FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1041, 4 August 1930, Page 11

FINANCE & MARKETS

Market Opens Quietly

Movements on ’Change

By

“Noon Call.”

BUSINTSS on the Auckland I opened for the week with The gilt-edge section holds vet 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: — Mount Lyell (rights), rise of Id. Business on the Auckland Market Transactions on the Auckland market this morning- included the following:— At the early call: Waihi Mining 14s. At mid-day.—Auckland Gas, 245; Parker-Lamb Timber, 11s Cd; Taranaki Oil. 2s 5d (two parcels); Mount Lyell (rights). Is 7d. Market This Morning The speculative element made the strongest showing on 'Change this morning. Taranaki Oils changed hands at 2s sd, a price slightly below the market equivalent just prior to the last call. Waihis were active at 14s. The principal feature of the market continues to bo the strong demand for gilt-edge stocks. * * » Moanataiari Mining The manager of Caledonia Kuranui Moanataiari Mining Company reportsDuring the week tho Xo. 1 reef north •was advanced 5 feet. The reef is wider than tho drive. There is a band of iron pyrites about 18 inches wide in the middle of the reef, but it is of a (lull nature. The footwall is carrying a little zinc blende with the ore, hut no gold has been seen. The No. 1 reef south drive is now 27 feet from the chamber. The reef is 5 feet wide with both walls showing. The country on both walls is of a nice description and

Stock Exchange this morning l prices showing little change. ■ry firm. a few colours of gold were seen in the stringers in the hanging wall. At pres- < nt there is a breast head crossing l the lace coming in figom the hanging wall mere appears to be quartz on the other side of this in the hanging wall, hut whether it is another reef or not l urther work will iiave to be done on Bank of Mew South Wales Dividend The Bank of New South Wales ad'ises that a quarterly interim dividend at the rate of 10 per cent, will be paid on August 27. i Victoria Nyanza Sugar The head office of the Victoria Nyanza Sugar Company, Ltd., advises that crushing operations wen? started on July 24 and that the weather continues good. * * • Parker-Lamb’s Selling Parker-Lamb Timbers, which have Vrf/l very ? ul 5 t lor many months in spite of a steady demand at up to 11s changed hands this morning at 11s 6d.’ Along with other timber companies. a rntfafliffl" i* aS been flndins trading a little difficult in recent years, but the opinion is held in certain quarters that t arker-Lamb is doing a little better. Dividends Due NZ Insurance— final, is a *.ii3.rß , m_, „ Com. Bank Aus.-final, pref.Y S ■* p.c. p.a., ord., 15 p.c. p.a. Aug 7 Queensland National Bank—quarterly, 2 p.c., making 9 per cent, for year .. .7 Am? 14 Farmers Fertiliser Co—B n.c Auc Dominion Investment and ,r-.. ins —annual, 7 p.c.. .. Aug 15 Victoria Nyanza Sugar—lnterim, 7S p.c Aug *>s Electrolytic Zinc—ord. and* “ ’ Dref. final. 4 p.c Sept. 4

Closing quotations at today’s midday cal] were :

TODAY’S QUOTATIONS

A PROSPEROUS INSTITUTION mJ*i e annual report of the GovernißsuruHoe Commissioner, Mr. A. .1, "Jason, just laid before Parliament, uiscioses a position which cannot be , *,f rvv^ se than very pleasing to the ea J? y “holders. Not only was the tnr!} Sd rplus the greatest in the hisony of the office, but in the short ur six years the amount of profit donll? , for division has nearly hpw w ' . considerable volume of < P us^ness has meanwhile been eraii hooks, and results gensuKuy have been so satisfactory that L, *'~ n tlally increased bonuses have j nt n dec *ared. These bonuses, taking ~h ° consideration the low premiums crot ed by the department, are conoffio ? vidcnce of the success of the i no , ln its competition with other insurance institutions. w*n early two rnillions of new business ■W WriU en in the year. The total funa me rt r ach °d i 1,073,006, the total !?'*> *» including reserves, are £ 19 -“ a2, the claims decreased by total°" 9 and ex Pense ratios (both to fnrfv, and Premium income) showed re ductions. In respect of these j,i n er items, it is worthy of note that totaf the ratio of expenses' to ♦u income has been reduced from to 8-8 Per cent. re Mother point of interest in the think P art: icularly as many people tavo»- 1 le . department does not pay in<vT*« on ' * s the reference to land and lmi« rne r, tax< the amount paid last year °eing £20,558. re be department, which has made I* ,r^ ka hle progress during the past is conducted under the same ;is u t \z lons and on the sariie principles muti, ?»* ord . inar y Privately managed l . e insurance office, and nobody ti o! n , in the profits earned except asL* PoMcy ' holdors themselves. The d o bot form part of the ConI? 'bated Fund, but are held in trust uie policy-holders only.—6.

SEARCH FOR OIL OPERATIONS IN TARANAKI Special to THE SUN NEW PLYMOUTH, Saturday. Within the next two months four companies will be drilling- for oil in and near the Moluroa oilfields, which will bo the greatest activity shown in the district in the search for oil since just prior to the war. Three companies, Blenheim Reclamation, Coal Oil (N.Z.), and Moturoa Oilfields, are at present drilling bores, those of the first two companies .being down about 2,000 feet. That of the latter was at about 1.700 feet when the blow-out of gas last week postponed drilling temporarily. The latest company to announce its intention of drilling is the New Plymouth (N.Z.) Oil Wells Company, which hopes to start drilling within two months. Its first bore may be put down near the bore of the Moturoa Company, and thus two companies will be boring for oil within a stone’s throw of the large reservoirs and bulk installations of three oil importing companies. The site on which the new company intends to Conduct its operations is very favourably situated. It consists of an area of 30 acres of land at Moturoa and a further area of 445 acres in the Omata district. The steel derrick which the New Plymouth Company is erecting will be the first modern English derrick to be erected in Taranaki. The derrick will come to New Zealand in the steamer Hertford, reaching New Plymouth early in September. It is hoped that drilling operations will be commenced within a short time of that date.

HELPING THE FARMER SUBSIDISED VETERINARIANS FARMERS’ UNION SCHEME Special to THE SUN NEW PLYMOUTH, Saturday. The formation of a veterinary ciub for tho purpose of making- available the services of veterinary surgeons for farmers, whether members of the Farmers’ Union or not, has been agreed to by a meeting of the Farmers’ Union. Tho matter will be referred to the * 3l Tn nC^les or Purpose of discussion. I he scheme includes the provision of free veterinary services, attendance and medicine to all members at all hours. Xo fee of any kind would be collected, apart from the annual membership fee. Special duties ns demanded would be charged for by the veterinary officer at reduced fees. The duties of the' surgeon would include the care of all stock usually carried on ordinary dairy farms. Pedigree stock, tubercular testing, and matters of litigation would be excluded from the g'eneral scheme and paid for at a reduced rate. The administration, it was proposed should be carried out by a committee to be appointed by the Farmers’ Lnion.

BUTTER AND CHEESE DAIRY BOARD’S REVIEW rA h ® ? 4ew Ze ?-land Dairy Produce Loard has received the following- market report from its London office, dated August 1, 1930, prices for the previous week being in parentheses: Butter Zealand.—Salted, 136 sto 13Ss U”ss to 138 s); exceptional, 140 s (140s)unsalted, 150 s (14fis to 150 s); first 130 s (1325); second whey. 128 s (130 s) Deliveries New Zealand this week, 1,450 tons; in store, 9,700 tons * A , u ®. tr , allan - —Salted, 134 s to 136 s (133 s to 13Ss)’’ Unsalted ’ 1343 to 138 s (134 s Argentine.—XJnsalted, 128 sto 134 s (l~6s to 130 s). Irish Cream.—Salted, 138 s <l3Ss)unsalted, 142 s (1425). ' Danish.—F.o.b., 145 s (150 s); spot 154 s to 156 s (155 s to 1565). Dutch.—Unsalted, 144 s to 146 s (143 s to 150 s). Estonian.—l42s. Siberian.—l32s to 134 s (1325). Polish.—116 sto 128 s (110 sto 128 s) (138 r s en to h 14 3 0 a s S ) ketS — Salted - 138 “ ‘° 14t ’ s Market quiet. Danish retail price increased to Is 7d last Monday. Expected to be reduced to Is 6d next week. Cheese . Zealand.—^White 77s to 795, up B ® s ( ' Ss ‘i° 73a - UP to 80s); coloured, 82s to 83s (83s to S4s). Prices recovered after ruling easier in the week Deliveries New Zealand this week! -3,578 crates; in store, 117/ 83 crates. Canadian.—White and coloured 82s to 84s (82s to 84s); c.i.f., 80s (82s). Deliveries Canadian, 5,359 boxes; in store, 122,101 boxes. Market steady, retail prices unchanged. English.—Finest farmers’, 92s to 110 s (92s to 98s). Stocks in London Tho Empire Marketing Board’s estimated stocks ot all butters at July 26 1930, 1,062,479 boxes. Merchants’ Reports Merchants report receipt ot overseas cables as follow: Norden and Co., Limited, from R. and W. Davidson, Limited, Glasgow under date August I:—“Butter, 136 s to 138 s; fresh, 150 s; whey, 130 s; whey second grade, 128 s. Market quiet! Cheese, 77s to 795; coloured, 82s to 335. Market steady.” Leonard and Son, Limited, from A C. Rowson, Limited, London, under date August I:—“Cheese: New tealand, white 78s, colou-ed S3s. The demand is good, and the market firm with an upwr. t d tendency. ButterNrw Zealand, first grade 1345, finest 13Cs. The demand is slow, and the market weak with the outlook uncertain.” Amalgamated Dairies, from its London house;—"Butter; Our prices unchanged, Anchor 140 s: other New Zealand butter prices unchanged. Market very quiet. Danish closed at 154 s on the spot, 144 s f.o.b Deliveries New Zealand steadily improving this week at 1,433 tons; stock, 9,711 tons. Retails unchanged. Cheese: White 78s, market quiet: coloured 83s, market firm; Canadian, 80s to 81s, c.i.f. Retail unchanged.

LONDON MEAT MARKET SMITHFIELD QUOTATIONS The New Zealand Meat Producers* Board has received the following cable from its London office, dated August 1, advising the following approximate average prices realised for the week, based on actual transactions of wholesale quantities and 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 sGlb, 4 7-Sd (4 7-8 d); 571 b to G4lb f 4*d (4id); 651 b to 721 b, 4 3-Sd (4 3-8 d); North Island, 481 bto 561 b, 4 5-8 d(4 5-8 d); 571 bto 641 b, 4 3-8 d (4}d); 651 b to 721 b, 4 3-8 d (4*d) ; ewes, 4Slb to 641 b, 3 l-8d (3d); 651 b to 721 b, 27-8 d (27-8 d). New Zealand Lamb.—Canterbury, 361 b and under, 9d (9d) ; 371 b to 421 b, 8 7-8 d (8£d); 431 b to 501 b, 8-|d (8 3-8 d): second quality, average, 331 b, (7 3-8 d); other South Island brands, 361 b and under, S£d (83d); 371 b to 423 b Sfid (8id); 431 b to 501 b, 8 5-Sd (8 3-8 d) : selected North Island brands, 3Glb and under, 9d (9d); 371 b to 421 b, B£d (8 5-Sd); 431 b to 501 b, B£d (8 3-Sd); second quality, average 311 b, 7Sd (7 5-8 d); other North Island brands, first quality, 361 b and under, 8 3-8 d(8 3-Sd); 37l'b to 421 b, 81d (88-d); second quality, average 311 b, 75d (7 3-8 d). Australian Lamb.—Victorian, first quality, 361 b and under, 7sd (7d) ; 371 b to 421 b, 7id (7d). Argentine Lamb.—First quality, 361 b and under, 6 5-8 d (6 5-Sd); 371 b to 421 b, 62d (6 3-8 d). New Zealand Beef.—Ox fores, 3id (3 l-8d) : hinds, 5 3-8 d (55d); cow fores and hinds, not quoted. Argentine Chilled Beef.—Ox fores. 42d (4 l-8d); hinds, S 5-8 d(8 5-8 d). Australian Frozen Beef.—Ox crops, over 1001 b, 3£d (3id); hinds, over 1601 b, 5 3-8 d (5 3-8 d). New Zealand Prime Porker Pigs.— 6Clb to 1001 b, 7d (7d) ; 1011 b to 1201 b, G 7-8 d (G 7-3 d). New Zealand Prime Baconer Pigs.— 1211 b to 1801 b, (6£d). New Zealand Frozen Veal.—Not quoted. Lamb Market.—Firm for all prime lamb, but weaker for second quality. Heavy-weight prime lamb lias advanced in price owing to shorter supplies. Mutton Market. —Wethers steady, with slightly better prices. Ewes still slow of sale. Beef Market.—Firmer owing to higher prices ruling for Argentine chilled beef. New Zealand Porker Pigs.—ln poor demand. New Zealand Baconer. Pigs.—Fair sales made at present prices.

Buyers. Sellers s d. £ s. d. BANKS— Aust. of Commerce. 1 1 6 o Australasia Com. of Australia.. 1 1 1 Ditto (con.) . .. 10 r, Ditto (pref.) .. .. 10 0 6 0 Eng.. Scot. & Aust. 15 0 National of N.Z. . . Nat. of Australasia . 13 IS 0 Ditto (con.) New South Wales „ 3 n 15 0 New Zealand 15 0 Ditto <D Mort.) . l 6 Lnion of Australia 10 2 6 — INSURANCE— A. PA 0 0 New Zealand .. South British .. .. 2 19 LOAN AND AGENCY— Dom. Invest and Bank Farmers’ Co-op. Auct. A (prel.) 0 16 9 Ditto B (pref.) .. 0 15 0 Goldsbrough, Mort.. 1 7 0 1 3 Newton King .. .. 0 0 N.Z. River Plate N.Z. Guar. Corp. 07 0 N.Z. Loan & Merc. 85 0 Reliance Loan .. .. COAX.1 2 0 0 Renown ' Ditto (pref.) .. .. 0 2 8 Ditto (new issue) 0 11 Taupiri (pref.) 1 2 6 Westport- Stock ton . 6 0 GAS— Auckland 1> Ditto (con.) .. .. Birkenhead and 0 17 9 Gisborne — 0 14 0 shipping— IDevonport Steam .. Reward Smith .. .. Ditto (pref.) .. .. Northern Steam .. 0 10 n Ditto fcon.) .. .. P. and o. (def stk.) t-nion Steam (pref.) TOlBER— 1 0 3 Bartholomew 1 0 Nationa 1 Farker-Lamb .. . . 0 0 8 11 6 0 0 0 10 16 0 0 I1REWERIES C. E. Innes .. % ,Ditto (pref.) .. .. 1 1 0 - R-Z. Breweries miscellaneous— Booth, Macdonald 9 10 2 10 6 British Tobacco .. 1 17 0 0 1 5 18 0 0

Buyers. . Sellers £ s d £ d Colonial Sugar < on. Brick and Pine 17 -Dominion Pictures Ditto (pref.) Electrolytic Z i n * 1 1 . 6 — Ditto (pref.) .. Farmers' Trading 0 Ditto (B pref.) 0 12 0 Fuller 1 s .Pictures! .Hayward's Pictures Hill and Plummer H.M. tt Vrcade Theat. Ditto (pref.) N.Z. Drug .. .. Milne and Choy< 1 0 3 4 0 (deb. stock) .. T .National Pictures N.z. Farmers’ Fert. 0 N.z. Paper Mills Robinson Ice Cream 6 rr Sanford, Ltd .. 0 Ditto (pref.) . Taranaki Oilfields 0 0 Thames Theatre 0 0 Union Oil Wh ittome-Stevenson 1 35 0 Wilsons Cement 1 IS 6 MINING — Moanataiari (paid) 0 o Ditto (2s> Sd pd 6 hucky Shot (4s pd Ohinemuri (ord.) 0 Ditto (pref.) Waihi Waihi Grand June 0 1 A 0 14 0 Mount Lvell Ditto (rights) 0 10 Kampong .. 0 18 0 DEBENTt 1 RES— Auckland Gas. ISO 2. 5 p.C- . . . 94 0 Ditto. 1035. 62 p. 101 0 H. iliuiir Board. 1937, 55 p.c. . 5J p.c. Ditto, 1934, 52 p. 100 0 Ditto, 1941, 6 p. City of Auckland. 101 0 0 1940, 5J p.c. .. Ditto, 1949, 51 p. — 97 95 0 10 0 0 1950, 5i p.c. .. Do 10 0 Dor. of Devonport, '• P.c* 100 0 0 Williamson's Films 101 Gisborne Sheep80 90 0 0 Glaxo 0 — GOVERNMENT LOANS _ War Loan. 1930. 4 h r; Ditto, 1938, 4 h P. 99 10 Ditto, 1939, 42 p. 99 10 0 Ditto, 1.941 42 d. 99 Ditto, 1S33, 51 p. 99 Ditto, 1936, 52 p.c. 99 0 0 — •* SCRJ BED STOCK War Loan. 1938, 42 99 Ditto, 1939. 4J p. 99 Ditto, 1933. 51 n 99 Ditto, 1936, 54 p. 99 0 0 —