FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1079, 17 September 1930, Page 11

FINANCE & MARKETS

Quiet on ’Change

Coals Depressed

THE market opened this morning with an easing tendency m many stocks, little business recorded Coal shares are weak owing partly to the price war.

Bu«iness on the Auckland Market Transactions on the. Auckland marVet over the past 24 hours included: Yesterday afternoon. —Rank of Nov south Wales. £3O 15s; Taupiri Coal lord.), d 3s <!d: Motional Timber. Ss Robinson Ice Cream. 42 1 2s; city of Auckland. 1940, 51 per cent., C 96. At the midday call.—Robinson Ice Cream, fit " s * m * * Market at Midday The bank section Is quiet. Commercial are weaker, with buyers 17s t;d sellers ISs Id. English, Scottish, are asked for at £5 8s 6d. National of Xew Zealand are steady. New South Wales have buyers at £3O. New Zealand have buyers at 55s 3d, sellers s(is. Insurance are steady. National have persistent buyers at 13s 9d. New Zealand have buyers at 41s 9d, sellers 42s (ij, Queensland remain steady. .South British are in demand with buyers 57s Sd. In the miscellaneous, Australian r,]as» have buyers at 25s 6d. British Tobacco are also in demand, buyers quoting 31s Sd. sellers 32s (>d. Electrolytic Zinc (prof.) is steady. Farmers’ Trading (ord.l are a shade easier. Sharland (pref.) are asked for at 18s 3d. no sellers appearing. Taranaki Oil nr e inclined to improve. Wilsons Cement are unchanged.

I Talisman Dubbo Mines manager of Talisman Dubbo -Mines reports;—-The drive was exteuacd I fit- during the week. The reef x.as a little disturbed, being 2ft wide carrying u. little gold: the country l ock is ol a good description.” Business on Sydney Market Sales on the Sydney Stock Ex- < nange yesterday included the. following:— -English. Scottish and Aus--Mm Bank. £5 11s, £5 11s 6d: Dank of New South Wales, V3O 10s--1,,-onT y xi ln< .' Company, £9; Golds-tnough-Mort, _2s; Australian Glass, o£ s ’ „ British Tobacco, 32s 3d, 32s 4d bd. Dividends Due Hudd.-.rt-Parker—interim, ord 4 p.c., pref., 3 p.e. .. . Sent 18 Kempthorne and Prosser—in'terim. 44 p.c. . Sent ■>. British Tobacco—quarterly" c Sept. 30. v.. r, lnnes, final, 4 p.c. ord. and pref o ct Bank of Australasia, Intorim. 14 p.c. p.a O cL ? and Choyce—shares and * Hr stock, 8 p.c. p.a Oct 10 Wright. Stephenson, interim, ord., 3J p.c Oct fi Dunlop Perdriau Rubber, 'final, of 3 p.c. on ords., and 5 p.c on prefs Oct. 10

TODAY’S QUOTATIONS

Closing quotations at today’s midday call were:

keen wool demand SYDNEY SALES SYDNEY, Tuesday. At the Sydney wool sales today the irtS n§s were bales, of which were sold, also 3,437 bales which °^ ore d privately. ere » was strong: general competi-mi-4 Wltll a hardening tendency for ■iuahty wools. Continental and Japnese buyers again were very keen operators. Greasy Merino sold to 15id. INCREASED bank charges FARMERS’ UNION PROTEST of action of the banks in increasing the rnnv,T e * or the keeping of current acwa* expressed at an executive (>fvi ! n * the Auckland provincial T T ni fi on . of the New Zealand Farmers’ held last evening. Mr. A. A. «oafs preaided. H. Allen stated that the -puf Ut silou ld express a strong proto,:* 0 the ass ociated banks. In most i»pf>flt nces the ,)an ks were making big „ ” ts - He moved that the executive with the associated banks protesting against the increase. ne motion was carried uannimously. TAUMARUNUI stock sale From Our Own Correspondent TAUMARUNUI. Tuesday. , was a heavy yarding at. the 18118. htly sale today, and a big at,,n a P ce °f local and outside farmers grated freely. Values ranged: —- •'4 *?“■ Weaners, Ils Cel to 265; slips, hf r d to 60s 6d. Shec-p; M.s. hoggets, v,. to 18s 9d; wether hogget.s, 17s ••OWV ?« h ?f Ketß ’ 22s - Cattle: Fat l >d- 17s 6(1: store cows, £3 2s 'iin calf to B.P. bull, £4 Os: AEKr** B.P. steers, £7; 21-year ‘rett ’ steers passed in at £7 2s lid „^r v “ £8) ; 21 -year-old Holstein top- if -0 6s; others, 21-year steers, bin eo,," S . 6d: 18-months steers. £3: COWs in calf to P.A. bull. £3 ss.

[ DE-RATING FARM LANDS AUCKLAND PROVINCE VIEWS Communications from county councils, A. and P. associations and cooperative dairy companies in all parts of the Auckland Province came before the Auckland provincial executive of the New Zealand Farmers’ Union last evening, expressing sympathy with the committee’s move to have all farm lands de-rated. Although in many sufficient time has not elapsed to allow for a reply to tho committee’s circular on the question, there were more than 30 letters favouring the proposal. The only dissentient opinion came from the Opotiki County Council. MATAMATA COUNCIL DECISION Special to THE SUN MATAMATA, Tuesday. By six votes to two the Matamata County Council carried a motion supporting the principle of de-rating farm lands, after keen opposition by the chairman, Mr. J. W. Anderson, and the member for the Tohoroa Riding, Mr. K. S'. Cox. The discussion arose following a communication on the subject from the Farmers’ Union, which asked for support for the proposal. BUYERS CAUTIOUS LONDON WOOL SALES Deed. 10.15 turn. LONDON, Tuesday. At the wool sales 11,083 bales were offered, including 2,478 bales from New Zealand. About 6,285 bales were sold. There was a very full attendance from all quarters and the tone was somewhat hesitant, many buyers awaiting a basis on which they could operate. But there was a good clearance, ex- | cent in short faulty wools, compared 1 With .1 til v closing. Good combing Merinos were Arm and unchanged; raulty and shabby lots ranged front par to a live per cent, decline: Crossbreds were 73 to 10 per cent easier; and slipes 10 per cent, lower, but at the lower level slipes met with good competition. New Zealand greasy Crossbred “Droxford” sold at. lOld, average 9d. WHEAT MARKET LONDON, Monday. Wheat. —Cargoes are tending lower on American weakness. There is some inquiry for Australian for the Last and 3,000 tons by tho Pruhus are going to Italy, also 5,600 tons from Western Australia to Calcutta at 32s 3d. Parrels are in fair request at 3d decline. Futures: —London: September. 2fls 9d ell * •!•• December. 30s lOd: Liverpool:' October, (is T2U a cental; Decerni ber. 6s 7id; March, 6s 7sd.

AN UNSETTLED MARKET POSITION ON ’CHANGE ACTION OF THE PESSIMIST By NOON CALL Certain very definite breaks have appeared in the black clouds of depression during the past week. At one period it appeared as if the investment market had touched bottom, and that the turn toward better times had at last been reached. Subsequent reactions have rather clouded this view, however. -About the greatest handicap to any move out of tho present slough of financial despondency is the bearing effect of the thoughtless pessimist who is working with little short of criminal effect in our midst today. On the Australian share market he has been working with rather malicious but well-directed intent for many months, bearing down stocks wherever possible in order that lie may take financial advantage of the fall. False rumours have been spread around about perfectly sound companies, and no effort spared to shake the confidence of the market for sound stocks wherever there is a possibility of making money ‘out of the falling' prices. *So marked has this practice become that directors of companies concerned have been compelled to make public contradictions. In New Zealand it cannot be said that the bears have been operating lor tho purpose of individual gain, but it can be said that the more thoughtlessly pessimistic have been acting in a manner which lias had practically tho same effect, not only on the share market but on business generally. The general tendency nowadays is to look for the blackest side every time, and the practical optimist receives little attention. Rumours gain currency about tho soundest of propositions, which have little or no foundation on fact, and there is a tendency for the smallest items of news having an unpleasant financial reaction to be magnified to an alarming degree.

It does not need an Otto Niemeyer to tell. New Zealand how to face the present crisis. There is certainly need for economy, particularly in the direction of Government administration, but the position is not such that it warrants much of tho pessimistic talk which is given currency today. The new farming season has opened with every indication of satisfactory production. Reports from Sydney relative to the opening of tho wool sales there this week show that there is a wide demand for wool on the lower price levels. Cables during the early part of tho week show a brighter tone in the butter market, with prices tending to rise to higher levels. Reports from Canada confirm opinions that that Dominion will be compelled to import some, at least, of our surplus butter. All round indications are that, although we might like conditions to improve considerably, for the country generally they have been much worse at certain periods in the. past, and the country has always won through. On the Investment Market Toward the close of last week there was every indication that prices for investment stocks were about to show a general improvement. The market hardened in Australia following the assurance of the Federal Government that it would not heed the cry of the extremist relative to repudiation, and that it was out to balance its Budget, irrespective of tho difficulties in the way. This improvement has not been sustained, however, and there was a further sagging of prices early this week. How far this will go it is hard to say. There is no doubt that the banks are applying pressure on holders of investment stocks', particularly in Australia, and where this is done the most easily negotiable securities go first. With forced sellers on the market, prices have no recourse but to sag. When

•ho actual turn will come the writer is not prepared to record a forecast at tho moment, but, even so, there is nothing more certain to those who follow the trend of finance that many very attractive propositions are offering on tho investment market at today's prices. Reserves are healthy, the actual return on today’s prices is attractive, while the prospect of market appreciation when, the turn comes is very alluring. Below is a summary of business in I .some of the more solid stocks recorded ; on tho. New Zealand Stock Exchange j over the past week. In each case the • approximate return on investment, ! based on the last recorded dividend, is given:—• I-ates t Approx. Price. return

WHO PAYS FOR ADVERTISING? A COMMON DELUSION One often hears it said about a certain well-advertised product or store: "They must spend a tremendous amount of money in advertising,” and sometimes someone else will add: “Yes, and the customer has to pay for it.” Of course this theory is entirely wrong. Advertising increases the demand, which in turn decreases overhead expenses in proportion, which means that the price of the article can be reduced and still leave the required margin of profit. In addition, increased production means larger quantities of raw materials, and thus is another saving effected which is demonstrated in a minimum selling price. Anyone can test this theory by comparing, all things considered, the price of any non-advertised product with the prico of a similar line that is advertised. Furthermore, the quality of an advertised product can always be relied upon, for no merchant could continue spending money in advertising his goods if they were not good enough to ensure repeat orders. In this way lies protection for the purchaser. He or she who determines to buy none but advertised goods not only buys the best at the lowest price consistent with quality, but is also assured of entire satisfaction, for every advertiser is only too willing to adjust any complaint to the satisfaction of the customer. Advertising is news of great value to tho customer. It keeps she or he in touch with the latest in dress, household needs, pleasures, amusements, education. Advertising saves you time :is well as money. Your newspaper will tell you where to go for what you want, and how much to pay for it, for the advertisements give you at all times the right value. The advertisers value your trade! They advertise to get it, and continue advertising to keep it. The store that advertises usually gives the best service. Buy only advertised goods—shop at the store that advertises, Every advertiser stands back of his goods.

PUKEKOHE BULL SALE j A SATISFACTORY CLEARANCE From Our Own Correspondent PUKEKOHE, Tuesday. Prices were more in favour of buyers today than yesterday at the Franklin Jersey Club’s annual sale of pedigree Jersey bulls. The sale concluded today, when 87 bulls were offered. Seventy were sold under the hammer. The top price was 50 guineas, paid by J. Findlay, of Miranda, for the two-year-old bull; Spring Hill Dan, bred by A. J. Harris and Company, of Bombay. All the two-year-old bulls were keenly competed for and several made over 30 guineas. The highest price for a yearling was 30 guineas, paid by J. H. Given, of Patumahoe, for a bull bred by E. L. Williams, of Pukekohe West. The prices of the other yearlings sold ranged from five guineas to 27 guineas. Tho only mature bull offered was the six-year- old Fairy’s Golden Fern, bred by JO. J. Adams, of Puni, and it realised 32 guineas. The average price fop the 70 bulls sold today was approximately* 17 A guineas, and the average for the 154 bulls sold altogether on the two days of the sale was approximately 20 guineas, which figure is an increase of about two guineas on last year. The sale was conducted by Alfred Buckland and Sons, Ltd., and the New Zealand Loan and Mercantile Agency Company, Ltd., in conjunction. • Sales today at 20 guineas or upward included the following: On account of T. Brownlee, Pukekohe, Beresford Royal, to R. J. Brownlee, Pukekohe, 21£gns. On account of H. S. Flemming, Clevedon, Reshur© Fame, to W. E. Langford, Drury, 21gns. On account of D. F. Lundon, Runci- I man, Tauwhare Spalpeen, to J. R. Me- I Millan, Pukekohe, 30 gns; Tauwhare J Goldfinch, to W. Cronin, Pukekohe, j 3Ugns; Tauwhare Puke, to W. I. Fallows, Puni. 20gns. On account of J. Quinn, Alfriston, Claudeboy’s Silver King, to H. Stockley, Pokeno, 33gns; Silverhope Peter, to J. Hood, Waiuku, 26&gns.

On account of A. J. Harris and Company, Bombay, Spring Hill Edmond, to ,T. Michie, Pukekohe, 27gns; Spring Hill Dan, to G. Findlay, Miranda, 50 gns: Spring Hill Earl, to F. Begbie, Te Kauwhata, 24gns; Roslyn Flatterer, to F. Begbie, 25gns; Roslyn Grenadier, to T. Ay 1 wood, Waipipi, 21gns; Tauwhare Lucky, Krukness Bros., 23£gns. On account Howard Smith, W aiau Pa, Sedgemere Elect, to G. Dans, Whitford, 20gns. On account of E. J. Adams, Puni, Fairy’s Golden Fern, to A. L. Oathcart, Onewhero, 32gns; Rosedale Attraction, Dawkin Bros., Otaua, 23gns. On account of E. L. Williams, Pukekohe West, Tamasese of Vailoa, to J. ]T. Given, Patumahoe, 30gns. FRANKTON STOCK SALE PRICES SLIGHTLY EASIER From Our Own Correspondent HAMILTON, Tuesday. A heavy yarding of all classes of cattle met with poor competition at tho stock sales at Frankton today, and prices for most lines were lower than last week. Fat sheep again came forward in large numbers and realised slightly lower prices. A fair yarding of pigs sold at late rates. The auctioneers quote as follow: Dalgety and Company, Limited. —A consignment of prime bullocks sold at an average of £ls 13k 6d; young cows and heifers, to .£l3 15s: ordinary fat cows, £9 to CIO 15s: moderate quality cows, £7 15s to £8 15s; light Jersey cows and heifers. £5 10s to £6 15s; runners, tr> £4 14s; light vealers, J9s to 425; prime fat wethers, to 283 8d; fat wethers, 275; fat ewes, to 225; light fat ewes, 16s; spring Jambs, 30s; ordinary fat hoggets, 22s 6d; store wether Down hoggets, 14s; cull Down cross hoggets, 9s 6d; heavy baconers, £3 to £3 ss; medium, £2 14s to £2 18s; porkers, £2 3s to £2 12s; large stores, £2 2s to £2 9s; medium. £l. 15s to £1 18s; slips, £1 10s to' £1 13s: best weaners, £1 2s to £1 9s. New Zealand Loan anti Mercantile Agency Company, Limited. —Prime fat bullocks, £l4 5s to £ls Is; fat bullocks. £l3 17s 6d to £l4 2s; light and unfinished bullocks, £lO 17s 6d to £ll 18s; prime fat cows, £ll 10s to £l3 15s; prime fat heifers, £lO 2s Cd to £lO 12s; fat cows, £9 15s to £9 17s 6d; lighter quality, £8 13s Cd to £8 .18s Gd; killable cows, £ 5 6s to*£s 17s Cd: vealers, £4 15s; good store cows, £5 14s to £5 17s Gd; poorer quality. £3 19s to £4 11s; prime fat wethers, 26s Gd to 28s; good fat hoggets. 19s Gd to 225; poorer quality, 17s to 18s 9d; average fat ewes, 18s 2d to 19s 9d; baconers, £2 15s to £3 4s: heavy porkers, £2 9s to £2 12s Gd: lighter porkers, £2 (is to £2 8s Gd; good stores, £T 19s to £2 Gs: others. £1 15s to £1 17s Gd; slips, 28s to 33s Gd; weaners, 18s to 27s 6d.

Farmers’ Co-operative Auctioneering Company, Limited. —A heavy yarding of beef and store cattle and a good yarding of all classes of sheep. Ox beef showed a decline of £ 1 a head on last week’s quotations. Prime cow and heifer beef met with keen competition, and sold on a par with late rates. There was only a fair demand for inferior quality. There was a large yarding of fat and store sheep, and prices were easier all round. A medium yarding of fat pigs and a good yarding of stores came forward, late rates being maintained. Fat bullocks made £l3 to £l3 11s; lighter, £l2 to £l2 12s; prime fat cows, £ll to £l3 4s; lighter. L 9 15s to £lO 9s; prime fat heifers, £l2 to *£l3: medium, £ 3 to £9 2s Cd : foirward-eonditioned cows, 47s Gd to £5 12s Gd: vealers, 20s to £3 9s; store cows, £3 19s to £7; cows with calves. £6 10s; two and a-half-year Shorthorn steers, £8; in-calf Shorthorn heifers. G 9; yearling Jersey heifers, £5. 15s: fat wethers, 29s to 30s 3d; store wethers, 16s to 19s; fat hoggets, 18s to 22s 9d; fat ewes, 16s to £1 0s 3d: store ewes, 8s; heavy porkers. £2 10s to £2 16s; light, £2 to £2 ss~; good stores, 38s to £2 2s; slips, 29s to 335; weaners, 21s to 275.

AUSTRALIAN BUTTER EFFICIENCY IN MARKETING SYDNEY, Tuesday. At a meeting of the Australian Pro- ■ duce Export Board consideration was ! given to a suggestion by the London I agency for improving the organisation for the marketing of Australian butter in the United Kingdom. Two Queensland producers, Messrs. T. Plunkot and C. Jamieson, were appointed to visit England and report upon recent developments in connection with marketing, production, the sale of Australian butter in pats direct to the consumers, the extension of trade in the Midlands and the continuance or otherwise of advertising propaganda. Tho board emphasised the probability of future severe competition with Danish butter selling in pats in the United Kingdom .and the certain curtailment of buying orders as a result of the merging of large companies and tho pooling of orders by the Grocers’ Associations. The board reduced the levies on .export butter to l-30d a lb. and l-60d a ; lb. on cheese. ! The fund for advertising propa- ■ garni a in London was greatly cut owing to the economic conditions. Tiie quantity of butter in cold stores j in Australia on August 30 was 1,157 ; tons.

£ s. d. £ 3 <L banks— ( \ust. of Commerce 1 0 Com. of Australia 0 17 6 0 IS Mine. Scot. & A list. b 8 (5 National of KZ. .. 11 « 14 0 Nat. oi' Australasia . 13 LVr Soutii Wales . P,o ft ft New Zealand 15 3 1ft ft Union of Australia . INSURANCE— 10 5 0 National n 13 ft New Zealand .. .. 2 l ft 2 South British . . . . 2 17 ft — loan and agency Dominion Invest, and ’— Banking 1 1 ft I'algety and Cc>. . . Farmers' Co-op. Aue. — 9 3 u A (pref.) ft IS ft Goldsbrousrh, Mort N t wton King: (pref. ) 1 1 3 ft Jtsttance Doan . . COAL— 0 1ft 1 Grey Valley Pukemiro 5 0 12 ft Renown Ditto (pref.) 0 Ditto (new issue) ft Taupiri 1 ft 6 Ditto (pref.) . . . 1 0 "Westport ] 11 ft "Westport-Stockton . GAS— 0 1 ft Auckland 1 3 o Ditto (con.) .. .. Birkenhead & North0 17 ft 0 18 ft cote — 0 10 0 SHIPPING — Devon port Steam . Huddart-Parker 0 Northern Steam 0 Ditto (con.) .. . . 0 6 4 0 I'. & O. (del', stk.) 1 nion Steam (pref.) TIMBER— 1 0 0 — Bartholomew .. o ft National 0 Q Parker-Lamb .. .. breweries— 0 14 u C. L. Innes . . . . o ft Ditto (pref.) .. .. 2 0 N Z. Breweries . . . . Tooths miscellaneous— — 1 4 0 Australian G)a* s .. Booth Macdonald 1 5 6 — 0 ft British Tobacco Bycroft. Ltd. .. Consolidated Brick ,v-. 1 14 6 Pipe 0 16 0

Buyers. € 8. d. £ d. Colonial Sugar .. Electrolytic Zinc 30 5 0 — (pref.) O Farmers’ Trading- . . 0 7 Ditto (B pref.) .. fuller’s Pictures (iear Meat 6 Q Henry .Tones Co-on. t 0 Hill and Plummer il.M. Arcade Theatre Ditto (pref.) .. .. 1 0 -N'.Z. Drug: Milne and Clioycc . Ditto (deb stock) National Pictures . N.Z. Farmers’ Fert. Sanford and Co. .. Ditto (pref.) .. .. Sharland and Co. — 0 19 0 ( pref.) 0 S. R. Maxwell . . . . 0 0 Taranaki Oilfields . 0 ’I hames Theatre Union* Oil 0 11 0 TV hittome-Stevenson TV ilsons Cement 2 0 3 1 6 MINING— Moanataiari (paid) TVaihi . o 14 10 o TVaihi Grand June. 0 Mount Lyell . . . . Kampong 0 0 Kuala Kampar 0 Kramat 0 17 6 — DEBENTURES— Auckland Gas, 1932 5 p.c 0 0 Ditto. 1935, 64 p.c. Auck. Harbour Bo.. 101 0 0 — 1941, 6 p.c Bor. Hastings, 1942. 101 0 0 — P.C 100 0 T\ illiamson’s Film . Gisborne Sheepfarm100 0 0 e rs 0 0 Hamilton Theatres 100 N.Z. Breweries .. .. 1 1 0 — DEBENTURES— War Doan, 193S, 4J p.c 100 0 0 100 0 Ditto, 1939, 44 p.c. 100 n 0 Ditto, 1941, 4A p.c. 100 0 0 Ditto. 1933, 55 p.c. 99 0 Ditto, 1936. 5j p.c. 99 5 0 — INSCRIBED STOCK War Loan, 193S, 4i 100 o 0 100 Ditto, 1939, 44 p.c. 100 0 0 Ditto. 1933. 55 p.c. 99 5 0 Ditto, 1936, 55 PC 99 5 0 99 10 0

per £100 £ s. d. £ s. cl BANKS— Aust. of Commerce 1 0 0 7 0 0 Com. of Aust. . . 0 18 3 8 4 3 Nat. of Aust. (con.) t> 0 0 8 0 8 Nat. of N.Z f» 13 0 5 0 2 New Zealand .... 2 15 9 5 3 0 Union of Aust 10 0 0 6 5 0 MISCELLANEOUS— Queensland Ins. . . 2 5 0 5 12 0 Ooldsbrougb, Mort .119 9 13 10 N.Z. Breweries . . 2 8 6 6 3 8 Northern Steam . 0 14 8 7 IS 2 British Tobacco .. 1 12 0 7 10 0 Bycroft. Ltd. . - 1 14 0 5 17 7 Colonial Sugar .... 31 5 0 8 0 0 Ivempthorne Prosser 3 0 0 0 1:5 4 Wilsons Cement . . 2 0 9 6 2 S