FINANCE AND COMMERCE.

Dominion, Volume 23, Issue 5, 1 October 1929, Page 14

FINANCE AND COMMERCE.

STOCKS AND SHARES WELLINGTON MARKET BANKS LOWER Except for steadiness in Government eocurltiee the market is weak, and it is obvious that some holders of shares are being pressed for funds. Thus Union Bank shares sold yesterday at £l4 145., while a fortnight ago buyers paid £l5 Is. 6d., and those who bought at that price stand to Jose 7s. 6d. per ishare. There were no seekers after bank shares yest ,r day except Bank of New Zealand lon„ term, and the bid for those was lowered Bd. There were plenty of sellers who are reducing their quotations. Bank of Australasia were offered for sale in the of last week at £l4 14s. .and yesterday sellers were willing to quit at -14 13s. (cum.), a half-year s dividend of <s. Aus tralian Bank of Commerce were reduced Is. to 345.: Commercial Bank of A’’®*™ ll ” 1101(1 at 29a. Gd. last week, and yesterday thev were transferred at 28s. 7d. Sellers price for English, Scottish, and Australian Bank has been reduced Is. to £8 6t. National Bank of Australasia £o paid ■were offered last week at £0 13s. > > £9 10s. would have secured the but there were no bids. Bank of . £ ° u “ Wnlns shares were offered for sale on Wednesday last at £5l 155.. • seller was willing to accept £ao IUS. Bank of New Zealand shares keep steady at G2b. 3d., the reason being that the snares are held by numerous small are not flurried by dear mone {’: the market shows, a downward tendency. YESTERDAY’S QUOTATIONS Buying and selling quotations at the final call on the Wellington Stock Exchange yesterday were as follow:— Buyers. Sellers.

PRICE VARIATIONS . i ’ Movements based on yesterday’s buying prices, compared with previous bids, were

DIVIDEND LIST

(ord.) 4 1-6 Half-year Oct. 12 Ditto (pref.) .... 3} Half-year Oct. 12 IVaihi Gold Mining Is. per share Nov. 1 N.Z. GUARANTEE CORPORATION A GOOD YEAR The earning capacity of the New Zealand Guarantee Corporation, Ltd., is well maintained, the net profit for the year ended August 31 last being £23,206, or £335 wore than in the previous year. The amount brought forward was £691, making available £15,098. The holders ot the preference shares receive 7 per cent, per annum, half of which was paid as an interim dividend, the fully paid ordinary shares receive lOd. per share for the halfyear, making Is. Bd. for the year, and the other ordinary shares paid up to Bs. receive 4d. per share, or Bd. for the year. These dividends, which are at the same rate as in the previous year, absorb £11.599; out ot the balance of profits £5OOO is added to the general reesrve account, bringing that fund up to £30.000 and the balance is carried forward. The capital of the company is unchanged at £214,390. , , The principal Items in the balance-sheet compare with those ot last year as under:— 1929 •9-8

Rills receivable, sundry debtors and investments are lumped together, while -in last year’s balance-sheet sundry debtors were shown at £2743, advances on mortgage at £17,451 and loans at £24.450. Apparently all these Items ai*e now included with bills receivable. The deposits held by the company have contracted by — 473*. on the other hand bank overdraft at £126,011 has more than doubled in the year, the increase being £74,830. ' CUSTOMS REVUNUa. The .Customs revenue collected at the >urt of Woillngtoa yesterday totalled A96M.

DEALINGS ON 'CHANGE

YESTERDAY’S BUSINESS SALES IN ALL CENTRES The following sales were made on the Stock Exchanges of the Dominion yesteiday WELLINGTON. £ s. d.

BANKRUPTCIES 1 WELLINGTON FIGURES There were eight bankruptcies in Wellington last month, compared with three during September. 1928. For the first nine months of the year, however, the total number was 40 compared as against 49 during the corresponding period of last vear. A comparison of the monthly figures is given in the following table:— 1929 1928

POTATO MARKET

As has been anticipated in local circles for some little time past, potatoes have shown an advance in price. Dakotas and Sutton Supreme were quoted in the city markets yesterday at £ll to £ll 10s. per ton, and new potatoes were selling as high as 6id. per lb., which is an exceptional figure. Throughout the whole season, the potato market has been very unsteady, the proposed removal of the Australian embargo some months ago-being’firstly responsible, and now other factors are operating. CALIFORNIAN FRUIT A shipment of Californian fruit is due at Wellington next Monday by the O. and O. Line steamer Golden Cloud, from Los Angeles xia -Auckland. The ship has 1348 cases of oranges, 125 crates of grape-fruit and Cl 4 kegs of grapes to land or tranship at Wellington. In addition to large quantities of lumber oils, motor-spirits and paper, the Golden Cloud has also for discharge here 420 boxes of raisins, 20 cases of canned prunes, 100 cases of canned asparagus, 25 cases of beans, 50 bags of onions, 825 sacks of flour. 80 cases of macaroni, and 75 cases of vermicelli. OHINEMURI MINES , , Following is a progress report by the superintendent of Ohinemurl Gold and Silver Mines for the fortnight ended September 21:— North section: No. 4 level: The drive on the Camoola southward has been extended 46 feet, making 352 feet from No. 1 winze, or 760 feet from the main crosscut. This face is not payable. In another 70 feet it will reach a point corresponding with the northern end of a chute at No. 3 level. In the main crosscut a lode has been exposed which carries high grade ore for a width of three feet north and south of the crosscut. Arrangements are being made to drive upon this ore. In the Silverstream section at this level the drive on the Silver Queen reef has been extended 15 feet in good ore. This development will be accelerated now that better ventilation is available' from the completipn of the rise tq No. 3 level. This rise was in high grade ore for Its full height. The crosscut to intersect' the Julia reef which is,out 95 feet will reach its objective in a further 85 feet of driving. At No. 3 level in the south section the drive on the' Camoola reef has been projected 22 feet, making 378 feet south of the Main Rise, or 2115 feet south of the main crosscut at this level. This drive has just encountered pay ore on the hanging wall. The whole of the tramway con•'nections with the mill are complete. The mill, with a daily capacity of 100 tons, will be in running order on October 1. This company has for the past six months continuously employed 85 to 95 men in mine .development and mill construction. AUCTION SALES TO-DAY. 8 Willeston Street. 12.30 p.m.—Sale of household furniture / E. Johnston and Co.) Waiptikurau (to follow weekly stock sale). —Sale of river flats account Wm. Porter (N.Z. L. nnd M.) Colombo Road Yards, noon.—Spring cattle fair (N.Z. Farmers’ Co-op. - Distributing Co.. Ltd.) 164 Cuba Street. 1:30 turn. —Sale of superior new furniture and furnishings (Silverstone and Co.) Levin—Sale of stock (Abraham and Williams Ltd.) TO-MORROW. 43 Panama Street, 2.30 p.m.—Sale of land. 2 Lynn Rond, and property, I Nicholson Road, Khnndnllnh (Finch. Webster. and Oswin). 14 Brandon Street.—Sale of property. 97 Cook Street (H. Ernest Leighton, Ltd.) Conference Hall. Dominion Farmers’ Buildings, 7.30 p.m.—Sale of residential sections (Commissioner Crown Lands). Corner Brandon and Featherston Streets, 2.30 p.m.—Sale of resilience. Thorndon (J. H. Bethune and Co.) Showgrounds. Palmerston North. 11 a.m. —Mannwntu bull nnd heifer sale (W.S. and Co., Ltd., and A. and W., Ltd.) Johnsonville. 12.30 p.m.—Fat stock sale. Salevards. Hawera. 10 a.m.—Sale of butter-fat bulls (Farmers’ Co-op. and Newton King, Ltd.) 8 Willeston Street. 10.30 a.m.—Sale of corrugated iron (H. Johnston and Co.) THURSDAY.

Waikanae —Stock sale. , , 246 Lambton Quay, 2 p.m.—Sale of antiques and work* of art (J. K. McKenna).

N.Z. GOVT. LOANS— -- s. d. £ s. d. 41 p.c. Ins. Stk., 1938 100 6 —— 4l p.c. Bonds, 1941, 100 1939, 1938 6 — 51 p.c. Bonds, 1936 .. 101 lb 0 —— DEBENTURES— 100 Wellington Gas Co. . 5 0 Napier Boro., 5J p.c., 1945 101 0 0 — Well. Racing Club .. 106 10 0 —— N.Z. Breweries, (inscr. 9 stock) —— 1 IV Ditto (bonds) 1 10 0 1 10 6 BANKS— Australasia — 0 Australian Bank of • Commerce — 1 14 0 Commercial of Aust. (ord.) 1 3 0 1 8 9 English, Scottish, and Australian —— 8 6 9 National of N.Z. ..... — 6 14 6 National of Australasia (£10) -W— 19 10 0 Ditto (£5) —— 9 10 0 New South Wales .. — 50 10 0 New Zealand I — 3 Union of Australia .. —— 14 13 0 FINANCIAL— Goldsbrough Mort ... 3 7 2 N.Z. Guarantee Corp, (ord.) N.Z. Invest, Mortgage, — •0 9 9 and Deposit 0 10 0 — Well. Invest., T. & A. 0 10 11 — Well. Deposit & Mortg. 0 10 6 — GAS— Wellington . (ord.) ... 1 13 s' — INSURANCE— 3 National 0 16 0 16 9 MEAT PRESERVING— Gear o’ 3 6 • 0 — N.Z. Refrlgerat. (£1) -— 14 0 Ditto (10s.) .......... 0 6 0 0 6 4 Well. Meat Exp. (ord.) 0 7 0 0 8 6 TRANSPORT— Iluddart. Parker (ord.) —— 2 4 9 Ditto (pref.) • 1 1 0 — WOOLLEN— Wellington (ord. and pref.) — 6 17 0 COAL— Illkurangi (ord.) r ... 0 1 9 1. — Westport 1 14 0 14 6 Westport-Stockton (pref.) — 0 4 6 Grey Valley — 1 10 0 TIMBER— National — 0 9 0 Ley land-O’Brien . .... —— 1 12 6 BREWERIES— Crown 0 7 p —. New • Zealand —- 4 10 0 Staples and Co — 14 3 MISCELLANEOUS— Burns, Philp and Co. — 2 o 9 British Tobacco (Aust.) (ord.) — \ f2 8 6 Dental and Medical .. —• J 0 11 0 Electrolytic Zinc (pref.) 1 15 8 — Farmers’ Co-op. Auct. (“B” pref.) ........ 0 17 0 —— Howard Smith (ord.) —— 1 4 6 N.Z. Drug Co. —— 3. 15 0 Sharland and Co — 1 0 Wairarapa Farmers’ (ord.) 0 2 6 Wilson's Cement —— 4 0 MINING— Mount Lyell o 3 o s 6 ♦Cum. .dividend. •fE: c dividend.

as under:— Rise. ». d. Wellington Gas (ord.) ....... 0 2 Fall. Bank ot N.Z. long term 0 6 Goldsbrough Mort and Co. ... 0 2 Electrolytic Zipc. (pref.) 1 3 Mount Lyell 0 9 • ' ■

1 Company. Per cent. Period Payable N.Z. Milk Products S Year To-day Nestle and AngloSwiss- Milk .... 4 Half-year To-day C. L. Innes * Co. S Year To-day Bartholomew Timber 4 Half-year Oct. 3 Bank of Austral- . n fl ' Half-year Oct. 4 Carlton Brewery (Victoria) .... Half-year Oct. 5 Howard Smith, Ltd. (pref.) 11 Quarter Oct. y Milne and Choyce • shares and deVentures) .... 8 Year Oct. 10 N.Z. Farmers’ Co-op. Auct’neering Co. 8 Year Oct. 12 N.Z. Guarantee

Gross, profit .... 51,295 ,.. 28,089 £ 44,570 21,698 Deposit accounts ... ,,. 6.305 ... 6.864 11.044 6.607 ... 25,000 20.000 Sundry creditors ... 706 1.977 52.0S1 ... 120.1'11 Bills receivable .... ... 305.08ft 275.822 Furniture, etc 415

per cent. Government bonds (JQ2A) 102 0 0 14 14 0 Commercial Bank (3 lots) 1 8 7 N.Z. Breweries (2 lots) AUCKLAND. z» fl. <1. Inscribed Stock, 1933, 54 per cent. 161 2 8 Commercial Bank of Australia .. 1 8 8 English, Scottish, and Australian 8 15 0 Union Bank of Australia 14 14 14 14 6 0 Auckland Gas (two) •••••••;’*** „ „ (contributing) .. 1 0 4 18 8 Northern Steam (contributing) .. 0 1 0 New Zealand Breweries 9 0 9 Waihl Grand Junction 0 1 5 CHRISTCHURCH. £ fl. d. Inscribed Stock, 1933, 5} per cent. 101 10 0 Commercial Bank of Australia (5) 1 1 8 8 4 5 English, Scottish.’ and Australian 1 8 6 3 3 11 C01ti ,. ,. (three) o 3 9 N.Z. Refrigerating (10s. paid) .. 0 6 1 14 6 Victoria Nyanza Sugar 4 0 Wilson’s Cement 3 3 Winding Creek (6d. paid) 0 1 10 N.Z. Refrigerating (£1 paid) .... 0 13 6 Commercial Bank of Australia 1 8 9 Bank of New Zealand (reported) . 3 0 Goldsbrough Mort (reported) ... N.Z. Refrigerating. (10s. paid), •- 4 0 0 6 3 Australian ' Bank of Commerce 1 13 8 N.Z. Farmers’ Co-op., 1940, 6i p.c. stock (reported) 95 0 0 DUNEDIN. £ 8. d. N.Z. Refrigerating (contributing) 0 8 0 Pukemiro Collieries (cum. div.) .. 3 13 4

.Ta n n n r y .......... . 4 4 February . 3 6 Ma reh ............. 6 6 April .............. . 1 S Afav . 3 « . 4 5 Jiily .............. . 6 8 August . 5 3 S^pt^ m her ........ 8 3 Total nine months . . 40, 49