 0 10 Ditto (pref.) 6 10 0 13 0 riiK.. Scot. Aust. o IS 1 0 Nat. of AustrakfHa 14 1b u Ditto (con."» • - • 6 IS 0 7 6 New South Wales . 7 3S 15 0 New Zealand .. . . 17 3 17 9 Union of Australia . — 11 16 0 INSURANCE— 0 13 9 0 14 6 New Zealand . . .. 2 6 7 South British .. .. 3 IS b 2 19 6 LOAN AND AGENCY— Dom. Invest and Bank 0 10 0 1 0 6 Ditto (B shares) 1 0 0 r,oldsbroue:h, Mort . 1 9 6 Newton Kingr (pref. > 0 11 0 0 12 6 N.Z. and River Plate 1 s 0 1 10 0 Loan and Merc. 8Y 0 0 — COAL— Hikurangl (pref.) . — 0 2 0 Ditto (A pref.) -— 0 i> 0 Pukemiro S Renown 0 14 9 Di"to (pref.) . . . . 0 11 0 3 Ditto (new issue) 0 7 0 S T aupiri 1 r. 1 1 aupiri (pref.) . . . 1 0 es:port 1 10 0 — IVestport-Stockton . — 0 3 G GASAuckland 1 5 3 1 6 6 Ditto (con.) .. .. 0 IS 0 1 0 0 SHIPPING— Devonport Ferry .. 1 2 9 1 5 O iludiart-Parker 1 17 0 1 19 6 Di:to (pref.) u 19 Northern Steam 0 14 6 0 14 9 Ditto (con.) . . . . 0 6 3 0 6 9 r. & O. <def. stk.1 0 7 G Union Steam (pref.) 1 0 3 — TIMBER— Leyland-O’Brien 1 4 0 1 8 3 National 0 7 3 0 9 0 Parker-Lamb .. .. u 11 o 0 16 0 BREWERIES— C. L. Lnnes .. 1 1 O 1 1 0 — N.Z. Bapweries 2 11 2 12 0 J. Staples — 3 S 6 MISCELLANEOUS— Booth. Macdonald tpref.) 0 4 0 0 1 37 3 Kyeroft, Ltd 1 13 0 1 16 0 Con. Brick &. Pipe — 0 IS 0

Buyei rs. So Her £ s. d. £ s. cl. Dunlop-Perdriau Electro. Zinc (ord.) — L n Ditto (pref.) .. .. 1 0 l 4 •j Farmers’ Trading- . 0 10 0 Fullers Pictures 0 34 0 Hayward’s Pictures 0 3 4 Hill and Plummer . . 1 0 0 H M Arcade Theatre ( pre f.) 1 0 0 N.Z. Drug 0 Milne and Choyce (deb. stock) . . . . 1 0 N.Z. Paper Mills . 1 0 6 National Pictures . Robinson Ice Cream 1 4 0 Sanford, Ltd 0 7 6 0 15 0 Ditto (pref.) .. .. 1 0 0 Taranaki Oilfields . 0 0 0 3 Thames Theatre Co. 0 10 0 35 -O I’nion Oil 1 1G 0 \V hittome, Stevensons — 1 19 0 Wilsons Cement — 2 5 0 MIN INC— Alburnia * 0 0 4 Moanataiari (pd.) . — 0 1 Kawarau 0 0 Lucky Shot (4s pd> 0 1 0 Waihi 0 14 0 0 14 4 Waihi Grand June. 0 1 8 0 1 11 Mount Lyell .. .. 1 4 1 4 9 Ditto (rights). 0 3 0 0 3 3 DEBENTURES— Auckland Gas, 1932, 5 per cent 99 0 0 Ditto, 1935, p.c. 101 10 0 Auck Harbour Board per cent 96 0 0 9S 0 0 Ditto, 5J p.c. .. . 100 0 u Ditto, G p.c 102 0 0 Auck. Hosp. Board 100 0 0 Bor. Devonport, 4-i 93 10 0 Bor. Mt. Albert, 5:1 100 Booth. Macdonald . 70 0 0 \V illiamson’s Films 101 0 Gisborne Sheepfarmers SO 0 0 Hikurangi Coal 102 0 0 N.Z. Breweries 1 1 G — • HIVEHNMENI LOANS— War Loan, 1930, 99 5 0 — Ditto, 193S, 4i p.c. 99 0 0 100 0 0 Ditto, 1939, 4£ p.c. 99 0 0 Ditto, 1941. 4i p.c. 99 0 0 Ditto. 1933, 5J p.c. 98 Ditto, 1933, 5J p.c. 99 0 Ditto, 1936, p.c. 99 0 0 99 10 0 NSC HIKED STOCK War Loan, 1938. 4i 90 0 0 — Ditto, 1939, p.c. 99 0 0 100 0 0 Ditto, 1927-41, 5i 9 ( 0 u Ditto. 1933, 5J p.c. 98 0 Ditto, 1933, 5i . . 99 0 0 Ditto. 1936, 5i p.c. 99 0 0 Ditto, 3937, 5 1-8 — 9G 10 Ditto, 1932, 5i . - 98 ° 0

Government Bankers .Tune 25 £21,504,S50 63,776,222 July 2 £11,670.595 38:06l:694 Other accounts 36,113,767 Securities — £121,394,839 £134,038,535 Government Advances, etc. . Other Reserve Note circulation . "'Coin and bullion £4S,855,547 15,899,161 .15,3401231 illillliil £49,075,547 29,916,820 19,407,919 53,645,000 iI?:l!I:88I Proportion . . .. 4S.70 * July 4, 1929, £159,364.000. 40.00 930: Maxi-

July 3 July 1 Par. Montreal, dol. . . 4.863 4.866 New York, dol. . 4.865 4.SG 1-3 2 4.S66 Paris, fr 123.73 123.68 124.21 Brussels, belga . 34.815 34.815 35.00 Geneva, fr. . .. 25.065 25.075 Amsterdam, 11. . J 2.094 12.08,5 12.10 Rome, lire .. .. 02.83 92.77 92.46 Ber.in, r.m. . . 20.395 20.385 20.43 Stockholm, kr. . 18.091 18.095 18.159 Oslo, kr 18.154 18.15 IS.159 Copenhagen, kr. 18.16 18.16 18.159 Vienna, sch. .. 34.435 2.4.425 34.585 Prague, kr 1633 16324.02 Helsingfors, ink. 1935 193 1-16 192.23 Madrid, pes. . . 42.35 43.35 25.225 Ijisbon, escu. .. 108. 2o 108.25 Athens, dr 375 375.00 Buckare.st, lei. . SIS 25,221 R. de Jan., rnil. — Buen. Ayres, dol. 413 40 3-16 47.57d Calcutta, rupee . 17 15-16 17 13-16 18 d Shanghai, tael .. 172 18* Hong Kong, dol. 15 154 Yokohama, yen . 24 13-32 24 7-16 24.58d

Price. £ s. d tlon s. d Consols. L'i, per cent . 10 0 ,10 Of Funding Loan, 4, 1960-00 90 10 0 io ot War Loan, 5, 1029-47 . 103 0 5 0t Conversion Loan, 3£ 78 10 0 15 0t Victory Bonds, 4 94 13 6 2 Ot Com’wealth, 5i. 1922-2 85 12 7 6* Com’wealth, 6, 1931-41 99 0 0 2 6* Victorian, 3, 1929-49 61 0 15 0* Victorian, ?>l, 1029-40 64 17 6 20 U“ Victorian, 1930-40 94 lo 0 20 0* Victorian, 5, 1032-42 87 0 Victorian, 45. 1040-60 SO 15 0 5 0• N.S.W., 4, 1933 .. . 0 5 0t X.S W., 3, 1935 84 5 5 u* X.S.W., 3 h. 1930-50 .. . 64 6 2 6* X.S.V., 55, 1922-32, 12 2 6T X.S.W., 6i, 1030-40 7 6 X.S.W., 6, 1930-40 . . . 96 5 0 2 6* Queensland, 5, 1040-60 . 83 12 Queensland, 3, 1022-47 . 61 17 6 7 Ct Queensland, 6, 1930-40 . 12 52 6* X.Z., 4t, 1949-5S , . . . . 0 15 Of 5 Ot S. Australia, 3£, 1939 . 80 10 0 10 ot S Aus., 3, 16 or afte 50 0 0 10 0* S. Aus., 61, 1930-40 97 10 0 45 0* Tasmania, 31, 1920-40 . 79 10 0 Same. Tasmania, 3, 1920-40 . 78 0 0 Same. Tasmania, <>i, 1930-40 . 99 0 0 20 0* W. Aus., 3a. 1929-35 . 87 10 2 0t W. Aus., 2, 1915-35 84 10 0 10 Ot V. Aus., 6, 1930-40 tlligher. *Lo 95 wer. 10 0 20 0*