FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1082, 20 September 1930, Page 11

FINANCE & MARKETS

No Improvement

Market on ’Change By “Noon Call.” f HK market on . cl this morning without any I improvement in the general position. Several further 'j price tails were recorded.

r i nr.TUATIONS Price movements, shown by a tomparison of sales over the past 2<*- hours with the price at the time 0 f the previous recorded sale, include: — South British Insurance, fall of Tobacco, fall of 3d. gusiness on Auckland Market Transactions on the Auckland martst over the oast 24 hours have included the following": Yesterday afternoon. — South Hihtish Insurance. 575: tlisborne Sheepfarmers, £BS; British Tobacco, 31s ltd and 31s 14 . » « VYhittome, Stevenson \ A reduction in the annual dividend rate from 17J per cent, to 8 per cent, ms authorised by the shareholders in trhittome. Stevenson. Ltd., at the annual meeting on Thursday. The chairman of directors. Mr. C. Robinson, said sales had shown a. ! slight Increase during the year and expenses had been less. The pricecutting war among merchants and retailers and the necessity for giving - larger discounts had, however, adversely affected the company’s gross profit, which was less by £1,200. Arrangements had now been made to obviate that unfortunate state of business and it was hoped that profits would be better during the current J : year. Provision had been made for - kome-tax, which was a heavy drain otttbe company’s profits. Market This Morning The market this morning was dead, as far as recorded business was concerned. This is the first Saturday for many weeks on which no business has been put through. In the banking group. Commercials f ci Australia were again a littlo weaker, ha market closing with a middle price £ of lte M. In the insurance group, further price

dominate 0 recolded ’ and buyer, premosod °,° als ’ , buyeifi for Pukemiros up a shade to 465. Taupiris are v l . a ‘ Ule lower levels reached tariy in the week. very e weal^! SCellaneOUS ® roup remains st^dy er dem e and? toCkS and bonds meet a I Holden’s Motors Operations s nal ment . of divid end at the rate of 8 per cent, per annum on A and B cumulative preference shares in Holden s Motor Body Builders, Ltd., was fo 'T n; , U , ly at the a nnuul incetriition g ha :'? ho , lder ’- i ’ The recommenordlnarvy th ® b ,oard, that dividend on ordinary capital at the rate of 8d a b9 t? ald ’ Was als ° adopted. Sir .3 c ° Bruce who presided, mentioned that during the period covered by the report and balance-sheet, the board had introduced many working ab?e i and th e company had been m ill 1 / ?* a financial result which S'i, not have been obtained had the directors not taken early steps to adtust costs and expenses. Existing ratling conditions, the chairman added were such that short working Ume and nere= ns ln ? tafE claries had become necessary. i n order that all concerned should share the burden, the own Ct fees had voluntarily reduced their Dividends Due Kempthorno and Prosser inBritish'' Tobacco—quarterly," SePt 24 ’ C. iNlnnes,"final. '4 p.'c.'ird' SePt ' 3 °' and pref o cf Bank of Australasia, interim. 14 n p.a Oct. 3 an d Choyce—shares and” deb. stock, 8 p.c. p.a. .. . Oct 10 right, Stephenson, interim, ord.. 35 p.c . Oct C Dunlop Perdriau Rubber, final, of 3 p.c. on ords., and 5 p.c. on prefs Oct. 10 Farmers Co-op. Auctioneering:—final, ‘ P ,c - or< * October 4

TODAY’S QUOTATIONS

Closing Quotations at today’s midday cal) were:

COMPANY REGISTRATIONS 11; company was registered in ; ™te*!and yesterday. Details are as ‘Mow: fl afClymoru’s Transport. Ltd.. ice iii r. i rs anf i wood and coal merchants. Ig ***• -£2,000, in £ 1 shares. Suto- * enters; Thomas Allen McClymont, ■ ytos; Herbert James Harrison, ■ linliH* reß: Douglas Gordon Cochrane 11(1 Wilfred Bowen, 1 share each. 1’ ■

WHEAT AND FLOUR LONDON, Thursday'. Wheat. —Cargoes are steady, with little change. Parcels are quiet and unaltered. Futures: London, September, 29s lid; December to February, CC-s 3d. Liverpool: October to December. 6s 6d to 7s 8d per cental; March, 6s 7d to 7s 8d; May, 6s 3d to 7s Bd. The spot trade is quietly steady. Australian, ex ship, 335. Flour.—Slow. Australia, ex store, 25s 9d. Oats, Peas and Beans. —Quiet. Beet Sugar'/—October, 4s 6|d. MELBOURNE PRODUCE f MELBOURNE, Friday. The following are today’s quotations on the Melbourne produce markets: — Wheat. —3s 2d. Flour. — £9 35s to £lO. Bran and Pollard. — £5 13s. Oats. —2s 9d to 2s lOd. Barley.—Mo business done, 3s 3d to 3s 4d. Maize. —4s 9d.

BUTTER FOR CANADA SHIPMENT ON NIAGARA LAST BEFORE TARIFF A rather substantial shipment of butter goes forward from Auckland on the Niagara for Canada early next week. This will be the last shipment to arrive in Canada prior to the application of the new tariffs. In all it is expected that the vessel will take approximately 34,000 boxes. To date no arrangements have been made for consignments to Eastern Canada this season. Next month’s bookings are comparatively heavy ones, space for more than 240,000 boxes of butter having been allotted to this port. Four vessels will make Auckland the final port of loading. Practically the whole of the exports will go to Hon don. Latest statistical information from Canada shows that stocks of butter in that country are just under 50 per cent, up on those of the corresponding period of last year. The chief handicap to shipments of butter from New Zealand at the moment, however, is the uncertainty about the tariff. FEILDING STOCK SALE SHEEP MARKET EASIER Press Association FEILDING, Friday. Fat sheep prices dropped by from Is to 2s 6d a head at the stock sale at Feilding today. There was a small yarding offered. Store hoggets also were easier. Fat cattle showed an improvement, but dairy lines were slightly easier. Following were the prices: Fat Sheep.—Hoggets, primest, 35s 6d; very good, 235; good, 20s 3d to 23s 2d: lighter, 17s sd; black faces, woolly, 26s 6d; others, 16s 3d to 20s; two-tooths, heavy prime, 25s 6d to 26s 6d; prime, 24s 6d to 255; ewes, maiden, 26s to 275; older primest, 24s 6d to 255; good, 20s 3d to 23s 2d; medium, 18s 9d; light,, 14s 6d; wethers, primest, 27s 3d to 28s; prime, 25s 3d to 25s Bd. Store Sheep.—Ewe hoggets, very good, 20s 9d to 22s 6d; good, 18s lOd; mixed-sex hoggets, 18s 9d; wether hoggets, 18s 6d to 20s Id; black-face hoggets, good, 17s 9d; others, 13s 3d to 15s 9d; ewes, with 100 per cent, lambs, small line, 27s ld'to 225; five-year, 23s 6d; empty ewes, 13s sd. Fat Cattle.—Hereford heifers, £9 2s 6d; Hereford bullocks, £l3 to £l6; heavy Polled Angus heifers, £l2 10s to £l4 8s 6d; heavy Jersey cows, £ll to £IL 7s 6d; Jersey heifers, £8 10s; maiden heifers, £lO 10s. Store Cattle.—Jersey cows, £4 to £5 10s; Jersey heifers, £4 to £4 17s 6d: Jersey yearling hein?rs, £3 Os to £5 2s 6d: weaner heifers, £ 4 to £5; forward cows, £5 7s 6d. D?liry Cattle. —Good quality springing heifers, £ll 12s Cd to £l2 2s 6d: fair, £9 10s to £lO 10s: medium, £3 5s to £0 ss; inferior, £ 6 to £7 12s; heifers, calved, £6 5s to £7 ss; springing cows, very good, £l3 to £l3 10s; good, £l2; poor, £6 15s to £8; cows, in milk, £6 10s. NATIONAL JERSEY SALE AVERAGE PRICE OF 32GNS Special to THE SUN HAMILTON, Friday. The national sale of pedigree Jersey bulls conducted by Wright, Stephenson and Company, Ltd., concluded at the Claudelands Show Grounds today, when the remaining 182 animals in the catalogue were disposed of. Of this number only 88 were sold, realising an average price of a little over 24gns, as compared with the average value for the first day of the sale of 43gns and about Signs for the second day. The good demand which existed during the first two clays was not in evidence, and with the exception of several of the higherpriced animals competition among the small number of buyers present was poor. The highest price realised was 61gns, paid by S. J. Sanson, of Kiokio. for Middlewood’s Chide, a yearling bred by the Misses Kilgour, Kiwitea, whereas the top values for the first two days were 270gns and 175gns respectively. The 237 animals sold in the three days realised a total of £7,661, representing an average of approximately 32gns. The following were the principal sales today: Middlewood’s Chide, 61gns, bought by S. J. Sanson, Kiokio. Middlewood’s Jiiggle. 57gns, F. W. Mitchell, Feilding. llua Brook Grand Master, 54gns, E. W. Towzpr, Otorohanga. Middlewood’s Bush Boy, 42£gns, W. B. Gow, Bay of Plenty. Hua Brook Oxford Chief, 42gns, C. V. Sulton, Waitetuna. St. Lambert Bright Owl, 40gns, the Bryant Home trustees, Hamilton. Velebit Favourite, 38gns, TL Ragg, Waihi. Fern Oak Favourite, 37gns, E. F. Peacocke, Hamilton. Hua Brook Emperor, 35gns, Withey Bros*., Whakatane. Middlewood’s Mandate, 33gns, J. W. Hosking, Kaitaia. Velebit Admirer, 31gns, A. J. Holdaway, Puketaha. Velebit Oxford Noble 31gns. IT. Foster. Fairburns. Greencroft Knut, 31gns, and Greencroft Archduke, 31gns, A. E. Missen, agent. Velebit Golden Ruler, 30gns, W. A. Tarr, Kaipaki. Gowanlea Oxford’s Emblem, 30gns, A. J. Stancombe, Tamaki. Windermere Neat Owl, 30gns, A. Brown, Titirangi. Kimberley Desert Light, 30gns. J. Lewis. Paengaroa Noble’s Valet, 30gns, M. Kiddle, Claudelands. POST OFFICE EFFICIENCY SPECIAL SERVICE FOR EXPORTERS An example of what one of Auckland’s leading exporters terms “commendable enterprise’’ has been shown by the post office officials in handling the shipping documents of a consignment of butter which goes forward on the Niagara for Canada on Tuesday next The shipment will be the last to reach Canada prior to the coming into operation of the new tariff, and it will only be a question of hours almost for clearing the butter from the Canadian Customs. The post office officials have arranged for I#he butter shippers’ mail to be carried in a special package and picked up by plane several hours outside of Vancouver, with the result that documents will be through the Customs before the Niagara arrives.

THE MONEY MARKET

BANK OF ENGLAND WEEKLY RETURN LONDON, Thursday. The weekly return of the Bank of England is as follows: Issue Department Notes in circulation ~ .. £357,767,920 In banking department ~ . 58,651,779 Total £416,419,699 Government debt . . .... £11,015,100 Other Government securities 232,888,772 Other securities 11,629,028 Silver coin .. *. 4,467,100 Fiduciary issue 260,000,000 Gold coin and bullion . . 156,419,699 Total £416,419,699 Banking Department Proprietors’ capital £14,353,000 Rest 3,711,746 Public deposits 8,933,517 Other deposits, bankers . . 65,307,729 Other accounts 33,785,802 Seven-day and other bills 3,081 Total £126,294,575 Government securities .. £35,766,247 Other securities, discount advances 5,376,536 Securities 22,409,251 Notes 58,651,779 i Gold and silver coin .. .. 1,091,062 Total £126,294,875 The principal items of the above return compare as follows with those for last week, the proportion of the reserve being shown in the last line:— Deposits— Sept. 10. Sept. 17. Public £9,013,456 £8,933,517 Bankers .. .. 67,166,323' 65,307,729 Other accounts 34,136,908 33,785,802 £110,316,687 £108,027,048 Securities— Government .. 45,911,247 38,7G6,247 Advances, etc. 5,769,69!) 5,376,536 Other 21,641,382 22,409,251 Reserve 55,247,460 58,651,779 Note circulation . 361,326,291 357,767,920 ♦Coin and bullion 156,573,751 157,510,761 Proportion . . . . 50.00 55.30 ♦September IS, 1929, £136,921,000. 1930: Maximum, May 7, £164,502,391; minimum, January 1, £146,115,719. Short Loans and Bills The Bank of England rate of 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., same as last week. The market rate of discount for best three months’ bills is 2 3-32 per cent., as compared with 2 1-8 per cent., last week. FOREIGN EXCHANGES The following rates on foreign exchanges are current today, compared with the cabled quotations on September 16 and par:— Sept. 18 Sept. 16 Par. Montreal, dol. .. 4.85* 4.85* 4.866 New York, dol. . 4.86 5-32 4.86 5-32 4.866 Paris, fr 123.72 123.74 124.21 Brussels, belga . 34.855 34.855 35.00 Geneva, fr 25.055 25.055 25.22 Amsterdam, fl. .. 12.065 12.07 12.10 Rome, lire .. .. 92.83 92.805 92.46 Berlin, r.m 20.40 20.40 20.43 Stockholm, kr. .. 18*09 18.09 15.159 Oslo, kr 18.17 18.17 15.159 Copenhagen, kr. . 15.16 18.16 18.159 Vienna, sch. .. 34.445 34.415 34.585 Prague, kr 1632 1632 24.02 Helsingfors, m. 193,!, 193 192.23 Madrid, pes. . . . 45.45 45.60 25.225 Lisbon, cscu. .. 108.25 108.25 Athens, dr 375 375 375.00 Bukarest, lei .-. 815 814.5 25.225 R. de Janeiro, mil 4.31-32 5 1-32 B. Avres, dOl. . Montevideo, dol. 41 41* 51 d Calcutta, rupee 17J 172 18d Shanghai, tael .. 19U I9i Hong-Kong,. dol. 15 9-16 15 9-16 Yokohama, yen. 24 .13-32 24g 24.55 d Batavia, fl 12.062 COLONIAL STOCKS The following table gives quotations for consols and colonial inscribed stocks, compared with those of September 11: — Varla-

BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Norden and Company, from R. and W. Davidson, Ltd., Glasgow:—“Butter: 127 s to 130 s; unsalted, 146 s to 150 s; whey, 120 s; second grade, llSs; market steadj'. Cheese: 74s to 755; white, 75s to 765; market firm.” 11. H. Turnbull and Company, from W. Wedell and Company, London, under date September 19:—“Butter: Danish, 150 s to 1525; New Zealand unsalted, 146 s to 150 s; salted, 127 s to 130 s; market steady. Cheese: New Zealand white, 75s to 765; coloured, 74s to 755; market firm. Canadia.n: 77s to 80s.”

Buyers Sellers t a. d. 8. d &IXK&Amt. of Commerce 1 0 I’om. of Australia . o 16 0 Scot. & Aust. 5 6 0 .National of N.Z. . . Nat. of Australasia 0 Ditto icon.) .. . S'ew South \\ ales . '0 15 n Na» Zealand 2 15 0 15 talon of Australia. — 10 0 0 INSURANCE— N'atioral 0 13 $ Siw Zealand .. . . 1 South British . . . . 2 16 G standard — 2 17 6 LOAN AND AGENCY tanners Co-op. Auc. A (pref.) 0 16 0 18 0 Ditto B (pref.) . . 0 15 6 0 17 0 Ooldsbroiurh, Mort. 1 1 Newton King (pref). 0 13 6 rth Auek. Farmers' Co-op. (ord.). 0 2 0 Ditto (B pref.) 0 6 10 0 Stliance Loan .. .. — 0 ID 0 COAL— 'Irey Valley I 4 Pnkemiro 2 6 fonown Ditto (pref.) .. 0 0 Ditto (pref., new) 0 Jaupiri i 0 1 4 Ditto (pref.) . . . . 1 2 0 Westport 0 Westport-Stockton . — 0 1 9 CASAuckland 1 3 0 « cot* 10 0 Barnes .■ 0 8 0 SUPPING— t Pwonport Steam . 1 9 Hudaart-Parker 1 13 0 Northern Steam 0 14 n 14 9 ,;4 0- (def. stk.) 0 7 0 '-won Steam (pref. > 1 0 0 — &rtholormw National.. 1 2 0 i. 7 0 •irker-Lamb .. . . 0 13 0 SREWERIES— Ditto (pref.) .. . . (1 A. Breweries . . . . 2 S 0

Euye ’~S. fi. d. £ a. d MISCELLANEOUS— Auck. Amuse. Park o 1 Australian Glass . . (pref.) British Tobacco Bycroft. Ltd. .. Colonial Sugar i on. Brick and Pipe Electroly tio Zinc (pref.) farmers’ Trading .. Ditto (A pref.) . Ditto ( B pref.) 0 11 Fuller s Pictures Gear Meat Hayward's Pictures Hill and Plummer.. H.M. Arcade Theatre 1 Ditto (pref.) .. .. 1 0 N.Z. Drug Milne and Choyce . 3 National Pictures . N.Z. Farmers’ Fert. Sanford and Co. Ditto (pref.) . . . . Sharland and Co. . . Ditto (pref.) . . . . 0 IS S. R. Maxwell . . . . 0 4 Taranaki Oilfields 0 s Thames Theatre .. 0 Union Oil W hittome-Stevenson 1 Wilsons Cement 2 0 0 2 l 6 MIXING— Waihi 0 14 0 Waihi Grand June. . 0 1 10 Mount Lyell . . . . 0 19 6 0 Auck. Harbouf Board 1941, 6 p.c. .. .. 101 0 0 Auckland Gas, 1932, 5 per cent 95 0 0 Ditto, 1935, 6i p.c. 101 0 0 Hamilton Theatres, 'i pc 100 0 0 N.Z. Breweries . . . . 1 1 0 Williamson’s Films — 100 0 0 GOVERNMENT LOANS War Loan, 1939, A\ 100 0 o Ditto, 1933, 55 p. . 99 0 Ditto, 1941. 45 p.c. 100 0 0 Ditto, 1936, 5£ p c 99 0 100 0 0 INSCRIBED STOCK War Loan. 193S, 45 99 10 0 Ditto, 1939, 45 p.c. 99 10 0 — Ditto, 1933, Zb p.c. 99 7 6 —

Consois. 24 per cent. . . f £ ’rice s. cl. tion s. d. 6 Same. Fund. Loan. 4. 1960-90 0 0 5 0* War Loan, 5, 1929-47 . 104 0 0 Same. Conversion Loan. 34 . . 78 0 0 Same. Victory Bonds, 4 . 6 2 6* Com wealth, 5, 1945-75 85 15 0 75 0* Com’wealth, 6. 1931-41 96 2 25 0° Victorian, 3, 1929-49 .. 0 50 0* Victorian, 31, 1929-49 . 66 0 0 40 0* Victorian, 51, 1930-40 . 95 0 0 5 0 * Victorian, 5, 1932-42 . . 87 0 0 20 O'* Victorian, 4?, 1940-60 . SI 0 45 0* X.S.W., 4, 1933 c20 0* X.S.W., 3, 1935 84 0 20 0* X.S.W., 34, 1930-50 64 15 0 52 6* X.S.W., 5 i, 1922-32 98 12 6 5 0* N.S.W., 6i, 1930-40 96 12 6 32 6* N.S.W., 6, 1930-40 .. .. 95 15 0 35 0* Queensland. 5, 1940-60 . 83 15 0 63 9* Queensland, 3, 1922-47 . 62 10 0 40 0* Queensland, 6, 1930-40 . 94 17 6 42 6* N. Zealand, 41, 1948-58 94 0 0 7 6“ New Zealand, 34, 1940 . 88 15 0 11 3* New Zealand, 3, 1945 . 80 2 5 O'* New Zealand t, 1936-51 104 11 3 6 3* S. Australia. 34, 1939 . . 83 0 0 20 Of S. Aus„ 3, 1916, or after 50 0 0 17 6* S. Aus., 64.1930-40 .. 96 10 0 35 0* Tasmania, 34, 1920-40 81 0 0 12 0* Tasmania, 3, 1920-40 . 10 0 Tasmania. 65, 1930-40 78 0 dJ V. Aust., 34, 1929-35 88 17 6 7 6* V. Aust., 3, 1915-35 87 10 0 30 0* W. Aust.. 6, 1930-40 i" Higher. ‘Lower. 96 12 6 12 6’*