FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1040, 2 August 1930, Page 11

FINANCE & MARKETS

Healthier Tone

MARKET ON ’CHANGE

By

“Noon Call.”

A HEALTHIER tone was registered on ’Change this morning ; for the first time for several days the list of fluctuations showed rises and no falls.

cl iIf.TUATIONS 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: — Bank of New Zealand, rise of 3d. Colonial Sugar, rise of 2s 6d. • • • Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included the following: Yesterday afternoon: Bank of New Zealand, 565; NZ. Insurance, 44s and 46s- Renown Collieries (new issue „ref > 2s 8d; X.Z. Breweries. 49s 9d; Colonial Sugar, £37 12s 6d; Kempthorne, Prosser, 62s 6d. This morning: Bank of New Zealand 665: Grey Valley Colliery, 23s 9d; Kem’pthome. Prosser, 62s 6d; Milne and Choyce (deb. stock). 255; Auckland Harbour Board, 1937, 5i per cent., £96 10s. •• _ • Market this Morning Recorded business on 'Change this morning was the heaviest for several

weeks for a Saturday. Although there has not been a marked improvement in the market for any stocks, there is a healthier tone recorded, and prices have not shown any further decline over the past 24 hours. The banking group is quiet, but there is a steadydemand for several shares and in the section. The Australian position seems to be clearing a -little but, as yet, there does not seem to be any noteworthy increase in the buying strength for sound stocks. The fact that the Commonwealth Loan was over-subscribed should have a brightening effect on the market. The gilt-edge group on the New Zealand Exchange list is very firm. * «* =* Dividends Due N Z Insurance—final. Is a share Aug »» Com. Bank Ausf—final, pref., 4 p.c. p.a.. ord., 15 p.e. p.a. Aug. 7 Queensland National Bank—quarterly, 2 p.c., making 9 per cent, for year Aug. 14. Farmers Fertiliser Co —8 p.c Aug 15 Dominion Investment and Banking—annual. 7 p.c.. .. Aug. 15 Victoria Nyanza Sugar—lnterim, 7i p.c .. Aug. 25. Electrolytic Zinc —ord. and pref final 4 p.c Sept 4

TODAY’S QUOTATIONS

Closing quotations at today's midday call were:—

GOVERNMENT LOANS TERMS FOR CONVERSION The terms for the conversion of the per cent. Government bonds redeemable on September 1, 1930, have now been announced by the Treasury Department. The Government is offering holders renewal at 5£ per cent, in taxable bonds or inscribed stock mating on September l t 1937. KEMBALL THEATRES LIMITED , OPPORTUNITY FOR INVESTORS The announcement of the formation Kemball Theatres, Limited, for the EjrpOse of acquiring all the interests of Mr. W. R. Kemball in his chain of Wellington theatres should prove of at interest to investors throughout l be Dominion. Prior to the formation o' this company, Mr. Kemball controlled a larger group of theatres than afl y one other individual in Australaßia. His chain included the Paramount, the De Luxe and King's, together with manv other popular theatres in Wellington. Others are situated in Palmerston North, Petone, and leading towns through - out the Wellington Province. Twentyei Snt theatres in all comprise the JJ°up, most of which are equipped with the latest type of talkie apparatus. The company is offering £IOO,OOO ars t mortgage debentures bearing invest at the rate of 10 per cent., and ••St.SOO cumulative preference shares jJrUcipating up to 15 per cent., with me ordinary shares. _r* r - Kemball will be the first mandirector of the new company th J 1 * 8 serv lces will be available for business for a definite period. tK T “© brokers controlling the issue are £6 Dominion Brokers, Ltd., Dilworth buildings, Auckland. CHICAGO WHEAT ,nec<s - 9.50 a.m. CHICAGO, Friday. c_ W ? eat ' —Sept. imber, 852 cents; December, 91 1-8 cents; March, *52 cents.

GRAIN MARKET QUIET POSITION IN CANTERBURY Press Association CHRISTCHURCH. Friday. The potato matket, which received an impetus early in the week, has suffered a slight relapse. Today potatoes for prompt delivery are quoted at; from £4 15s to £4 17s 6d a ton f 0.b., 5.1.. for August delivery at £5 a ton, and for September £5 2s 6d. hjearly all the activity of the market during the past few weeks has been in “paper potatoes. There have been very few potatoes bought from the farmers for August. The grower is a firm holder and adopts an indifferent attitude toward the market quotations and inquiries. , . There has been a fairly keen demand for oats during the past few days. Southern quotations are 3s lOd a bushel, f.0.b.. s.i.. for A grade Gartons and 3s 9d for B grade. Local B grade Gartons have been sold at 4s f.0.b., s.l. and A grade at 4s Id. Chaff for prompt delivery has been sold at £7 to £7 2s 6d f.0.b., s.i., equivalent to £5 7s 6d to £5 10s a ton on trucks. ' . „ A few*odd lines of onions are offering and best quality lines can command up to £4 on trucks. There is still a little business being done in next seasorrs wheat on the basis of 5s fid to 5s 6d a bushel on trucks for Tuscan, according to stations. Fowl wheat is firm with the inquiry good at 5s to 6s Id f,0.b., s.i. Small seeds show no change and business is duller than at any corresponding period for some years. METAL PRICES

LONDON) Thursday. (Quotations on July 24 in parentheses.; Copper.-—Spot. £4B 4s 4id (£4B 17a 6d); three months. £4B 4s 4td (£4S Its 3d). Electrolytic Copper.—Spot. £sl 5s (£SO 10s); three months. £52 (£52 10s). Wire Bars. — £52 (£52 10s). Lead. —Spot. £lB 5s (£lB ss); three months. £lB Is 3d (£lB Is 3d). Spelter.—Spot, £l6 (£l6 16s lOJd) ; three months, £l6 11s 3d (£l7 6s 3d). Tin. —Spot, £134 13s 9d (£134 7s 6d): three months, £136 4s 4td (£136 Is 3d). Silver. —Standard. 16d (16d) an oz. ■ fine, 17Jd (17id).

BOBBY VEAL TRADE HEAVY KILLINGS OF CALVES UP TO 6,000 A DAY Killings of bobby calves at the various works of the district are reported to be well ahead of those for the corresponding period of last year. Actual total figures are not available for killings to date, but on certain days of the past week aggregate killings for the province must have fallen little short of 6,000 head. At the moment the calves are being handled at Horitiu, Southdown, and Westfield, and next week the Moerewa works in the North will be opened for a short period, the National Dairy Association, which will be handling the business .up that way. having guaranteed the. Auckland Farmers* Freezing Company that < a certain minimum number of calves will be available for killing. Judging on the class of calf coming forward to Westfield fat stock sales this year, more attention is being paid by farmers to quality. It also appears that cows, generally, have been calving a little earlier, as the calves are offering in considerably greater numbers than at this time last season. At the Westfield sale on Wednesday last little short of 2,000 calves came forward, the balance of which eventually found their way to buyers for the export veal trade. FEILDING STOCK SALE JERSEY COWS SOUGHT A large yarding of fat sheep was offered at the stock sale today, but prices were maintained. Good quality sheep sold rather better, but those in poor condition were easier price. Dairy cattle were yarded in large numbers. Good cows and heifers, especially of the Jersey breed, were largely Prices were:—Sheep: Prime fat lambs, 18s to 20s 6d; good, 16smedium, 14s 8d to 15s 3d; fat blkckface hoggets, very good condition, 27s to 28s 6d; prime fat ewes. 22s to 22s 7d; good, 19s 7d to 21s sd, medium 15s to 19s 6d; fat wethers, verv good heavy-weights, 26s 9d to 275; go'od, 25s to 265, medium 22s to 235; forward store wethers, 20s 6d; mixed sex hoggets, fair condition, 12s lid; ewe hoggets, 15s 2d; 2 and 4-tooth ewes, running with Southdown rams, 23s 6d: 4-year, 225, 4 and 5-year ewes, good, 23s sd. Dairy stock: Choice springing heifers, £lO to £lO 15s; good. £8 15s to £9 10s; inferior heifers, just calved. £7 10s; springing cows, very good quality, £ls; goo.d, £lO to £11; medium, £9; inferior, £6 to £7 ss.

THE MONEY MARKET FOREIGN EXCHANGES LONDON, Thursday. The following rates on foreign exchanges are current today, compared with the cabled quotations on July 29 and par;—

COMPANY REGISTRATIONS Two private companies were registered at Auckland yesterday. Details are: Scots Hardware, Ltd., Otahuhu, ironmongers, hardware dealers and general merchants. Capital, £1,250 in £1 shares. Subscribers: B. Gardiner, M. D. Sinclair, M. McK. Millikin, and T. McK. Millikin, 3DO shares each, C. H. Morris 49 shares and P. W. Sinclair 1 share. City Properties, Ltd., Auckland, company promoters, financial agents and general property dealers. Capital, £2,000 in £1 shares. Subscribers: R. R. Blade, 1,990 shares, and K. C. Blade, 10 shares. Increases in Capital Wandei-lust Magazine, Ltd. Capital increased to £4,000 by creation of 2,000 shares of £1 each. , Duro Plates, Ltd. Capital increased to £5,000 by creation of 2,000 shares of £ 1 each. Pacific Forests, Ltd. Capital increased to £500,000 by creation of 250,000 shares of £1 each. WHEAT AND FLOUR LONDON, Thursday. Wheat.—Cargoes were quiet today at 6d to 9d down, but closed steadier. Parcels opened Gd to Is lower, butclosed better. Futures: London-July. 32s 5d a quarter; September, 32s 9d: December, 33s 3d. Liverpool: October, 7s 1 3-8 d a cental; December, 7s 2 5-&d. March, 7s 32d. Spot trade quiet and generally easier. Australian, ex ship 38s Gd. Flour. —Slow. Australian, ex store. 29s to 29s 3d. Oats. —Easier. Peas and Beans. —Dull. Beet Sugar.—August, 4s llld.

CUSTOMS DUTIES DOWN WELLINGTON FIGURES . LARGE JULY DECREASE Press A ssocia tion WELLINGTON, Thursday. The net customs revenue collected at Wellington last month was £245,630, against £323,237 in July, 1929. For the seven months of this year the revenue was £1,785,032, compared with £1,717.913. The beer duty for July was £4,090, against £4,071 for July, 1929. For the seven months the total was £31,322, against £28,768 in 1929. CHRISTCHURCH DECREASE CUSTOMS DOWN £45,946 Press Association TCHURCH, Thursday, A decrease of £45,946 in the customs duties collected at Christchurch in July, 1930, as compared with July, 1929 is shown in the returns. The figure's, with those for last year in parentheses, as follow: Customs. July. 1930, £76,062 (£122,009); January-July. 1930. £601.744 (£659,593); beer duty. July. 1930, £7.330 (£7,452); January-July. 1930. £51,473 ( £52.146); motor spirit tax. July, 1930. £15,658 (£21.707): January-July. 1930. £§1.591 (£82,507): tvre duty. July. 1930. £742 (£2.019): January-July, 1930. £7,436 (£10,371) £14,470 DOWN IN DUNEDIN BEER DUTY ALSO FALLS Press Association DUNEDIN, Thursday. The following are the customs and oi.her revenue returns for July with the figures for the corresponding month of last year in parentheses;—Customs duties. July, £63,332 6s Id (£77,810 16s 9d); beer duty, 1930. £13,446 9s Id (£17,819 19s lid); tyre tax, 1930, C 553 8s 7d (£922 3s): petrol tax, 1930. £10,540 14s 2d (£7,425 4s). TE PUKE DAIRYING BAY OF PLENTY ASSN.’S YEAR A 15 per cent, increase is shown in the production figures for the Bay of • Plenty Co-operative Dairy Association, Limited. Te Puke, according to the association’s annual report. The report states that for the season ended June 30, 1.732 tons of butter were manufactured, an increase of 227 tons, or approximately 15 per cent. The butter made graded 81.70 per cent, superfine, 17.91 per cent, first grade and .39 per cent, second grade. The average grading for the season vvas 93.02 points. Advances for butterfat were made as follow: —July to December, Is 5Vd a pound; January, Is 3d; February, Is 2d; March to June, lid.

The balance available for distribution was £10,403. After allowing 5 per cent, interest on capital the directors propose to dispose of the balance by paying 2*d a pound on March. April, May and June butterfat. The trading branch again showed an increase, the sales being £23,203, as against £20,641 last year. It was certified that the weight of butter made from each pound of butter-fat used in the manufacture of butter was 1.21711 b.

BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Amalgamated Dairies, Ltd., from their London Office, dated July 31: “Butter: Our prices unchanged. Anchor, 140 s; New Zealand market nominally unchanged, but very quiet; Danish dropped, 1425, f.o.b. Cheese: White, 78s to market quiet at advance; coloured, 82s; steady.” Joseph Nathan, from Trengrouse and Nathan, London: —“Butter, 138 s; white cheese, 78s; coloured, 82s; both markets quiet.” Dalgety and Company, Ltd., from Samuel Page and Son, London; under date July 31:—“Butter: The market is quiet. New Zealand finest salted, 134 s to 138 s; Danish, 15Gs to 158 s; Australian finest unsalted, 134 s to 1365; finest salted, 134 s to 1365; G.A.Q., 130 s to 1325. Cheese: The market is steadier. New Zealand white, 77s to 795; coloured, 81s to 83s; Canadian white, 81s to 84s; coloured, 80s to 84s; c.i.f., 80s to 825.” .

A. IT. Turnbull and Co., from W. Weddel and Co., London, under date August I.—“ Butter, Danish, 1545; N.Z., unsalted, 150 s; salted, 136 s to 138 s; market quiet. Cheese, N.Z. white, 77s to 80s; coloured, 82s to 83s; market steady; Canadian, white and coloured, 82s to 84s.

NORTHERN WAIROA DAIRY CO. A PROGRESSIVE CONCERN From Our Own Correspondent DARGAVILLE, Friday. The 2Sth annual general meeting of shareholders*of the Northern Wairoa Co-operative Fairy Company, Ltd., was held yesterday. Mr. J. H. Stubbs, managing director, presided. In submitting the report, Mr. Stubbs said that the season had been an exceptionally good one from the point of production,' the output being 2,500 tons against 830 tons for the season ending 1920—10 years ago. It gave some idea of the wonderful potentialities of this district, and this increase should continue with the development of new country, top-dressing and herd-test-ing. The company still holds a quantity of butter unsold and this had been valued for balance-sheet purposes at 110 s, fo.b., so that the books showed a surplus at present *of Over £6,000, and this should be much better if the market holds for the next month or two. The company sold 5,960 boxes f.0.b., 91,202 boxes on consignment, and 2,867 boxes on the local market. The average grade for butter was 92.90, as against 92.81 last year. “The output from the Kirikopuni factory was 400 tons as against 200 tons last season..” A resolution of sympathy was passed to the relatives of the late Mr. J. H. Slade and Mr. A. J. Webb, two former directors who had died during the year. A motion of appreciation was carried unanimously for the services,rendered the company by Mr. William Simpkin, who is retiring after having been a director continuously, with the exception of one year. Seven nominations for three vacancies on the directorate have been received as follows:—Messrs. W. P. Begg and J. G. Barclay (sitting members), Paul F. Stratford (Matakohe), J. E. Mudford, jun. (Maropiu) J c Fenton,(Te Kopuru), and F. J. Johanson (Parore).

Buyers. Sellers. £ s. d. £ s. d. banks— of Commerce. 1 1 6 1 2 6 Australasia .. . . .. Com. of Australia. . 1 1 3 1 1 Ditto (eon.) .. . • Ditto (pref.) .. .. 6 10 0 6 15 0 Roe.. Scot. & Aust. 5 National of N.Z. .. v <f*K. of Australasia . 13 18 0 5 Ditto (con.) 37 0 0 37 5 0 15 6 Union of Australia. INSURANCE— 10 0 13 10 — 0 jfev Zealand .. 2 South British .. .. — LOAN AND AGENCY— Dom Ip vest and 6 Farmers’ Co-op. Auct. _ 17 Ditto B (pref. > . . Gofdsbrougrh, Mort. . 1 0 2 0 Ditto (pret.) .. .. 0 — N.2 & River Plato N.Z. Guar. Corp. . 93 — X.Z Loan & Merc. — Reliance Loan .. •• 2 COAL— Grey Valley .. .. 1 3 0 1 4 9 Pukemiro 0 2 8 0 3 0 Ditto (new issue) 0 2 Taupiri — Ditto (pref.) .. .. Westport-Stockton . — GAS— 1 5 0 .Ditto (con.) .. .. Gisborne 0 17 6 0 14 0 Birkenhead and 6 SHIPPING— Devon port Steam .. 1 1 4 A Howard Smith .. . • Huddart-Parker — 0 19 9 Northern Steam .. 0 14 Ditto (con.) .. .. 0 6 P. and O. (def stk.) 2 3 0 Union Steam (pref.) timber— 1 0 3 1 3 0 National Parker-Lamb .. .. 0 0 9 11 0 0 0 16 0 BREWERIES— 1 1 0 Ditto (pref.) .. .* 1 1 0 N.3, Breweries 2 9 6 2 10

Buyers. Sellers £ a. d. £ a. d MISCELLANEOUS— Booth, Macdonald (pref.) — 0 5 0 British Tobacco 1 17 3 1 IS (10s pd.) 0 8 0 Dominion Pictures . 1 Ditto (pref.) 1 1 6 Electrolytic Zinc (ord.) 1 0 0 1 1 Ditto (pref.) .. .. l 3 9 1 Farmers’ Trading- . . 0 7 8 Ditto (B pref.) .. 0 12 0 0 13 6 Fuller's Pictures .. Hayward’s Pictures Hill and Plummer . 1 0 0 1 2 6 H.M. Arcade Theatre 1 0 0 N.Z. Drug 3 1 0 3 Milne and Choyce (deb. stock) . . . . 1 4 3 1 5 N.Z. Farmers’ Fert. 1 N.Z. Paper Mills 0 18 0 Robinson Ice Cream 1 5 Sanford, Ltd 0 12 0 5 0 Thames Thea.re .. 0 11 0 Union Oil 1 15 0 6 6 Whittome-Stevenson Wilsons Cement ’ .. 1 19 — MIN IN* J— Moanataiari (paid) 0 0 8 0 1 S Ditto (con.) .. .. Lucky Shot (4s pd.) 1 0 13 Waihi Grand Junct. 0 1 Mount Lyell . . .. 1 3 9 Ditto (rights) Kampong .. .. .. 1 » JOB ENT 11 RES— 94 Ditto. 1935. 64 p.c. 101 0 0 — Auck Harbour Board. 95 Ditto, 1541. 6 p.c. 101 — City of Auckland. 1940, 5} p.c Ditto. 1949, 51 p.c. Auck. Power Board, 1950, 5J p.c 95 Bor. of Devonport, 6 p.c 100 Mt. Albert, 1963, 5£ Williamson's Films — 0 Glaxo GOVERNMENT LOANS — 99 5 0 — Ditto, 1938, 4J p.c. — Ditto, 1939, 41 P.c. Ditto. 1933, 54 P C. Ditto, 1936, 54 P-C. f ’ -.Si'lilHEl) STOCK War Loan, 193S, 4£ 99 10 0 — Ditto. 1933, 54 p.c. Ditto, 1936, 54 P-C. 99 —

July 31 July 29 Par. Montreal, dol. . . 4.86$ 4.86 1532 4.866 New York, dol. . 4.86 15 16 4.87 1-16 4.866 Paris, fr 123.74 123.77 124.21 Brussels, belga . . 34.711 34.79 35.00 Geneva, fr 25.055 25.055 25.22 Amsterdam, 11. . 12.08i 12.098 12.10 Rome, lire .. .. 92.95 92.85 92.46 Berlin, r.m 20:375 20.38 20.43 Stockholm, kr. .. 18.10 18.09 IS. 159 Oslo, kr 18.165 18.165 18.159 Copenhagen, kr. . 18.16 18.16 18.159 Vienna, Sch 34.44 34.45 34.58$ Prague, kr 164$ 164$ 24.02 Helsingfors, mark 1931 1938 192.23 Madrid, pes. . .. 43 43.65 25.22$ Lisbon, escu. .. 108.25 108.25 Athens, dr .. .. 375 375 375.00 Bukarest, lei. .. 818 818 R. de Janeiro, m. 5 3-32 5 1-16 B. Ayres, dol.. .. — 49 1-16 47.57d Calcutta, rupee . 172 17 25-32 18d Shanghai, tael .. 18$ 181 Hong-Kong, dol. 122 155 Yokohama, yen . 24 516 24 9-32 24.58d Batavia, fl. .. .. — 12.09 12.10 COLONIAL STOCKS The following tabie gives quotations for consols and colonial inscribed compared with those of July 24:Price. £ s. d. Variation, s. d Consols, 25 per cent. 55 10 0 5 Of Funding Loan, 4, 1960-90 90 10 0 10 ot War Loan, 5, 1929-47 103 10 0 Conversion Loan, 35 79 5 0 15 Of Victory Bonds, 4 . . 95 10 0 10 ot Com’wealth, 5, 1945-75 88 7 6 15 0* Com’wealth, 6, 1931-41 99 10 0 8 9f Victorian, 3, 1929-49 63 5 0 5 Of Victorian, 35, 1929-49 69 12 6 8 9t Victorian, 55, 1930-40 96 2 6 1 3t Yictorian, 5. 1932-42 89 7 6 2 6* Victorian, 4g, 1940-60 81 5 0 2 6t 94 1 3 86 17 6 3 9t N.S.W., 3, 1935 .. .. N.S.W., 35, 1930-50 .. 66 12 6 7 6* N.S.W., 52, 1922-32 .. 99 0 0 N.S.W., 65, 1930-40 .. 100 2 6 N.S.W., 6, 1930-40 .. 98 5 0 10 ot Queensland, 5, 1940-60 86 15 0 Queensland, 3, 1922-47 62 15 0 Queensland, 6, 1930-40 97 0 0 11 3* N.Z., 45, 1948-58 .. 95 5 0 N.Z., 35, 1940 .. .. 89 17 6 N.Z., 3, 1945 .. .. 81 7 6 N.Z., 6, 1936-51 .. .. 103 16 3 8 9t S. Aus., 35, 1939 .. 82 7 6 12 6t S. Aus., 3, 1916 or after 53 0 0 10 0* S. Aus., 6J, 1930-40 99 15 0 2 6t Tasmania, 35, 1920-40 80 6 3 3 9* Tasmania, 3, 1920-40 81 5 0 18 9t Tasmania, 65, 1930-40 100 5 0 •5 0t \V. Aus., 3J, 1929-35 88 0 0 10 ot W. Aus., 3, 1915-35 86 0 0 25 0t W. Aus., 6, 1930-40 97 17 6 fHigher. ♦Lower.