FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 665, 17 May 1929, Page 10

FINANCE & MARKETS

Steady Trading

Firm Tone in Banking Group By ‘‘Xoon Call.” ADKCIDBL) firmness in the banking group is one of the features of the market on ’Change. Prices in the section show a general upward tendency.

FLUCTUATIONS Price movements, shown by a comparison of sales over the past 24 hours, when compared with prices at the time of the previous recorded sale, include: Bank of New Zealand, rise of 3d. Union Bank of Australia, rise of Is- • * * Business yesterday afternoon. —Bank of New Zealand, £ 3 2s 3d Taranaki Oils, os; Mahakipawa Mining, Is; Auckland Hospital Board debentures, 1947, oi per cent., £lO2 10s. • * ★ Business at this morning's early call. Reported; Bank of New Zealand, 62s 3d; nion Bank of Australia, £ls 12s 6d. Business at midday.—On 'Change: Morris Hedstrom. 22s 6d (four parcels). Reported: Mahakipawa Mining. 3 s. A.B A. scrip continues to meet with a. very firm demand, and tuvers this morning moved up Id above the latest market price on this side of the Tasman. The insurance section, generally. is quiet, with few shares changing hands on the open Lucky Shots showed slightly more , life in the mining group at the midday call, following a telegram from the mine to the effect that "cut reef low level; showing gold.’* No sales were made in the room, however. Waihis are firmer, buyers moving up to 12s 8d to meet sellers holding for 12s lOd.

New Zealand Breweries are very firm, and buyers at 64s this morning - tailed to draw a declaration from sellers. At this price tho return on investment, based on ‘the latest dividend, would bo approximately £3 2s 6d per cent. It can be seen, therefore, that it would require ap exceptionally big distribution of surplus profits to compensate holders for accepting such a coinj paratively low return. There are holders who, purchasing at high prices, have been waiting over three years for such a distribution. Present indications do not favour bright forecasts in that direction. Unions of Australia stand out in the banking group as the scrip receiving 1 the greatest attention at the moment. ; A further rise has taken place in the j market over the past 24 hours and. following sales at £ls 12s 6d, 3s 6d above last week’s market, buyers ofi %ered £ls 13s at the early call without drawing a declaration from sellers. The reason for the increased strength I of the market is no doubt the fact a | bonus issue is expected in the near ! future. The concern, with an envij able record of 92 sound business buildi ing years behind it. has made four | issues of bonus shares over the past decade. A comparatively heavy premium has been asked in every instance, i however, and. with the four issues, reserves have benefited to the extent of £2,10‘»,000 from premiums. Accounts of the bank are made up to February 28 and submitted to London in July. On a market of £ls 13s the 1 return approximates £4 15s 10s per ! cent.

TO-DAY’S QUOTATIONS

Closing quotatolns at to-day's raid-daycall were:—

JACHANGES YESTERDAY’S SALES Press Association Wellington.—Bank of Australasia, £l4 Its 9d; Bank of New Zealand, 525. Christchurch.—New Zealand Breweries <bonds), 26.- lOd: Australian Bank of Commerce, 56s Id; Bank of New Zealand. t>-s. I nion Bank of Australia, £ls 14sstandard Insurance, 64s 6d; United Build- \ n S Society, 16s; New Zealand Breweries, bis (.five parcels), 64s Id. 64s 2d; Tooths Brewery, 59 s 6d; Beatli and Company (Is paid), Ss 4d; Colonial Sugar, £SS 12s 6d (five parcels): Dunlop Rubber. 27s lid < i wo parcels); Mahakipawa, Is (eight parcels); Winding Creek i6d raid). 9id; Bntish T/nacco, 49s lid, Kauri Timber, 20s 9d. Dunedin.—Kildare, 3s 7d (two)- Electrohytic Zine (pref.). 37s 3d; Bank *of New Zealand, 625. BANK OF ENGLAND RETURN (l nited P.A.—By Telegraph — Copyright) Reed. 9.5 a.m. LONDON. - sday. The following is the Bank England return:— = Issue Department -Votes issued’ in circulation . 362.810.577 in bank ihpartnicnt . .. .. 58 329 310 Other"/ ,ebt ** *• JLl!01o!l00 Other securities . 1 ! !* "*."' ”v"*® Silver coin 4.X22 415 Amount of fiduciary issue . 260,000.000 • •old, com and bullion .. .. 161,140.187 Banking Department Propr.ctonf capital 14.553,000 .V * ‘ ' ,r her deposits, bankers .. .’ 61,070,863 Other accounts 36,078.600 Seven-day and other bills . . 5*633 ''•"vernment securities .. 37,816*855 Other securities, discounts. advances 9.556.01J* Securities 17.7 -6.D41 Gold and silver coin 720,731 The proportion of reserves to liabilities is 55.40 per cent. Short loans are quoted at 4J per cent., and three months' bills at 5 3-32 per cent. BRITISH COTTON MERGER British Of filial "Wireless RUGBY, Thursday. A seh» me is approaching completion ror the amalgamation of 15 Egyptian • ot- - on-spinners' mills ip Lancashire The merger will r. suit in the second largest in fhat branch of the cotton indus- •

LONDON BUTTER VALUES A HOLIDAY MARKET (Australian and N.Z. Press Association) Reed. 10 a.m. LONDON, Thursday. For butter there is a holiday market. Danish 166 s to 16Ss; choicest salted. New Zealand, 166 s to 1675; Australian, 162 s to 1635; unsalteds, 2s premium. Cheese is quiet. New' Zealand, white. S6s; coloured, SSs; Australian, S4s to Sss. HIGHER FREIGHTS TO N.Z. RESULT OF COAL DISPUTE (Australian and N.Z. Press Association) \ Reed. 11 a.m. LONDON, Thursday. I The coal deadlock in Australia has led to a renewed chartering of British cargoes on a basis of 2Ss 9d for Melbourne and Adelaide, and 31s 3d for New Zealand. The high freights are due to the unj certainty of a return freight. LONDON WOOL SALES (Australian and N.Z. Press Association) '■ Reed. 9.45 a.m. LONDON, Thursday. Amended figures for the wool sales estimate that about 40,000 bales were sold to the Home trade. The quantity held over includes 26,500 bales, which were not offered. LONDON RABBIT SKIN SALES (Australian and N.Z. Press Association) Reed. 11 a.m. LONDON, Thursday. At the rabbitsklns sales. 2.2001 b were offered and 820 sold. They generally averaged o per cent, below' March values. Competition by furriers was very weak but it was rather better for hatters. CHICAGO WHEAT MARKET (Australian and N.Z. Press Association) Reed. 9.5 a.m. CHICAGO, Thursday. Wheat—May l dollar 4? cents a "bushel: . w dollars -N cents a bushel; September, l dollar 12 1-S cents a bushel; December, 1 dollar is 7-S cents a bushel.

Buyers Sellers. BANKS— £ s. d. •E d. A u«t. of Commerce 1 15 9 Adelaide 10 Australasia 14 1 L 0 Com. of Australia . 1 10 0 1 10 I Jit to (con. > . . . . 0 14 1 >i tto < pref.) . . . . 9 I.i. Scot. & Aust. S 10 0 Nat. of N.Z 7 0 7 Nat. of Australasia. 19 17 6 1 >it to (con. > IX 0 New South Wales .. ft! 10 0 0 New Zealand 0 r»i t to t> (Mortgr.) 1 s 9 1 9 6 1 nion of Australia . 13 12 6 — 1NSU RANGE— Aust. Prov. Assn. . 0 10 0 National 0 ]« 0 0 New Zealand .. .. 6 South British . . . . 3 3 6 LOAN AND AGENCY— Abraham and VVilliams (pref> . . . . 4 7 f. I-armers Co-op. ft 0 < .oldsbrouarh, Mort 2 12 0 Nat. Mort. & Agency 4 0 N.Z. Doan <\c -Merc. 326 0 0 129 1 >itto (pref.) . . . . SO 0 0 N Auck. Farmers’ (‘o-op. (ord. ) . . . . Ditto B (pref.) .. 0 10 0 0 13 0 COAL— Grey Valley 1 ** Jlikur.inpi (pref.) .. 7 Ditto A (pref.) .. 0 0 Pukemiro n '1 aupiri l a Ditto (prel.) .. .. 1 '\ a ipa 0 We st port - St nek tan 0 0 9 T>itto (pre:.) .. .. — 0 1 9 GAS— Auckland 1 Ditto (con.) .. .. 0 1X Gisborne 0 10 9 0 13 0 SHIPPING— Devonport Steam .. I Tuddart-Parker 5 Ditto (pref.) .. .. Northern Steam (ex div.) 0 Ditto (con. > n P. and O. (def stk) 10 I. nion Steam .. .. 1 0 9 TIMBER— Bartholomew .. .. 0 Kauri Timber . . . . Key land O'Brien 1 4 National 0 5 Parker-Lamb .. .. — 0 17 WOOLLEN’— Kaiapoi 0 14 o Ditto (con.) .. .. 0 Ditto (pref.) .. .. 0 13 — 15 REWERIE S— (’. L. Innes (pref.) 1 0 o N.Z. Breweries .. .. J. Staples 2 6 6 — MISCELLANEOUS— Adair Bros. 0 IS Auck. Amuse. Park Ditto (pref.) .. .. Australian Iron and Steel i pref. ) . . 1 0 Australian Glass .. 2 0 6 11 3

But ■or Seilers. Booth Macdonald (ord.) n 0 0 « 1 9 Ditto (pref.) .. .. 0 British Tobacco 10 0 Bycroft Ltd. (ex div. L 10 0 ('olonial Sucnr .. .. 58 0 59 o Dominion Pictures 0 8 Ditto (pref.) . .. l 0 Donasrhy’s Rope 1 12 Dominion Rubber .. Electrolytic Zinc 1 7 6 1 S 0 (ord.) t 15 1 16 Ditto (pref.) .. .. 1 16 9 1 17 6 Farmers’ Trading .. 0 8 Ditto A (pref) .. 0 17 dear Meat 0 Drey and Alenzies . . 0 10 Hayward’s Pictures 1 Henry Jones Co-op. H.M. Arcade Thea.Lt e 1 16 • (pref.) 1 1 0 6 Lewis Eady (pref.) 0 10 3 Milne and Choyce . 1 6 ft Ditto (pref.) . . . . 1 6 Ditto (B pref.) 1 6 0 Ditto (deb. stock) 1 0 Morris Hedstrom . . L 6 1 4 0 N\Z. Farmers’ Fort. 1 0 1 6 X.Z. Paper Mills .. 0 19 6 Robinson Ice Cream l 2 Sanford. Ltd 0 IS 0 18 0 Di.tto (pref.) .. .. Shariand and Co. 1 0 6 — (pref.) l 0 Taranaki Oilfields . 0 4 6 0 Tonson Garlick . . . 0 8 h Union Oil 5 1 6 « 0 '\\ hittorae Stevensons ” 4 10 Wilsons Cement MINING— 3 1 0 3 3 9 Alburna (2s 8d pd.) 0 1 1 o 1 10 Moanataiari (paid) . 0 1 Ditto (con.) .. .. ft ft 4 Lucky Shot (4s pd.) 0 L ft ft 1 6 Ditto (con.) .. .. ft 0 3 0 0 1ft Uliinemuri (ord.) .. 0 9 0 8 1 Waihi 0 12 8 0 12 10 Waihi Grand June. 0 0 8 ft 0 10 Maoriland (con.) 0 0 Mount Lyell 3 6 2 4 Mahakipawa DEBENTURES — Auckland Gas, 1932, 0 0 10 0 0 Ditto, 1935. p.c. Auckland Haro. Bd. 103 0 0 — 08 ft Ditto, 5i p.c. City of Auckland, 100 0 fl — 1940, 5i p.c 99 0 0 Ditto, 1043, 5j p.c. 101 0 0 Bor. Alt. Eden, 0 .. 103 0 0 X.Z. Breweries .. .. Gisborne Sheep1 6 9 — farmers 98 0 0 GOVERNMENT BONDS War Loan, 1038 4i 99 17 6 Ditto, 1930, 4i p.c. 99 17 Ditto, 1941, 4i p.c. 99 10 0 Ditto, 1033, 54 p.c. 99 0 — Ditto, 1033, 5i p.c. 101 0 o Ditto, 1936, 5i p.c. 101 0 ft — INSCRIBED STOCK. War Loan. 1038, 4.} 99 15 0 100 5 Ditto, 1939, p.c. 99 15 0 10ft Ditto, 1933, 6i p.c. 99 ft Ditto, 1033, 5i p.c. 10 L 0 0 Ditto, 1936, 5J p.c. 101 0 0