AUCKLAND SHAREMARKET.

Auckland Star, Volume LXI, Issue 27, 1 February 1930, Page 4

AUCKLAND SHAREMARKET.

CALL AND DIVIDEND LIST.

TRANSACTIONS ON 'CHANGE, FAIR BUSINESS PASSING. BUT PRICES STILL DROOP. After tie "Star" went to press _ yesterday business continued fairly brisk. _ A number of fresh sales were recorded "with sellers meeting the market. This was notably the case with Government stocks, which sold at well under the last local transactions in December. Banks axe still weak. New South Wales declined further with a sale at the 3.15 p.m. call at £38 10/, and another took place at the same figure at this morning's call. Commercials had more business yesterday at £1 2/6, but this morning a parcel went still lower at £1 2/1. Bidding this morning was very dull. There were no buyers for Insurance scrip and even such popular lines as New Zealand Breweries and Auckland Gas were passed by. Ohinemuri Mines, which were selling a few months back up to 106, changed hands at 3/4. Interest Rates. The return to the investor on his outlay, based upon the latest dividends and in the case of loans and debentures upon redemption at maturity, works out as follows for the latest sales: — PER CENT PER ANNUM. £ s. d. War Loan, 4J (1938) 4 11 11 War Loan, 5J (1933) 5 19 4 Commercial Bank of Aus. .. 618 0 Bank of New South Wales .. 5 310 Christchurch Gas 6 0 9

BUSINESS DONE.

4 THE AUCKLAND STAR, SATURDAY, FEBRl FINANCE, COMMERCE AND MARKETS. FACTS F0R INVEST0RS- AUCKLAND SHAREMARKET. and lias not been replaced. The THF WFFK REVIEWED ardson and Wrench ihaving dispensed I AUCKLAND GAS COMPANY. TRANSACTIONS ON 'CHANGE. - 9VU.UIX llUKIl-iluw. with payment of ifcs , banus mains and services. These are probably past year. All sections of the market . worth a long way morethan 20/ in the ,. |R riicimfq"? pAccifjn showed losses on the day, gilt-edged A POPULAR CONCERN. £1 % running _ business, but should «■*!" BU&INH&& tvwamu. DIICIMreO D ATI-ICR PflflR securities being written down in common anything interfere with the general enterDUomtloo nrt 3 rtLn ruun. ma j or ity of trading ooncerns." prise a goodly proportion wornd be worth BUT PRICES STILL DROOP. Mount Lyells Firm. PROVIDES BEGULAR DIVIDENDS. ST Under these circumstances dt is pleasant ning from Bayswater. After the "Star" went to press yesterA DEPRESSED MARKET. to note the strong resistance made by v, The obvious reply to such criticism is day business continued fairly brisk. _ A Mount Lyells to the general movement. While stock market securities have been a t the company has provided its cus- number of fresh sales were recorded with These shares started the week at £1 5/, sFumping badly during the past few tomers with a service more and more sellers meeting the market. This was BANKS STILL FALLING. and after dropping to £1 14/8 finished up a f CT favoured lines have held efficient each year, and progressively notably the case with Government stocks, strongly at £1 15/3. ,, r -d i , cheaper, that it has paid its shareholders, which sold at well under the last local . . ~ nmn p nniltar I!nft , their value. Holders of Bank shares and A r6a90 nable rate transactions in December. The week which closed last night has P ' to a lesser degree of Insurance scrip, have 0 f dividend, and having done this much Banks are still weak. New South Wales a ivnn-* one on 'Change, and except Some of the more popular local issues been hurrying to turn their holdings into that it can scarcely be expected to simul- declined further with a sale at the 3.15 , . v v i ne orders bare held their values well, notably Hill cash. And all this time possessore of taneously build up a reserve. Despite p.m. call at £33 10/, and another took for a favouTed lew wno iidu uuj 6 and Plummers, with sales at £1 1/6, Far- Auckland Gas shares have been sitting g erce competition, gas is still indispensible place at the same figure at this morning's for Bank shares, there has been mer g> Trading at 8/6 (8 shares), Robin- back comfortably, fully satisfied that all to the community, and so long as this call. Commercials had more .business yesdoing. For the first few days business son's Ice Cream at £1 4/3, Bycrofts with will be well with the dividend, and the condition remains a company with a mono- terdayat £1 2/6, but this moraing a parcel ' ,, , ,, sudden spurt on 'buyers at £1 11/6. Wilsons Cements have would-be buyer has to come to them. The po ] y j n its own special field over the large went still lower at £1 2/1. waa aeaa y , . , ver eased a shade, with sellers at £2, and net result of this independent attitude is ail{ i increasing population of Auckland Bidding this morning was very dull, the last day brough- tne total iturnov Auckland Gas have weakened, with sales that the £1 shares, despite a recent slight Qjty should continue to occupy ft strong There were no buyers for Insurance scrip closer to norma». x-u„ at £1 4/9 to £1 4/6. drop, are worth to-day £1 4/6, which is position and to successfully car*/ out its and even such popular lines as New ZeaThe featurei of the weeK flas neen t A Minina Venture. 3d higher than the value a year ago. . operations. land Breweries and Auckland Gas were fall in Bank shares. Although the decline « mining venture. Auckland Gas shares, taken year in • ged b has been more pronounced in some cases There has been a steady demand-at a year out# are probably the most popu- v Ohinemuri Mines which were selling a than in others, not one of the listed insti- p rac e-all the week for Moanataians and , lar ecrip on the ma ,rket. Brokers would TUC MONEY MARKET few months back up to 106 changed hands tutions has escaped the general move- a Dumber of sales have been made. There olaSfi th £ m as a bread and butter line, for 1 nC 1 1VIHnrVC 1 ■ a ! 3/T Pangea nana* ment. Approximate values at the close Jiave been and are persistent rumours there are always buyers, provided holders ■ of each of the two weeks have been as that something worth while is happening the ] east disposition to sell. The EXCHANGE RATES Interest Rates. follow:— , _ . . ™ n11 or bas happened at the mine, but officials reason f or this is the unfailing regularity , " The return to the investor on his outThls Week. Last We . • disclaim any knowledge in that direction. w jf,h which each half-year—in lean years ....... . , T ~. T m T r\n\T lay, based upon the latest dividends and £ s. d. £ b. d. 0. u- Since the foregoing was written or fat ones —a dividend at the rate of eight NEW ZEALAND ON LO.NDUN. i n case of loans and debentures upon Aus of Com. 145 announcement has been made of new p er cen .t per annum is paid. redemption at maturity, works out as Australasia 11 10 0 12 2 6 12 6 exchange rates between New Zealand and _ m , p . M Ppnfl . The Bank of New Zealand advises the follows for the latest sales:Com. of Aus 1 .2 1 | 9 1 g London, and aho of changes in the rates of Less Revenue, More Profit. following alterations in London exchange PER CENT PER ANNUM Btsvr- s 1 ! o ill 1^£ aas sr , 3S """"" ,. 4 N Vn'). A °" r . '12 • §4 § 'of Jhito* dwreclrtion 0n a en « n d .. 1 p.c°p"». 2p.=.pte». wS KS If B ""i! I w " N.S. Wales 39 5 0 40 15 0 2o 0 ot interest, and tlepiess securities still written off during the past eight years:— 30 Days £ p.c. prem. lgp.c.prem. Commercial Bank of Aus. .. 6 18 0 £C ra !' nS . u 1 ? °6 12 0 0 12 g _ Receipts. Profits. Dl». Dep. g ggj ;;;;; |»iE $£*.™ " I S'J BUSINESS IN THE SOUTH. 1922 .. 462,455 68,202 56,955 28,800 Exchange, 2g p.c. prem. ■ S ...-jajg. jjjjj W BUSINESS DONE. September, makes one wonder wnere tne Telegraph.—own Correspondent.) 1925 .. 490,897 79,305 7T t 201 25,000 tances are made from New Zealand in bottom really is. +>na rln-v 1926 • • 488,199 83,393 80,l*i9 24,290 payment for imports, have been increased List Sale* , .*Ti m T« R.iv? CHRISXCHUKCxl, this day. 1927 474 5Q7 88 327 8g 062 i 8 ,000 [q/ per cen t, while the rates at which the AT THE 3.15 P.M. CALL YESTERDAY— Is t Time To Buy? The "Christchurch Times reports as 1928 .. ,|70,708 89,321 89,312 20,250 banks w ill buy bills on London-payments War Loan> 1938> Without attempting to answer a qiies follows.— 10-9 •• 46016 S9 ' S07 24,0-7 again6t expor ts—have been raised by 7/0 4i p.c £99 j e ..£100 0 0 tdon which must be puzzling financial Business has been limited during the The most striking feature of the above percent as compared with the tariff in- War Loan, 1933, experts throughout Australia and .New week, and the turnover locally has record is the intimate association between troduced on December 21. 5} p.c 98 15 0 .. 101 2 6 Zealand at the present time, there are accounted for the majority of transac- the amount shown as net profits and the Corresponding alteration have been In i S^l n S P tock ' A 1A1 0 „ certain factors which must be borne in tions. Dunedin did not report a sale amount necessary to pay eight per cent mada by the banks in London for ex- Commercial Bank * mind. . . eIlm^ on had t , hre ® ™ dividends. Another is the seeming ch ange on New Zealand. On December 0 f Australia (2) 12 6., 126 Bank shares, in common with all Aus- blank dajs alter Monday. 1 he price level anomaly wJiereby increased net profits are 2 0 it was announced that the New Zea- Commercial Bank traliaa securities, were bound to fall when taken throughout is o little lower, and 111 obtained, despite steadily falling receipts, land rates had been raised to the Austra- (rights) ........ 0 13.. 013 the Commonwealth Government offered the banking section some of the declines Some further information in this connec- ]j ail eca i e involving the unusually large ™ an - * Wales 38 10 0 .. 39 5 0 virtually 5% per eent for a Federal issue have been fairly substanfal. Recorded , ti on is found in the following table:- a] tcra tion o Wmeach quotation. The June 0 " I V\ of £10,000,000. Investors were not likely sales during the week.were as follows:- Expenses in proportion to sales are rat es for Australia were revised again a Wuihi Grand June. 0 13,. 014 thi^4r S e C ttog- C1.SS 'give tile 6to,, ° " nder;_ «4 r ' h8 7 M J fiM " T " E CnLL T0 -? #V - inarlicularlv when the increments that following results, the figures for last week Expenses. Sales. Ratio. yesterday to New Zealand. Deta a Commercial Bank particularly ith approxi- bemg m par entheses: Banks 2504 (3582), £ £ p.c. follows.— - o£ Australia ... 12 1.. 126 "^ e T pOT?i were likely to be delayed insurance nil (100), loan and agency 850 1922 394,253 460,736 85.57 LONDON ON NEW ZEALAND. Bank N.S. Wales (38 10 0) .. 38 10 0 mate regularity likely to ne am (2379), coal 100 (nil), breweries 675 (3002), 1923 400,855 478,302 S5.06 Buying. Selling. Ohinemuri , (0 3 4).. 0 5 0 as a consequence of Australia s rwiwro meat 300 (eoo) wool nfl (2Q) mini A. 1!J24 41 0, 57 4 487,894 84.15 a. a. »■ d. earnings. Now, however, the Bank shares (3000)> misce]]aneoug 1325 (1455) There 19 - 5 411,592 489,180 84.14 On demand.. 70 0 dis. 47 6 dis. are down to a point where the return have been no sales of Government issuer 1920 404,806 486,483 83.21 30 days 81 3 dis. — BANKS— Buyer*. Sellers. the present investor runs from 5 0 - this week, but £300 of local body deben- 190c 3si's88 470 708 81 on 1 a>S "" n dis' — Australian Commerce — .. 1/5/0 ■ SSarS'' and £IOO ° of com ' " 5a ::::: l5: °° MegSpfiiVmJii 0 -"" 40 o file. ,7 2/0 ;; When Australia recovers from her pre- . ' Looking for an explanation of the de- The banka in London are charging 7/6 Commercial (rights).. 1/1 .. — B ent financial embarrassments and creased expenses, a fair amount of detail p er cent less for drafts and paying 10/ CommermHpref.) ... 6/13/6 .. — normal times return the Banks, all of OVERSEAS MARKETS is given in the "working account," but not less for bills. National Aust."(cont) — • 7/10/0 which are well able to stand any con- mnnrvtio. so much as was the case prior to 1928. The present alterations are a continua- New south Wales 38/2/6 .. 38/15/0 ceivable reverse meantime, will resume c nmo n t +ha no+aile tion of a movement which began last July. New Zealand 2/14/6 .. 2/15/0 their profitable career. - r Rn ,r M mc-at Some or tne ueiaiis. ff fc iu , be discourage N.Z. D Mortgage (£1 pd.) 1/5/9 .. — V FROZEN MEAT. The Working Account formerly dis- and assist exporters. Queensland National.. - .. 8/0/0 Return on Outlay. .tinguished under the heading of "Manu- Union of Australia .. 10/15/0 —. On current valuations Bank shares are LAMB IN DEMAND. facture of Gas" the amount expended in BANK OF ENGLAND RETURNS. INSURANCE— offering to investors a return on their repairs and maintenance of works and Australian Provincial — „ 9/0 outlay greater than has .been the case for . under the item "To Distribution of Gas" rrvvmrrvr w National — .. 15/0 a considerable period. To assist in coming Messrs. Dalgety and Company, Limited, was specified the sum expended on the LONDON, ry . New Zealand — .. 2/4/0 to a conclusion as to the trend of the re Port having received the following repairs and maintenance o£ pipes. Thus it The Bank of England returns for the Queensland .. 2/17/0 market over a period, the following table cablegram from their London house, dated : was shown in the 1927 balance-sheet that week ended January 30, as compared with &outh British — „ 3/0/0 should prove of interest. It shows the instant: no/ooiu , ,,•>,, £139,000 had been spent in repairs and those for the week ended January 23, FINANCIAL— return available to purchasers.of the scrip j i i77' % ' , v , ,,' maintenance. Last year this practice was are as follows: — Dalgety and Co 11/10/0 ~ 12/0/0 mentioned, according to the market prices or 1 t 1 h 1 , I f lid; Canterbury, 36/421b, discontinued, and in the latest balance- January 80. January -3. Dominion Investment ruling at this time in 1928, 1929 and 1930: at North Island, at lid; Canter- 8h€et the information is again withheld. £ £ ~ ~ ™ u bury, second quality, at 10%d; North The various items formerly particularised Note circulation . 348,018,000 846,399,000 , Bankinc Assn 1928 1029 1930 Sfe d 'J" . S d , ; Cute*™*, «/501b, at m vSSlm&i together rate the two Col» 912,090 1M.W.000 - .. J/0/0 Aust of Com 4 15 6 4 13 6 5 14 9 North Island, at lid. headings, "Manufacture of Gas" and "Dis- ea '" ", s . erT ia'iqs'ooO 29 151000 Farmers' Auctioneering — ■ .. 4/1/0 Australasia " 4 16 6 4 14 1 6 1 9 The market for New Zealand Iamb is tribution of Gas." How much or how other deposit 103,451,000 OS.OCO.OOO 0 'tf' 1/9/0 " iTlO/fl Com. of Aus.- 5 2 6 4 19 9 6 13 4 firm. The demand continues. little of the total has been expended m Govt, securities . 54,301,000 57,666,000 florteace "* — " 4/3/0 Eng. and Scot. 4 17 4 4 4 3 o 10 3 Mutton -Canterbury, 48/561b, at 7%d; keeping -the plant and system in com- Other securities . ' 19,476,000 20,058,000 Newton King (prlf.).".' 11/0 - ?j a +' 0 5 4 0 6 11 0 Island, at 7d; Canterbury, 56/64lb, plete efficiency can only be guessed at. Proportion of re- - N.Z. and Iiiver Plate — .. 1/10/3 w a «5* ■'n 5- O 4 16 7 5 2 0 at , 7d , : , North Mand, at 6 %d; Canterbury, Comparing the totals, we find■ that in serve to liablll- N.Z. Guarantee Corp. — .. 8/9 New Zealand 4 17 2 4 11 4 . 5 4 6 64/721b at 6%d; ewes, 48/641b, at 5Y*d; and distribution of tlca _^ 80 61 - 80 North Auck. Farmers' 2/3 .. - 3 6 4 17 8 5 10 0 Mora M.nd. at 5dA g M " for i292,886 of tho «peo- H ORT LOANS AND BILLS NA Farmer.'IB p,a., _ 11/0 Average per . .. ■ The market for New Zealand mutton is diture; in 1928 £265,581, and in 1929 £252,- S»MUKT luaimjs anu COAL— share ... 5 1 6 4 15 4 5 15< 5 very firm. The demand is moderate. 741. A difference of practically £40,000 in — Hikurangl Coal 1/3 .. 3/0 Oarrvam? the comparison back still fur- G.A.Q. Australian lamb, 28/361b, at 9d; the two years is a big slice off the expen- Short loans, 4 per cent, compare with Vm " the 36/421b, at 9d; F.A.Q., 28/361b, at 7%d; diture side. 3% per cent kst week, and three months' fjgggf ™ \\ 3^3/6 • « 'D 0 -i. c , ™ b ppn third quality, at 7d. / . __ . , . . bills, 3 15-16 per cent, compare with Kenown lfi/H £4 17/3 in Februarv 1927 £5 0/5 in The market for Australian lamb is firm. A" Official Statement. 3 29-32 per cent last week. Kenown (pre'f'j" 3/0 ■p mofi „„,i Jk n/QNn ■EVbniarv The demand is moderate. Under this heading, in lieu oi mny par- Kenown (new issue).. — .. 3/2 Tcwf? u y> ' . ' ' G.A.Q. Australian mutton, 40/601b, at ticulars in the accounts theinaaiTQii, the The Bank of England discount rate Taupiri — .. 1/8/9 „ . „ 5%d; f.a.q., 30/551b, at 5%d; ewes, at 5d. remarks made by Sir George Elliot, chair- stands at 5 per cent, to which it was i/m/h " _ 4 ' 0 , Sound Dividend Payers. /The market for Australian mutton is man of directors at the last annual meet- reduced on December 13. p If the future can be judged by the past firm. The demand is fair. ing, may be quoted. Sir George said on i/tz/a Banks must be good buying as a permanent Beef—New Zealand prime ox, hinds at that occasion:— FOREIGN EXCHANGES. _ " is/7 for once the present fall is 7d, fores at 5%d; Argentine chilled, hinds "The manufacturing capacity of the shipping ' arrested they are not 'likely to recede to at 7%d, fores at 5Msd. Auckland and Devonport works is ample T nwnnv on r, , ,, * present level* within any reasonable The market for New Zealand beef is firm for present requirements, and capital „ , ' 7 ' H?,Tw^r? r phS /nVii% 1/16/0 " l/19/o period. DU*42nds may be sHghtly cur- owing to light stocks. The demand is expenditure for extensions should be g 0 .da V 8S compared Northern Steam (p.u.) 13/3 !! 14/6 tailed for k year, possibly for two years active. small for some years to come. cabled quotations on January 28 and par: Northern Steam (cont.) — .. 7/0 —in some instances this has _ already Pork.—English, 80/100lb, at 12d; New "The heavy repair and renewal charges j an 30 Jan og p ar TIMBER— - occurred—but in the long run their power Zealand porkers, 80/1001b, at lid. for rebuilding and renovating the carbon- 4011' _ '" ' 4 o™ National 8/3 ., 9/6 to "make good" to their shareholders is In the market for New Zealand pork any ising plant during the last four years are x°wYork dol 4 80 17-32 4 8617-32 4.866 Parker, Lamb — .. 17/6 undeniable. change is in favour of buyers. The de- now considerably reduced, and this condi- Brusselsi 't, e iga " 34.935 35 BREWERIES— Insurances Also Dull. mand has been checked by increased prices tion is likely to continue for some years. p ar i 6i f' r 123.95 123.89 124.21 q L. Innes and Co... 1/1/0 .. . ,, -p , , M • _. f . asked. The whole of the plant is being maintained Geneva, fr .. 25.21 25.1S5 25.22 c! L." Innes i,pref.).... l/l/O — After Bank shares there as not a great in an efficient state." Amsterdam, 11. 12.11 J 12.111 12.1 N.Z. Breweries ...... — .. 4/1/6 deal to be said m a weeks review, for namv pcnmirr Rome, lire ... 92.08 92.98 92.46 staples — .. 2/15/0 they accounted for the bulk of the bust- uAlnY rnUDUlE. Smaller Turnover. Berlin, r.m... 20.365 20.365 20.43 mess. On thp revenue side it is officially ad- Stockholm, kr. 18.125 18,125 18.159 MISCELLANEOUS BUTTER SLOW, CHEESE DULL. itM tie oal« of faf bav/bo„ cTei&a.-W. S S IS &SK&W" ~W ance section, only stepping forward to lessened in recent years. Ihis, of course, p ' u e | r . ... 164.625 164.5 24.02 British Tobacco 2/0/3 .. 2/0/9 pick up a couple of parcels of _ South (Received 12.30 p.m.) has been chiefly caused by the competition Helsingfors, mk. — 193.75 192.23 Bycroft, Ltd 1/11/0 .. — British when these dropped sixpence. t rwnnv Toniurv "n °f electricity for lighting purposes, and Calcutta, rupee 17,875 17.875 18d Colonial Sugar — .. 44/0/0 Available returns in this class are much # # ' tlie company Las wisely-concentrated upon Shanchai, tael — 24 Dental and Medical.. 10/0 .. better than they were, and mow provide Butter is slow. Danish, 1/2/. Others C0JC)ker8i wa .t er heaters and other Hongkong, dol. - 18.375 — Domin on P cltures... 1/0/0 .. - from just over 4/i per cent to 5% on easier. Choicest salted. New Zealand, features in which it can still meet all com- Yokohama, ye ~ - - • Electrolytic zinc 1/8/6 \\ 1/10/0 outlay, but investors are evidently expect- lo2/ to 154/j Australian, loO/ to lo2/. petition. However, despite the best efforts rnMen ic *wn rni nNIA! «?TnPKS Electro. Zinc (pref.).. — .. 1/10/3 ing more. Unsalted: New Zealand, 166/to 170/, Aus- 0 £ & that seems to leave nothing to CONSOLS AND COLONIAL STOCKS. Farmers' Trading .... 8/3 .. 8/9 Gilt-Adq«s Fall, Too. tralian, 154/ to 156/. chance in its fight for trade, sales have Farmers' l lra d. (A pref.) .. 17/6 . ri x Cheese is dull. New Zealand, coloured, j,„ ve (been lower than for anv similar The following table gives quotations for Farmers lrad. (B pref.) .. lcjA> Half-hearted nibbling at Government 88/ to 89/; white, 90/ to 91/; Australian, Der iod since 1922 So far this curtailment consols and colonial inscribed stocks, com- ITuller's Pictures .... .. stocks for a fortnight without any tangible coloured, 86/to 87/; white, 88/to 89/. lnf fn+prfprprl pared with those of January 23:— Gear Meat, Ltd — .. 2/1/0 result finally ended in some business being — h , as ,J lot interfered _ with piohts, out v Varia- Haywards Pictures .. — .. 18/0 + i - 1ai , + „,ii" w!»n should revenue persist m this down- Price tion Theatre Arcade (pref.) — .. J/-/0 completed at the is J , Messrs. Andrew Clement and Sons, ward trend the management may , , Kempthorne, Prosser.. — .. 3/14/0 the 4%s changed hands at £99,7/6 and Ui> received tu following cabled be aced with a difficult ® roblera . T q d - «■ Milne, Choyce (deb.) - .. 1/7/9 daM tovn th S .nooal expenditure suffl- « 2| per g , 0 10 0- jJ»»^He«ro„ S «f.> W0 .. - £100 5/ given for the 4%'s and £100 15/ 152/ to 154/ TS T t V ? a' w War Loan p, 1929-47 . 100 15 0 15 Of N.Z. Paper Mills .... - .. 1/1/0 for the h's. Some decline was bound CheSe-iSm 88/ to 90/ at the same time maintain ite standard of Conversion 3J .. 75 8 0 6 3* N Z.. RetrigeralJng ... 10/0.. - 5a*ss s 1 *« »l = " jss due, but the' action of the Government Amalgamated D.irie,, Limited, hare te->" e " e<1 turao'-er ie neeeaary to pro- & 193W1 08 10 0 OJ fan •);• _ •• in making its latest 5% per cent issue ceived the following cablegram from their 8 r ess, and the sale of gas and its con- Zealand *3i, 1940 86 15 0 5 Of Sharland and Co. (pref.) — •• VV3 hastened and accentuated the movement. London house, dated January 30:—Butter: c° ml tants is 110 exception to the rule. Zealand 3, 1945 .. 78 2 6 1 3f S. R. Maxwel! and Co. o/0.. 9/0 However, 2 per cent in the case of the Best, 156/; steady; generally 154/ The Capital Position. New Zealand 6, 1936-51 102 17 6 7 6* laranaki Oil Iieius.. _/ •• 2/1/Q , ,5%'s is a bigger drop than might have for finest, after sales at 152/to 153/; Dan- „ o • , fHigher. *Lower. union ' s V e ' v ' e 'nson.' — .. 2/5/0 J »»very ma y he K AW SSSSTtuSST.... VW - • WW , looked for. Andrew Clement Sntis tim'fM marised items, the figures for the previous QHIITHFRM FYPHANGES WINING — l Australias slump, «h« <* I*** SOUTHERN fcXCHANBES. . w .. g , Australian securities have received a solid from their London house, dated January BOn: Moanataiari (5/ pd.) .. 1/9.. 2/3, hammering drnrng the week, which is 3C: _ Butter: Steadier, 152/ to 154/. UAiiii.iUKb. YESTERDAY'S BUSINESS. Moanataiari (2/4 pd,).. 1/0 .. 2/0 scarcely surprising considering the un- Cheese: Firm, 88/ to 90/. The Taranaki Dec - 31 » Dec - 31 - Moanataiari (1/6 pd,).. 1/3 .. 1/9 j , pleasant type Of advertising given to the has arrived. 1028. 1929. Ohinemuri Mines -/ ' Commonwealth during the past few days,' . £ £ CHEISTCHUItCH. walhi ••••■ v-v" V," in." 1/4 •both in London and New York. London Messrs. Dalgety and Company, Limited, Paid-up capital and £ s. d. hi Grand 1/14/3 !. 1/1.5/0 1 has pronounced the verdict that it will report having received the following cable- debentures .... 1,429,101 1,435,327 Ghris tchurch Drainage, 51' „ K,X Tin'.'.'.' - •• 9/3 make no more loans until the coal strike fram. from their London house, dated the Loans on deposit . 93,014 68,188 (103S-73) 2 debentures— ? ia aettled, and in New York Australian Messrs. Samuel Page and Son ° 3,«o 3,175 ?! . A ™'.! ! 1 1 Wl, 6p.c. 101/0/0 .. - j scrip has sunk to a very low ebb. "Ruftpr mnrW i„ a r> j Accr « e d interest .. 920 5,527 Ditto' f 0 ") 1 4 Devonport, 1961. 6 p.c. 100/0/0 .. — : Thus Howard Smiths shares were gutter. The maiket is qmet. Demand Sundry liabilities 23,023 14,329 Bank of New'south Wales . 38 15 0 Gisborne Sheep Farmers — .. 94/0/0 ] offered at yesterday's noon call at £1 0/6, on basis of finest New Zealand 152/. Profit and loss oc't 85,005 '85,350 i> an k of New Zealand 2 15 6 Hamilton Loan, 6 p.c. lMA>/0 ., Huddart-Parker's at £2, Colonial Sugar New Zealand finest at 151/to 154/; EngU! Scottish and Aus- q " loi/o/o < at £45 Dunlon Perdriau Rubber at £1 Danish, at 172/ to 174/;.Australian, finest ' AisSElS. tralian Bank (2) 6 9 0 Williamsons Films, 74 1/3 Henry Jones at £1 10/, Australian unsalted, at 154/ to 156/; finest salted, at „ a ?, d r ,i * , V 64,304 64,304 Goldsbrougli, Mort (2) 1 10 3 WAR tOflNS— Gkss at £2 Australian Iron and 149/ to 152/; g.a.q., at 144/ to 148/. Buildings and mach- Ditto 1 £ 11 Loa n, 1939, 4i p.c. ... 99/5/0 .. - ; ' Steel (pref) at' £1 0/3, and H«troljtie i s New Zea- ,,XF and 'seVvtes" OSTJlf OT9,4M *SSd Ltriser'atini INSCRIBEDLOflPIS ( Zinc (ord.) at £1 11/, and in no single land, white, at 90/; coloured, at 88/; Meters 158,117 154,784 (20/paid) 10 6 Loan, 1938, 4* p.c. ... 99/5/0 .. 99/10/0 . instance'was there a response from Canadian, white, at 96/to 98/; coloured, at Cash ...... 3,998 6,782 Mount Lyell 1 il o r° an imi Ip'c — 97/15/I buyers. The fact of the matter is inves- ,96/ to 98/. «000 «nno Ditto (2) 114 0 SH'p c. P . -,..98/10/0! tors have 'an uneasy feeling about AusDebenture"'' invest-' 33 '°° 0 33 '°° 0 WELLINGTON. Soldiers, i933. P 5°i p'.c. 08/10/0 - 5 Aral inn ftf.nnks orpnerallv. -and their bi-okers orittrolxlNoi mphts s tha k q aa £ r. ti. t

4 THE AUCKLAND STAR, SATURDAY, FEBR1 FINANCE, COMMERCE AND MARKETS. FACTS F0R INVEST0RS- AUCKLAND SHAREMARKET. and lias not been replaced. The THF WFFK REVIEWED ardson and Wrench ihaving dispensed I AUCKLAND GAS COMPANY. TRANSACTIONS ON 'CHANGE - 9VU.UIX llUKIl-iluw. with payment of ifcs , banus mains and services. These are probably past year. All sections of the market . worth a long way morethan 20/ in the ,. |R riicimfq"? pAccifjn showed losses on the day, gilt-edged A POPULAR CONCERN. £1 % running _ business, but should «■*!" BU&INH&& tvwamu. DIICIMreO D ATI-ICR PflflR securities being written down in common anything interfere with the general enterDUomtloo nrt 3 rtLn ruun. ma j or ity of trading ooncerns." prise a goodly proportion would be worth BUT PRICES STILL DROOP. Mount Lyells Firm. PROVIDES BEGULAR DIVIDENDS. ST Under these circumstances dt is pleasant ning from Bayswater. After the "Star" went to press y-estei A DEPRESSED MARKET. to note the strong resistance made by v, The obvious reply to such criticism is day business continued fairly brisk. _ j Mount Lyells to the general movement. While stock market securities have been a t the company has provided its cus- number of fresh sales were recorded wit These shares started the week at £1 5/, sFumping badly during the past few tomers with a service more and more sellers meeting the market. This wa BANKS STILL FALLING. and after dropping to £1 14/8 finished up mt)nt( j ls a few f avourec j lines have held efficient each year, and progressively notably the case with Government stocki strongly at £1 15/3. ,, r -d i , „ , cheaper, that it has paid its shareholders, which sold at well under the last loce . . ~ nmn Pnmit!lr their value. Holders of Bank shares and A r6asonab]e rate transactions an December. The week which closed last night has P ' to a lesser degree of Insurance scrip, have 0 f dividend, and having done this much Banks are still weak. New South Wale a ivnn-* one on 'Change, and except Some of the more popular local issues been hurrying to turn their holdings into that it can scarcely be expected to simul- declined further with a sale at the 3.1 , . v , v i ne orders bare held their values well, notably Hill cash. And all this time possessors of taneously build up a reserve. Despite p.m. call at £33 10/, and another too: for a favouTed lew wno iidu uuj & and Plummers, with sales at £1 1/6, Far- Auckland Gas shares have been sitting fi erce competition, gas is still indispensible place at the same figure at this morning' for Bank shares, there has been dittie mer g> Trading at 8/6 (8 shares), Robin- back comfortably, fully satisfied that all to the community, and so long as this call. Commercials had more .business yes doing. For the first few days business son's Ice Cream at £1 4/3, Bycrofts with will be well with the dividend, and the condition remains a company with a mono- terdayat £.1 2/6, but this morning a parct ' ,, . sudden spurt on 'buyers at £1 11/6. Wilsons Cements have would-be buyer has to come to them. The po ] y j n its own special field over the large went still lower at £1 2/1. waa dean y . . , ver eased a shade, with sellers at £2, and net result of this independent attitude is ail{ i increasing population of Auckland Bidding this morning was very dull the last day trough- tne total iturnov Auckland Gas have weakened, with sales that the £1 shares, despite a recent slight Qjty should continue to occupy ft strong There were no buyers for Insurance scri; closer to norma». x-u„ at £1 4/9 to £1 4/6. drop, are worth to-day £1 4/6, which is position and to successfully car*/ out its and even such popular lines as New Zea The feature of the weeK fiae oeen t A Minina Venture. 3d higher than the value a year ago. _ operations. land Breweries and Auckland Gas wer fall in Bank shares. Although the decline « mining veniure. Auckland Gas shares, taken year in • ged b has been more pronounced in some cases There has been a steady demand—at a Mld year out# are probably the most popu- v Ohinemuri Mines which were selling < than in others, not one of the listed insti- pnce-all the week for Moanataiaris and , lar ecrip on the market. Brokers would TUC MONEY MARKET few months back up to 106 changed hand tutions has escaped the general move- a Dumber of sales have been made. There olaSfi th £ m as a bread and butter line, for 1 nC 1 1VIHrmC 1 ■ a ! 3/T Pangea nana ment. Approximate values at the close Jiave been and are persistent rumours there are always buyers, provided holders ■ of each of the two weeks have been as that something worth while is happening ebow the ] east disposition to sell. The EXCHANGE RATES Interest Rates. follow:— , _ . . ™ n11 or bas happened at the mine, but officials reason f or this is the unfailing regularity , " The return to the investor on his oui This Week. Last We . • disclaim any knowledge in that direction. w jf,h which each half-year—in lean years ....... . , T ~. T m T r\n\T lay, based upon the latest dividends an £ s. d. £ s. d. 0. u- Since the foregoing was written or f a t ones —a dividend at the rate of eight NEW ZEALAND ON LU-NDUN. case of loans and debentures upoi Aus of Com. 145 announcement has been made of new p er cen .t per annum is paid. * redemption at maturity, works out a Australasia 11 10 0 12 2 6 12 6 exchange rates between New Zealand and _ m , p . M Ppnfl . The Bank of New Zealand advises the follows for the latest saleroom, of Aus 1 2 fl 6 13 9 1 3 London, and also of changes in the rates of Less Revenue, More Profit. following alterations in London exchange PER CENT PER ANNUM Btsvr- s 1 ! o ill 1^£ aas sr , 3S """"" ,. 4 N Vn'). A °" r . '12 • §4 § 'of Jhito* dwreclrtion 0n a en « n d .. 1 p.c°p"». 2p.=.pte». wS KS If B ""i! I w " N.S. Wales 39 5 0 40 15 0 2o 0 ot interest, and tlepiess securities etui written off during the past eight years:— 30 Days i p.c. prem. lgp.c.prem. Commercial Bank of Aus. .. 6 18 0 £C ra !' nS . u 1 ? °6 12 0 0 12 g _ Receipts. Profits. Dl». Dep. g ggj ;;;;; |»iE $£*.™ " I S'J BUSINESS IN THE SOUTH. 1922 .. 462,455 68,202 56,955 28,800 Exchange, 2g p.c. prem. ■ S ...-jajg. jjjjj W BUSINESS DONE. September, makes one wonder wnere tne Telegraph.—own Correspondent.) 1925 .. 490,897 79,305 7T t 201 25,000 tances are made from New Zealand in bottom really is. +>na rln-v 1926 • • 488,199 83,393 80,1*$9 24,290 payment for imports, have been increased List Sale , .*Ti m T« R..V? CHKISXCHUKCxl, this day. 1927 474 5Q7 88 327 8g 062 18,000 W per cent , while the rates at which the AT THE 3.15 P.M. CALL YE8TERDAY— Is t Time To Buy? The "Christchurch Times reports as 1928 .. ,|70,708 89,321 89,312 20,250 banks w ill buy bills on London-payments War Loan> 1938> Without attempting to answer a ques follows.— 19-9 •• 46016 89,897 «9.<j52 ingt expor ts—have been raised by 7/6 4J p.c £99 J € ..£100 0 1 tdon which must be puzzling financial Business has been limited during the The most striking feature of the above percent as compared with the tariff in- War Loan, 1933, experts throughout Australia and .New week, and the turnover locally has record is the intimate association between troduced on December 21. 5} p.c 98 15 0 .. 101 2 Zealand at the present time, there are accounted for the majority of transac- the amount shown as net profits and the Corresponding alterations have been In i S^l n S P tock ' „ S1 , A 0 certain factors which must be borne in tions. Dunedin did not report a sale amount necessary to pay eight per cent ma d a by the banks in London for ex- Commercial Bank * ' mind. . . eIlm^ on had t , hre ® ™ dividends. Another is the seeming ch ange on New Zealand. On December 0 f Australia (2) 12 6., 1 2 1 Bank shares, in common with all Aus- blank dajs alter Monday. Ihe price level anomaly whereby increased net profits are 2 0 it was announced that the New Zea- Commercial Bank traliaa securities, were bound to fall when taken throughout is o little lower, and 111 obtained, despite steadily falling receipts, rates bad been raised to the Austra- (rights) ........ 0 13.. 01; the Commonwealth Government offered the banking section some of the declines Some further information in this connec- ]j an eca i e involving the unusually large S, an . , 8 ? •• a9 5 1 virtually 594 per -cent for a Federal issue have been fairly substanfal. Recorded , ti on is found in the following table:- a] tc ration o Wmeach quotation. The June 0 " 0 ? 7 of £10,000,000. Investors were not likely sales during the week were as follows.- Expenses in proportion to sales are rat es for Australia were revised again a Waihi Grand June. 0 13,. 01thi^4r S e C ttog- 'give tile 6to,, ° «4 r ' h8 7 M J fiM " T " E CnLL T0 -? #V - inarlieularlv when the increments that following results, the figures for last week Expenses. Sales. Ratio. yesterday to New Zealand. Deta a Commercial Bank particularly ith approxi- bemg m paren theses: Banks 2504 (3582), £ £ p.c. follows.— - o£ Australia ... 12 1.. 1 2 - "^ e T pOT?i wcre likely to be delayed insurance nil (100), loan and agency 850 1922 394,253 460,736 85.57 LONDON ON NEW ZEALAND. Bank N.S. Wales (38 10 0) .. 38 10 1 mate regularity likely to ne am (2379), coal 100 (nil), breweries 675 (3002), 1923 400,855 478,302 S5.06 Buying. Selling. Ohinemuri , (0 3 4).. 0 5 1 as a consequence Australiasi reauoea meaf . 3Q0 (600) wool nil (20) minin v 1!J24 41 0, 57 4 487,894 84.15 a. d. b. d. earnings. Now, however, the Bank efiares (3000)j misce]]aneoug i 325 (1455) T here 1925 411,592 489,180 84.14 On demand.. 70 0 dis. 47 6 dis. are down to a point where the return have been no sales of Government issuer 1920 404,806 486,483 83.21 30 days 81 3 dis. — BANKS— Buyer*. Sellers the present investor runs from 5 0 - this week, but £300 of local body deben- 1 nil 3Sl'388 470 708 81 on 1 a>S ""ifn 9 dis' — Australian Commerce — .. 1/5/' ■ SSarS'- and £IOO ° of com - " 5a ::::: Sfc 0 -"" 40 0fii s . im When Australia recovers from her pre- . ' Looking for an explanation of the de- The banks in London are charging 7/6 Commercial (rights).. 1/1 .. — B ent financial embarrassments and creased expenses, a fair amount of detail p er ce nt less for drafts and paying 10/ Com:merclal (pref.) ... 6/13/6 .. — normal times return the Banks, all of OVERSEAS MARKETS is given in the "working account," but not less for bills. National Aust."(cont) — • 7/10/1 which are well able to stand any con- mnnrvtio. so much as was the case prior to 1928. The present alterafcione are a continua- New south Wales 38/2/6 .. 38/15/( ceivable reverse meantime, will resume nntaik tion of a movement which began last July. New Zealand 2/14/6 .. 2/15/( their profitable career. - r Rn ,r M mc-at Some or tne ueiaiis. ff fc iu be discourage N.Z. D Mortgage (£1 pd.) 1/5/9 .. — P " „ X1 FROZEN MEAT. The Working Account formerly dis- ;, n l r fV an d assist exporters. Queensland National.. - .. 8/0/< Return on Outlay. .tinguished under the heading of '"Manu- Union 0/Australia .. 10/15/0 —. On current valuations Bank shares are LAMB IN DEMAND. facture of Gas" the amount expended in BANK OF ENGLAND RETURNS. INSURANCE— offering to investors a return on their repairs and maintenance of works and Australian Provincial — „ 9/< outlay greater than has .been the case for . under the item "To Distribution of Gas" T f\vno\T w National — .. 15/< a considerable period. To assist in coming Messrs. Dalgety and Company, Limited, was specified the sum expended on the LONDON, ry • New Zealand — .. 2/4/1 to a conclusion as to the trend of the re P°ft having received the folloAvmg repairs and maintenance of pipes. Thus it The Bank of England returns for the Queensland .. 2/17/1 market over a period, the following table cablegram from their London house, dated : was shown in the 1927 balance-sheet that week ended January 30, as compared with &outh British — „ 3/0/< should prove of interest. It shows the instant: no/ooiu , ,,•>,, £139,000 had been spent in repairs and those for the week ended January 23, FINANCIAL— return available to purchasers.of the scrip j i 177' % ' , v 7 ,,' maintenance. Last year this practice was are as follows: — Dalgety and Co 11/10/0 ~ 12/0/( mentioned, according to the market prices or 1 t 1 h 1 , I f lid; Canterbury, 36/421b, discontinued, and in the latest balance- January 80. January -3. Dominion Investment ruling at this time in 1928, 1929 and 1930: at North Island, at lid; Canter- 8h€et the information is again withheld. £ £ ~ ~ ™ . 1 ti u bury, second quality, at 10%d; North The various items formerly particularised Note circulation . 348,018,000 846,399,000 , Bankinc Assn 192S 1029 1930 Sl d '„" .S 1 ; ® /S * b ' " « ™ Tmloi toi.tk. the to. «. S'S ®*■ • ~ " W Aust of Com 4 15 6 4 13 6 5 14 9 North Island, at lid. headings, "Manufacture of Gas" and "Dis- ea '" ", s t erT ia'iqs'ooO 29 151000 Farmers' Auctioneering — ■ .. 4/1/t Australasia " 4 16 6 4 14 1 6 1 9 The market New- Zealand Iamb 1S tribution of Gas." How much or how other depots 103,451,000 Soo.ooo 0 'tf' 1/9/0 " l7lO/f Com. of Aus.- 5 2 6 4 19 9 6 13 4 firm. The demand continues. little of the total has been expended m Govt, securities . 54,301,000 57,666,000 National floVtgaEe '** — " 4/3A Eng. and Scot. 4 17 4 4 4 3 o 10 3 Mutton -Canterbury, 48/561b, at 7%d; keeping -the plant and system in com- Other securities . ' 19,476,000 20,658,000 Ne%Xn King ffi.)11/0 - ?j a +' e-ik 0 5 4 0 6 11 0 Island,at 7d; Canterbury, 56/64lb, plete efficiency can only be guessed at. Proportion of re- - N.Z. and Iiiver Plate — .. 1/10/i S 5 0 4 16 7 5 2 0 at , 7d , : , North Mand, at 6 %d; Canterbury, Comparing the totals, we find. that in serve to llablll- N.Z. Guarantee Corp. — .. 8/i New Sand 4 17 2 4 L 4 6 64/721b at 6%d; ewes, 48/641b, at 5Y*d; and distribution of tlca _^ 80 61 - 80 North Auck. Farmers' 2/3 .. - &T?r .1 S e 4 17 8 5 10 0 Noraieland. at 6d A g M " m ted for i292,886 of tha «pe«- H 0R7 LOANS AND BILLS NA Farmer.'IB p.efj _ .. U/< Average per . .. ■ The market for New Zealand mutton is diture; in 1928 £265,581, and in 1929 £252,- S»MUKT LUAlMJs anu COAL— share ... 5 1 6 4 15 4 5 15< o very firm. The demand is moderate. 741. A difference of practically £40,000 in — Hikurangl Coal 1/3 .. 3/{ fiarrvane the comparison back still fur- G.A.Q. Australian lamb, 28/361b, at 9d; the two years is a big slice off the expen- Short loans, 4 per cent, compare with rA^rirY'" Vm " the 36/421b, at 9d; F.A.Q., 28/361b, at 7%d; diture side. 3% per cent Ust week, and three months' fjgggf ™ \\ 3W • « tmomfir\n.liovA Wd third quality, at 7d. / . __ . . . . bills, 3 15-16 per cent, compare with Kenown 16/* £4 17/3 in Februarv 1927 £5 0/5 in The market for Australian lamb is firm. A" Official Statement. 3 29-32 per cent last week. Kenown (pre'f.j 3/t ■p inoR „„,i Jk n/Q'in Ti'pb-niarv The demand is moderate. Under this heading, in lieu oi mny par- Kenown (new issue).. — .. 3/i ' ' ' G.A.Q. Australian mutton, 40/601b, at ticulars in the accounts theinaaiTas, the The Bank of England discount rate Taupiri — .. 1/8/!. „ ■ .. . _ 5%d; f.a.q., 30/551b, at 5%d; ewes, at 5d. remajke made-by Sir George Elliot, chair- stands at 5 per cent, to which it was 1/10/0 "" Jl , Sound Dividend Payers. /The market for Australian mutton is man of directors at the last annual meet- reduced on December 13. p If the future can be judged by the past firm. The demand is fair. ing, may be quoted. Sir George said on Banks must be good buying as a permanent Beef—New Zealand prime ox, hinds at that occasion:— FOREIGN EXCHANGES. _ " An for once the present fall is 7d, fores at 5%d; Argentine chilled, hinds "The manufacturing capacity of the shipping ' arrested they are not 'likely to recede to a t 7%d, fores at 5%d. Auckland and Devanport works is ample T nwnnv on r, , ,, * present level* within any reasonable The market for New Zealand beef is firm for present requirements, and capital „ , ' 7 ' w?,Tm^r? r P»rtpr/nrii\ 1/16/0 " l/10/fi period. DU*42nds may be sHghtly cur- owing to light stocks. The demand is expenditure for extensions should be nr e Cl f°renY to-dav S compared" 1 Northern Steam <p.u.) 13/3 !! 14/fi tailed for k year, possibly for two years active. small for some years to come. cabled quotations on January 28 and par: Northern Steam (cont.) — .. 7/0 —in some instances this has _ already Pork.—English, 80/100lb, at 12d; New "The heavy repair and renewal charges j an 30 Jnn og p ar TIMBER— - occurred—but in the long run their power Zealand porkers, 80/1001b, at lid. for rebuilding and renovating the carbon- 4011' — 4 8r« National 8/3 ., 9/6 to "make good" to their shareholders is In the market for New Zealand pork any ising plant during the last four years are x°wYork dol 4 80 17-32 4 8617-32 4.866 Parker, Lamb — .. 17/6 undeniable. change is in favour of buyers. The de- now considerably reduced, and this condi- Brusselsi 'belga " 34.935 35 BREWERIES— Insurances Also Dull. mand has been checked by increased prices tion is likely to continue for some years. p ar i 6i f' r 123.95 123.89 124.21 q L. Innes and Co... 1/1/0 .. . ,, -p , , M • _. f . asked. The whole of the plant is being maintained Geneva, fr .. 25.21 25.1S5 25.22 c! L." Innes i,pref.).... l/l/O .. — After Bank shares there as not a great in an efficient state." Amsterdam, 11. 12.11 J 12.111 12.1 N.Z. Breweries ...... - .. 4/1/fi deal to be said m a weeks review, for namv DRnniire Rome, lire ... 92.08 92.98 92.46 staples — .. 2/15/0 they accounted for the bulk of the busi- uAlnY rnUDUlE. Smaller Turnover. Berlin, r.m. .. 20.365 20.365 20.43 mess. On thp revenue side it is officially ad- Stockholm, kr. 18.125 18.125 18.159 MISCELLANEOUS BUTTER SLOW, CHEESE DULL. itM lhe o£ h : OjJ. (iiif.) " ~5/0 ance section, only stepping forward to lessened in recent years. Ihis, of course, Pr ' ue | r . ... 164.625 164.5 24.02 British Tobacco 2/0/3 .. 2/0/9 pick up a couple of parcels of _ South (Received 12.30 p.m.) has been chiefly caused by the competition Helsingfors, mk. — 193.75 192.23 Bycroft, Ltd 1/11/0 .. — British when these dropped sixpence. t rwnnv Tnnnarw "fl °f electricity for lighting purposes, and Calcutta, rupee 17,875 17.875 18d Colonial Sugnr — .. 44/0/0 Available returns in this class are much # the company has wisely concentrated upon Shanghai, tael — 24 Dental and Medical.. 10/0 .. better than they were, and now provide Butter is slow. Danish, 1/2/. Others C0JC)ker8i wa .t er heaters and other Hongkong, dol. - 18 375 — Domin on P cltures... 1/0/0 .. - from just over 4/i per cent to 5% on easier. Choicest salted. New Zealand, features in which it can still meet all com- Yokohama, ye ~ - - • Electrolytic zinc 1/8/6 \\ 1/10/0 outlay, but investors are evidently expect- lo2/ to 154/j Australian, 150/ to lo2/. pe tition. However, despite the best efforts rnMen ic *wn rni nNIA! Electro. Zinc (pref.).. — .. 1/10/3 ing more. Unsalted: New Zealand, 166/to 170/, Aus- 0 £ & that seems to leave nothing to CONSOLS AND COLONIAL STOCKS. Farmers' Trading .... 8/3 .. 8/9 Gilt-adflts Fall, Too. tralian, 154/ to 156/. chance in its fight for trade, sales have Farmers' T ra d. (A pref.) .. 17/6 . ri x Cheese is dull. New Zealand, coloured, j,„ ve lower than for anv similar The following table gives quotations for Farmers lrad. (B pref.) .. lrf/o Half-hearted nibbling at Government 88/ to 89/; white, 90/ to 91/; Australian, Der ; oc j B ince 1922 So far this curtailment consols and colonial Inscribed stocks, com- ITuller's Pictures .... .. stocks for a fortnight without any tangible coloured, 86/to 87/; white, 88/to 89/. lnf pared with those of January 23:— Gear Meat, Ltd — .. 2/1/0 result finally ended in some business being — h , as ,J lot interfered _ with piofats out v Varia- Haywards Pictures.. — .. 18/0 + i - 1ai , + „,ii" wlion should revenue persist m this down- Price tion Theatre Arcade (pref.) — .. J/-/0 completed at the is J , Messrs. Andrew Clement and Sons, ward trend the management may , , Kempthorne, Prosser.. — .. 3/14/0 the 4% 8 changed hands at £99,7/6 and Ui> received tu following cabled be aced with a difficult ® roblera . To , * \ d ' *• Milne, Choyce (deb) - .. 1/7/9 daM o?' tovn tha annjal expenditure auffl- « 2| per oe,. « „ . 10 OJ jJ»»feHe«rc„ S «f.> W0 .. - £100 5/ given for the 4%'s and £100 15/ 152/ to 154/ TS T t V ?a' War Loan il, 1929-47 . 100 15 0 15 Of N.Z. Paper Mills .... - .. 1/1/0 for the h's. Some decline was bound CheSe-iSm 88/ to 90/ at the same time maintain its standard of Conversion 3J .. 75 8 0 6 3* N Z.. Retrigerallng ... 10/0.. - 5a*ss s 1 ?« »l = " jsz due, but the' action of the Government Amalgamated Dairie,, Limited, hare ». increuod tursover ia to pre- Co^Vealtl^ 08 10 0 OJ fan •);• _ •• in making its latest 5% per cent issue ceived the following cablegram from their 8 re ss, and the sale of gas and its con- Zealand *3i, 1940 85 15 0 5 Of Sharland and Co. (pref.) — .. hastened and accentuated the movement. London house, dated January 30:-Butter: comitants is no exception to the rule. Zealand 3, 1945 .. 78 2 6 1 3f S. R. Maxwel! and Co. o/0.. 9/0 However, 2 per cent in the case of the Best, 156/; Tnarket steady; generally 154/ The Capital Position. New Zealand 6, 1936-51 102 17 6 7 6* laranaki Oil Iields.. __/ •• 2 /i/0 ,5%'s is a bigger drop than might have for finest, after sales at 152/to 153/; Dan- „ „ f +u„ fHigher. *Lower. union ' s V e ' v ' e 'nson.' — .. 2/5/0 reeovery may he K AW SSSSTtuSST.... VW •• • WW looked for. Andrew Clement Sntis T marised items, the figures for the previous QHIITHFRM FYPHANGES WINING — Australias slump. «h« I*** SOUTHERN EXCHANGES. , JW » \% Australian securities have received a solid from their London house, dated January BOn: ttabititifs Moanataiari (5/pd.) .. 1/9.. 2/3 hammering dui'ing the week, which is 3C: _ Butter: Steadier, 152/ to 154/. UAiiii.iUKb. YESTERDAY'S BUSINESS. Moanataiari (2/4 pd.).. 1/0 .. 2/0 scarcely surprising considering the un- Cheese: Firm, 88/ to 90/. The Taranaki Dec - 31 » Dec - 31 - Moanataiari (1/6 pd.).. 1/3 .. 1/0 ; pleasant type Of advertising given to the has arrived. 1028. 1929. Ohinemuri Mines -A» •• Commonwealth during the past few days,' . £ £ CHEISTCHUItCH. walhi ••••■ v-v" V," in." 1/4 •both in London and New York. London Messrs. Dalgety and Company, Limited, Paid-up capital and £ s. d. 1 1/14/3 •• 1/15/0 has pronounced the verdict that it will report having received the following cable- debentures .... 1,429,101 1,435,327 Ghris tchurch Drainage, 51' „ K,X Tin'.'.'.' - •• 9/3 make no more loans until the coal strike gram from their London house, dated the Loans on deposit . 03,014 68,188 (103S-73) .--lOO 0 0 0 eb E N TU RES— is aettled, ajld in New York Australian Meesrs. Samuel Page and Son ..^... ° 3,«9 3,175 W"" ! ! * f I "™™.B . J941, 6p.e. 101/0/0 .. - scrip has sunk to a very low ebb. "Ruftpr mnrW i„ a r> j Accr « e d interest .. 920 5,527 Ditto' f 0 ") 1 4 Devonport, 1S61. 6 p.c. 100/0/0 .. — Thus Howard Smiths shares were u " er - J he , n l arke . t " 1 n jet.. Demand Sundry liabilities 23,023 14,329 Bank of New South Wales . 38 1E> 0 Gisborne Sheep Farmers — .. 94/0/0 offered at yesterday's noon call at £1 0/6, on basis of fiiiest New Zealand 152/. Profit and loss oc't 85,005 '85,350 i> an k of New Zealand 2 15 6 Hamilton Loan, 6 p.c. 100/®/® " Huddart-Parker's at £2, Colonial Sugar New Zealand finest at 151/to 154/; Scottish and Aus- q - " wT/0/0 at £45 Dunlon Perdriau Rubber at £1 Danish, at 172/ to 174/;.Australian, finest ' AisSElS. tralian Bank (2) 6 9 0 Williamsons Films, 74 1/3 Henry Jones at £1 10/, Australian unsalted, at 154/ to 156/; finest salted, at „ a ?, d r ,i * , V 64,304 64,304 Goldsbrougli, Mort (2) 1 10 3 WAR tOflNS— Gkss at £2 2/6 Australian Iron and "9/ to 152/; g.a.q., at 144/ to 148/. Buildings and mach- Ditto 1 £ 11 Loa n, 1939, 4i p.c. ... 99/5/0 .. - 'Steel (pref) at il 0/3, and tie ,Chee».-The -market i« quiet, Hew Zea- M Sf and VeVvteV'' 'sS? ntfm "&»'ti»i INSCRIBEDLOflPIS Zinc (ord.) at £1 11/, and in no single land, white, at 90/; coloured, at 88/; Meters 158,117 154,784 (20/paid) 10 6 Loan, 1938, 4* p.c. ... 99/5/0 •• instance was there a response from Canadian, white, at 96/to 98/; coloured, at Cash ...... 3,998 6,782 Mount Lyell 1 il o r° an imi Ip'c — '.*. 97/15/I buyers. The fact of the matter is inves- ,96/ to 98/. Loans «ono «onn Ditto (2) 114 0 SH'p c. P . -,..98/10/0 tors have 'an uneasy feeling about AusDebenture*'' invest-' 33 '°° 0 33 '°° 0 WELLINGTON. Soldiers, p'.c. 08/10/0 - tralian stocks generally, and their biokers onttPbKINS. mehts 5,700 5,900 £ s. d. are hesitant about proffering advice under Sundry accounts ... 70,105 66,779 War Bonds, 4J (1938) 99 5 0 , n nn/mcun I 1ST existing circumstances.. Messrs. Dalgety and Company, Limited, stock 158,026 136,018 Australian Bank of Com. .. 1 3 11 CALL AND DIVIL A QvHnPv Rennrt report having received the following cable- Bank of South Wales .. 38 io 0 ... y /. , , , gram from their London house, dated the n y at Call. Commercial " • •• - 1 DIVIDENDS. How the position looks to those 'located i ns t a nt:—- The balance-sheet has been improved Bank 0 j N f w Zealand 2 15 0 Due. across the Tasman may be gauged from The attendance is fair. 3358 bales offered during the year by a reduction in outside Goldsbrougli. Mort 1 10 0 n . Bank interim, 12! p.c. p.a. . the following extract from the financial anc j 223Q g0 ] ( j > Competition is irre- liabilities of approximately £34,000. This P. and O. (deferred stock) . 2 8 6 u ' Now •column of the "Sydney Morning Herald fiular _ Australian Merino, 15 per cent is chiefly represented in the item "Loans DUNEDIN. British Tobacco (pref.), final, 6J of Friday, last week.:— ; ■ lower; very little was sold. Australian on Deposit." Money at call is always £ s. d. p.c. •••••*' 's'nV'n'al"Feb. 4 "A selling wave yesterday swept invest- oroKS b re d, 15 per cent to 20 per cent lower bable to become an embarrassment, and Mount Lyell l lo 0 Auckland Gas. nnai, 1 Austraiia, ment prices back in widespread fashion. when fi0 i d; mostly withdrawn. Good de- has been a wise move to reduce the Em ord. 15 p.c. p.a.; pref.. Turnover swelled by vestibule business, maric l for New Zealand best sorts. Cross- } te ™ fron > £142,816, at which it stood 4 p.c. p'a. 11 was heavy. Holders of all classes of shares bre( j -jq pcr cen t to 15 per cent lower; m December, 1927, to £93,014 last year, DOMINION CUSTOMS RETURNS Wellington Gas, final. 4 p.c. ;:■* fceb - 11 strove to effect liquidation, and to do ot j 1(;r descriptions, 15 per cent to 20 per and now to £68,188. With £33,000 in- New Zealand Insurance, Interim, so drastically lowered selling limits in coll t lower, as compared with closing rates vested in War Bonds, and a cash carry ~ Banki'quManany cases. Trade depression appeared 0 f j aB t series. over £40,000 odd, the amount now INCREASED RECEIPTS. 'A nc Feb - 13 to have invested the market with a feel-, ' ; on loan should not be troublesome. , i Victoria Nyanz'a Sugar, final for ing of pessimism, reinforced by lower • ■ N ' N Rp< . prVl> mv -Pro« Assoriatlo- ) last financial year, 5 p.c.. and wool prices, the possibility of an advance TARANAKI OILFIELDS. 4 , , Reserve. (By Telegraph. Press Association lnte rim for current year, 2J m bank interest rates, and industrial trou- I HfiHlinfM uiui iuul/vj. . A weak feature or the balance-sheet, to WELLINGTON, January 31. p.c •••■ Feb ' - J bleslhe position was rendered the more which attention has been drawn in T he Customs returns for January were Broken IIUl South, Feb _ 26 < * an p hivestors by the latest cvi- (jjy Telegraph.—Press Association.) former years, is the absence of a specific £277,486, an increase on last year of Kiectrolytic Zinc. Interim, ord. and nf LrfL refi tnction in earnings ... . reserve. For a company which has been £28,679. pr«5..' 12 p.c. p.a Mar. 6 Dock hn * business, Morts GISBUlvWHi, this aay. m exis-tence as .long as the Auckland Gas For tlie ten months the increase is PALLS ' dend John 8 ' \P n^ e 4, interim divi- Giaborne No. 2 well.—Cemented off leal: Company it is unfortunate that oppor- £389,245. Motor spirit and tyre tax show " Due. iti» interim divM i v. aviin K reduced In 814in din*.n. casing yesterday. Expect to tunity has not been taken to make the decreases of some £4000 and £3338. Beer Moanataiari, 2/2 paid—2d a share Feb. 6 • r ' bonus, and Rich- xcsramo on Sunday. ' . J provision that genera* business practice 1 duty was £4013, a drop of £*. Occidental—Id a. :hare Feb. 7.J