FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 664, 16 May 1929, Page 10

FINANCE & MARKETS

Market Buoyant

Sharp Rise in British Tobaccos

By

“Noon Call.”

A VERY firm tone is registered on ’Change for all the betterclass securities. One of the features of the market is the sharp advance of British Tobaccos.

FLUCTUATIONS:—Price movements, shown by a comparison of sales made over the past 24 hours with the price at the time of the previous reported sale, include: Gear Meat, rise of 3d. i Bank of N.Z., rise of 1 d. Aust. Bank of Com., rise of Id. Pukemiro Collieries, fall of 6d. Farmers’ Trading, rise of Id. Union Bank of Aus., rise cf 2s 6d. Business yesterday afternoon —Puke- , miro Collieries, 595; Australian Bank d f Commerce, 36s 2d; Bank of New? Zealand. 625; Farmers’ Trading - (ord.jj. Sis 7d; Gear 43s. • * * Business this morning.—HuddartParker (ord.), £2 5s 6d; Union Bank of Australia, £ls 11s. Business at mid-day.—Reported. Commercial Bank of Aust. (pref.), £7 8s 6d; Union Bank of Australia, £ls 11s and Cl 5 11s 6d. On 'Change: New Zealand Insurance, 46s 9d. Nationals, ex div.. in the insurance section, are a shade easier, but meet, with a steady demand at 16s. The gilt-edge market, which definitely eased a shade yesterday to see the free-of-income tax four and a-hatf per cent. Government stocks sqII freely at 2s 6d under recent prices, was very firm this morning, with no sellers of either stocks or bonds prepared to come on to the open market. Banking shares meet with a, considerably firmer demand, with the downward trend of last week definitely checked. Unions of Australia show the greatest movement, rising from sales at £ls 9s at the close of last week and at £ls 9s 6d in the South lute on Tuesday afternoon, to see business here late this morning at up to £ls 11s 6d. Kauri Timbers continue to move to

higher levels, and buyers offered 20s 6d this morning, compared with the last recorded sale, on Tuesday afternoon, at 20s. Greater interest is taken in other shares in the group, although the margin between buyers’ and sellers’ ideas of value is wide. A buyer came in for Parker Lambs. This concern’s balance sheet should be released tomorrow or the next day. As announced by a Press Association message yesterday Coal Oil (N.Z.), Ltd„ has accepted a tender for the immediate supply and delivery of an oil well drilling plant to commence* boring operations at the sites at Omata, Xew Plymouth, Xew Zealand, recommended by the Elbof Geophysical Research Organisation, whose experts have been conducting a subterranean geological survey for a considerable time. The Elbof experts are now engaged in a survey of other properties owned by Coal Oil (X.Z.), Ltd., in the Waipatiki district on the east, coast of the North Island. New Zealand. On the Sydney ’Change, where most of the capital in the concern was drawn from, there was a seller at 20s Jast week ancl no buyer. British Tobaccos show a sharp advance and today have a middle price of 50s, compared with the market at 47s 9d at the close of last week. Although the increased strength comes largely from across the Tasman, the movement is only recent, as on Thursday of last week the scrip was selling on the Sydney market at 47s 6d. The new strength is no doubt the result of the speculative element anticipating a further distribution of surplus profits, of which there have been two disbursements over the past seven years. The company in its annual returns, which are now made up to October 31, is very reticent as to what its subsidiaries are bringing in. It is from these that the surplus profits are expected. Based on the last dividend the return on the present price would be £4 8s per cent.

TO-DAY’S QUOTATIONS

Closing quotatoins at to-day'a mid-day call were:—

LONDON WOOL SALES LATE RATES MAINTAINED {Australian and N.Z. Press Association) LONDON, Tuesday. At the wool sales 7,864 bales were offered, of which 3,72.6 were New Zealand. There was a very miscellaneous offering of all descriptions. A good tone was noted, with few withdrawals. Bate rates were maintained. New Zealand prices, S S. and S. 15~d top price, 14d average; Whangara, 17d. 16£d: Mangatoi, 17£d, 16’d.

WHEAT OPTION BUSINESS BALTIC DEALING RESUMED (Australian and- N.Z. Press Association) LONDON, Wednesday. After an interval of a quarter of a century, dealings in wheat options have been resumed with the Baltic. It is hoped to quicken interest in trading and to compensate for the business lost in actual wheat due to consumers increasingly trading direct With the producing countries. The market for e.i.f. futures opened steady, July being quoted at 41s sid a quarter; August, 41s 3d; October, 41s Did: November. 41s 9}d. Closing quotations were 41s 2d, 41s 2td, 41s 7d and 41s 7Jcl.

£IOO,OOO 8 PER CENT. PREF. ISSUE—£4OO,OOO SECURITY One of the safest and most outstanding investments offered to investors during the past few years, is the issue of 100,000 8 per cent. Cumulative Preference Shares by the Reliance Loan, Mortgage and Discount Corporation, Ltd. The security offered is conservatively estimated at £400,000, or four times the amount of the issue—and an independent auditor's certificate states that ‘'The profit on the present capital, after making all due allowances, is sufficient to pay an 8 per cent, dividend on the proposed issue, without such new capital earning any interest!” Already a large number of applications have been received, and intending investors are urged to send in their applications early. Copies of the Prospectus may be obtained from any branch of the National Bank of New Zealand, from the Corporation’s broker. Mr. Campbell Patej> son, 23 Short land Street. P.O. Box 1206. Auckland, or from any registered sharebroker. i.

Buyers. Sellers. BANKS— £ s. d. £ 3 d. Aust. of Commerce 1 16 0 l Australasia 14 It 0 14 14 0 Com. of Australia . 1 10 Ditto (con.) .. .. 0 Ditto (pref.) .. . . 7 7 6 7 ft y.n £., Scot. & Aust. 8 10 8 Nat. of N.Z 7 * 7 3 0 Nat. of Australasia (con.) ft New South Wales .. 51 10 o New Zealand o Ditto D (Morts;.) 1 s ft ft Union of Australia . Id 11 6 15 13 0 INSURANCE— Aust. Prov. Assn. . 0 10 2 National . .. 0 16 o ft New Zealand .. .. 6 0 C»ue€nsland 3 South British .. .. 3 3 6 — LOAN AND AGENCY — Abraham and William (pref) .. .. 4 6 Farmer*’ Co-op. 10 < Joldsbrou ph, Mort . 12 ' 2 13 0 .Vat. Mort. & Affency 4 0 Xewton Kinc (pref.) 0 8 ft N.Z. Loan Mere. 126 0 0 20 ft 0 Ditto (pref.) .. .. 80 0 ft N. Auck. Farmer*. Co-op (ord) 0 n Ditto B (pref) 0 10 0 ft 12 6 COAL— < irey \ alley 1 3 o 1 Ilikuran? (pref.) .. ft 6 Ditto A (pret.) .. ft ft Renown 0 16 0 17 6 Ditto (pref.) .. .. . 0 ?. li Taupiri . + 1 ft Ditto (pref.) .. .. 1 3 IV aipa 0 11 ft 1 1 6 Westport-Stockton 0 3 0 0 3 Ditto (pref.) .. .. — 0 4 9 GAS— Auckland 1 4 1 l 4 4 Ditto (con.) .. .. 0 IS n IS 6 Gisborne 0 10 0 13 0 SHIPPING— Devon port Steam .. — l 4 ft Howard Smith 1 2 5 6 Ditto (pref.) . . . . L ft 0 Northern Steam 0 14 0 0 14 m Ditto (con.) .. .. o 7 F. and O. (del stk) 17 6 3 1 (* Union Steam .. .. 1 0 ft — TIMBER— Rartholom ?w 0 IS 0 l 6 Kauri Timber . . . . 1 ft 6 1 1 0 Leyland O’Brien 1 14 ft National 0 ft 0 ft ft Parker Lamb .. .. 0 16 0 0 17 9 WOOLLEN— Kaiapoi 0 in £ 3 Ditto (c!»n.) .. .. 0 4 ft Ditto # (pref.) .. .. 0 15 6 — BREWERIES— C. L. Tnnes (pref.) 1 n ft N.Z. Breweries .. .. 3 3 6 — MISCELLANEOUS— Adair Bros 0 18 0 __ Auck. Amuse. Park 0 3 ft Ditto (pref.) . . . . ft 12 ft Australian Glass ft 11 3 Booth .Macdonald (ord.) ft ft ft 1 ft Ditto (pref.) .. .. 0 3 0 —

Buyers. Sellers. British Tobacco . . 2 *.) Bycroft Ltd. <ex div.) 1 10 0 Dominion Pictures . 1 0 Ditto (pref.) .. „. 1 0 Donaphy’s Rope . . J 12 ft Dunlop Rubber ... 1 1 8 Electrolytic Zinc (ord.) 1 16 Ditto (pref.) . . . . 1 16 l 17 6 Farmers’ Trading .. 0 8 7 0 Ditto A (pref) .. 0 17 Ditto B (pref.) .. 14 Gear Meat 3 Grey and Menzies . . 0 10 9 Henry Jones Co-op. 1 16 • H.M. Arcade Theatre (pref.) 1 1 0 N.Z. Drug 3 4 6 Lewis Eady (pref.) 0 19 Milne and Uhoyce . 1 6 0 1 »itto ( pref. ) . . . . 1 6 0 Ditto ( B pref.) . . 1 6 0 Ditto (deb. stock) 1 0 Nr.Z. Farmers' Pert. 1 l ft 1 ft N.Z. Paper Mills . . 0 19 6 Robinson Ice Cream 1 ft Sanford. Ltd 0 IS ft 0 18 Ditto (pref.) .... 1 0 6 Sharia nd and Co. (pref.) 1 0 0 Taranaki Oilfields . 0 5 0 0 Thames Theatre .. 0 10 0 Tonson Garlick .. . 0 8 6 Union Oil 2 1 6 3 Victoria Nyanza Sugar 0 Whittome Stevonsons 2 4 6 2 1ft 0 \\ ilsons Cement . . *2 1 0 2 2 ft MINING— Alb ur nia 0 1 1 ft Moanataiari (paid) . ft 1 Ditto (con.) .. 0 ft Lucky Shot (4s pd.) 0 0 8 0 1 6 Ditto (con.) .. 0 0 ft Maoriland (con.) Occidental Una' (2s paid) 0 0 3 Ohinemuri (ord.) .. 0 7 ft 8 Wa i h i n 12 6 0 Waihi Grand June. . o 0 8 Mount Lyell 2 3 ft 4 DEBENTURES — « Auckland Gas. 1932. 0 0 Ditto, 1935. 6J p.c. 103 0 Auckland Harb. Ed.. 5 P-c 9S 10 ft Ditto. 5.1 p.c. . . 100 0 City of Auckland, 1940, 51 p.c 99 0 ft Ditto. 1943, 54 p.c. 100 0 0 Auck Hos. Bd., 5| 10<) 0 0 103 0 0 Bor. Mt. Eden. 6 . . 103 0 0 Bor. Mt. Albert, 1963. 5i p.c 100 0 0 102 0 0 Bor. AVaitemata, 1962, 6 p.c 103 0 ft 107 ft 0 N.Z. Breweries .... 1 6 Gisborne Sheepfarmers — 9S 0 0 GOVERNMENT BONDS War Loan. 1938, 44 99 15 0 Ditto, 1939, 44 p.c. 99 Id 0 — Ditto, 1941, 44 p.c. 99 0 0 Ditto, 1933, 51 p.c. 99 0 — Ditto, 1933, 54 p.c. 101 0 ft Ditto, 1936, 54 p.c. 101 0 0 — INSCRIBED STOCK— War Doan, 193S, 44 99 15 0 Ditto, 1939, 14 p.c. 99 5 0 Ditto, 1933, 51 p.c. 99 ft Ditto, 1933, 54 p.c. 10 L 0 ft Ditto, 1936, 54 p.c. 101 0 0