FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 687, 12 June 1929, Page 10

FINANCE & MARKETS

Debentures In Demand

N.Z. INSURANCE FIRM

THE general tone on ’Change is excellent and numerous sales are being written up. Xew Zealand Insurance continue to attract investors and numerous sales are being reported. All classes of debentures are meeting with steady demand, few sellers quoting.

Yesterday afternoon’s business—Re- j ported: National Bank of Xew Zealand, i £ 7 Is 6d: National Mortgage and : Agency, £4 Ss 6d. Business at this morning s early call. On ’Change: Taupiri Coal (ord.), j 5s 6d: Auckland Gas. £1 4s 2d. Re- I ported: National Bank of New Zealand. £ 7 Is 6d; New Zealand Insurance, £2 7 s 6d. Business at today’s mid-day call.— Reported: Grey Valley, XI 3s 2d; Taupiri Coal (ord.). XI 5s 6d: New Zealand Farmers’ Fertiliser, XI Is lOd. * * * Mining is lifeless. Waihis continue to weaken, buyers now quoting 11s 7d, sellers 12s Cd. Woollen shares remain firm and T>uyers are quoting freely. Kaiapoi, all issues, and Wellington (pref.) are attracting most attention at present. Bank shares are closely watched by

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Christchurch: National Bank of Australia (con.), £9 11s 6d; Bank of New Zealand, £3 3s: Huddart-Parker, £2 5s 7d; Inscribed Stock, 1938, 4J per cent. (4), £99 15s; Staple's, £2 Ss 6d; Tooth’s, £2 19s 9d; Australian Distilleries, £1 2s: British Tobacco (2), £2 9s 3d: New Zealand Farmers’ Co-op. Stock, 1939, 6i per cent., £9O; Mahakipawa, 9d, Old. Wellington: National Bank of New Zealand, £7 Is 6d; Bank of New Zealand, £3 3s; Goldsbrough, Mort, £2Uls Sd; National Mortgage, £4 Ss 6d; South British Insurance (3), £3 5s 9d; Gear Meat. ! £2 2s 6d; Westport Coal, £1 14s Sd: . New Zealand Breweries, £3 11s 6d; : Staples (2), £2 Ss 6d; Electro. Zinc . (pref.). £1 17s lid. Dunedin.—Bank of Australasia, £l4 15s: ' National Bank of New Zealand. £7 Is 9d: Union Bank of Australia, £ls 15s 6 cl: New Zealand Breweries. £" 6d: <::> £3 11s 9d. £3 12s: Iluddart-Parker. £2 5s 6d: Christchurch Gas, £1 7s Id; New Zealand Refrigerating (con.), 7s 6d; i Wilsons Cement, £2 Is 9d. J TAUMARUNUI STOCK SALE (From Our Own Correspondent) TAUMARUNUI, Tuesday. barge entries were penned at the sale today, sheep being in good demand by an extensive bench of buyers. The peak price was 36s Id for a line of two-tooth ewes In lamb. Values ranged: Sheep—Fat wethers. 31s 9d; others, 27s j 6d to 30s; s.m. ewes in lamb, 32s 6d; | others, passed in at 31s 3d; ewes in lamb, j passed in at 31s 9d; s.m. ewes in lamb, | 25s 9d to 32s 6d; old ewes in lamb, 18s ! lOd to 24s 6d: four-tooth ewes in lamb, ! 27s 6d to 28s 6d: two-tooth ewes in lamb. ; 30s 9d to 355; four and six-tooth ewes i i i lamb. 36s Id. Cattle sold at recent rates. Weaner pigs, 10s to 13s. LONDON METAL MARKET (Australian ana N.Z. Press Association) I LONDON, Tuesday. j The following are today’s quotations 1 for metals, compared with those on June [ Copper.—Spot, £75 ISs lid (£74 7s 6d); , three months, £75 3s 9d (£74 Is 3d). Electrolytic Copper.—Spot. £S4 5s (£S4 j ss); three months, £S4 15s (£B4 15s). Wire Bars.—£B4 15s (£S4 15s). Lead. —Spot, £23 11s 3d (£23 13s 9d) ; three months. £23 Us 3d (£23 13s 9d). Spelter.—Spot, £26 7s 6d (£26 ss); three I. months. £26 2s 6d (£26 2s 6d). Tin.—Spot, £2OO 8s 9d (£l9B Is 3d): thr*-e months, £203 8s 9d (£2Ol 3s 9d>. Silver.—Standard, 24 5-16 <24d) an oz; flue 26;d (25 7-Sd).

: investors and many sales are being re- | corded. Commercial of Australia are . steady. National of New Zealands are : selling freely at £7 Is 6d. New Zea- •’ lands remain firm at 635. Union of Australia are steady at about Xls 15s j 6d. The coal section is attracting considerable attention. Pukemiro have eager buyers at 62s 6d, shares offering at 655. Renown ordinaries have several buyers at 14s. no sellers quoting, while the preference issue are asked for at 2s lid. sellers 3s 3d. Taupiri, both issues, have buyers. The ordinary changed hands at 25s 6d at early and mid-day calls. * * * In the miscellaneous, Adair Bros, have firmed to buyers 21s, but fail to attract sellers. Both Gear Meat and Grey and Menzies are sought after, no sellers appearing. Milne and Clioyce, both shares and debenture stock, have persistent buyers at 26s 3d, sellers quoting at 27s for the debenture stock.

LONDON STOCK EXCHANGE NATIONAL MORTGAGE DIVIDEND (Australian and N.Z. Press Association) (United Service) Reed. 10.15 a.m. LONDON, Tuesday. Bank of Australasia, £l4 6s 3d; Bank of New South Wales, £4B 17s 6d; Union | Bank of Australia, £ls 7s 6d; National Bank of New Zealand, £7 4s 4id; Bank of New Zealand shares, 61s; Loan and Mercantile, 4 per cent. Debentures, £74 10s; ’ ordinary stock, £l3O. The National Mortgage and Agency Company of New Zealand! has declared a dividend of 7i per cent., tax free. COMPANY REGISTRATIONS I Seven private companies were registered m Auckland yesterday. Details are as follow: Williamson’s, Limited, drapers, Putarmu. Capital: £2.000 in £1 shares. Subscribers: Arthur Ernest Williamson, of Putaruru, 1.980 shares; Coral Mary Dil--1 lon. of Rotorua, 10 shares; Russell Bayis j Williamson and Graham Arthur Williamson, both of Auckland, 5 shares each. 4 Cameron Cafeteria, Limited, dining and i tearoom proprietors. Capital: £l,lOO in £1 shares. Subscribers* Mary Millicent Cameron. 525 shares: John Lawson Camiron, 325 shares; Inez Elsa Sweetapple. 250 shares. The Auckland Business College, Limited. Objects: To take over the business of the Auckland Business College. Capital: £I,OOO in £1 shares. Subscribers: Thomas Umfrev Wells. 500 shares; | Alexander William Shepherd and Norah ) Hermione Ethel Shepherd, 250 shares i each. I New Zealand Indentors, Limited, inI dent and manufacturers’ agents. Capital: I £I.OOO in £1 shares. Subscribers: Lewis ! John Chambers, 999 shares: Edward Hali lifiold Boyd. 1 share. A. B. Bearsley, Limited, omnibus pro- | prietors, Devonport. Capital: £9OO in £1 shares. Subscribers: A. B. Bearsley. iW. B. Watson and A. Gallon, ail of j Devonport. 300 shares each. | Direct Motors, Limited, service car and garage proprietors. Capital: £SOO lin £1 shares. Subscribers: George Grey ; Campbell, 2SO shares: Leonard Maynard I Dickens, 170 shares: Sydney Arthur , Waite, and James David McMillan, 25 shares each. ! Thistle Engineering Company. Limited, ; iron founders and mechanical engineers, j Capital: £SOO in £1 shares. Subscribers: John Patton Watson and James I Cowan Marton, 250 shares each. TARANAKI OIL. LTD. Press Association GISBORNE, Today. The Taranaki Oil (N.Z.), Ltd., reports: Gisborne No. 2 well: Drilled to 2.l7Sft in sandy limestone; caving in badly: fair : showing of inflammable gas; Giin dial meter casing to 3,158 ft.

REFLECTIONS ON CHANGE N.Z. CONDITIONS REVIEWED GILT-EDGE MARKET FIRM By “NOON CALL" Attention in Stock Exchange circles over the week has been i j directed chiefly to the gilt-edge ! sections, and to the better class cecurities returning a comparaI tively low rate of interest. A ! healthy volume of business has | been recorded. | The speculative interest which was | specially noticeable during the early j months of the year has waned, and investors are concerned only about I stocks which will show an immediate j return on investment. A review of the sales over the past I week shows that most investors are i operating with a more or less restricted viewpoint, and are not prepared to take up non-dividend returning stocks which offer the principal attraction of possible market appreciation. Whether the opportunities are not there at the moment is another question. Certainly the field has been narrowed over the past twelve months. The fac* that the gilt-edge section continues in such firm tone cannot really be considered as a healthy sign. It is one of the surest indications that, industrially, New Zealand is not yet quite back to normal, despite the apparently prosperous seasons experienced by the farming community. Depressed Australian Stocks j One of the features of the week has j been the easing tendency of the market for several Australian securities highly favoured on this side of the Tasman. The protracted industrial strife over there is apparently having a bearing effect on the market. Messrs. J. B. Were and Son, the well-known stock brokers of Melbourne, reviewing the position, state that., whereas a few months ago the financial barometer as far as Australia was concerned was “set fair,” it has now swung round to “stormy,” and there is a surfeit of unfavourable factors to be considered. As yet, however, apart from those concerns having their headquarters in Australia, any depression over there has not been reflected on this side of the Tasman. The British elections, reparation talk, and the continued inflated condition of the New York market, all combine to make the overseas markets more or less uncertain, and indicate that, if New Zealand is to finalise this year’s conversion programme on the same satisfactory terms as those offering at the beginning of the year when the Dominion went on to the London market, there will have to be a change for the better. New Zealand Share Movements One of the features of' the week, as far as the New Zealand market is concerned. has been the increased attention given to loan and agency shares, particularly those in concerns dealing with the man on the land. The market, generally, has been steady, Goldsbrough, Morts being the only scrip to show any noteworthy movement, partially recovering the loss of strength of the past month, and moving up Is Sd over the period. Westports show practically the only movement in the oa sales taking place at up Pukemiros are very firm, but the scrip is strongly held, and no sales have been recorded. New Zealand Breweries, after their sharp rise to 735, have eased somewhat, sales taking place at 71s 6d yesterday. Beath and Co. shares continue an attractive investment in the South, and further sales have been recorded on a steady market. The mining group has been practically neglected, the only outstanding feature of the group being the weakness of the Waihi market, sales taking place at down to 13s 3d compared with 10d a fortnight ago. Apparently the report emanating from the directorate that the end of the profits from the company’s AVaihi property is in sight is being taken seriously in some quarters. Return On Investment Below is a summary of sales made on New Zealand ’Changes over the week ended June 11, giving the return on investment based on the latest dividend. In the case of Government nnd other redeemable securities the return includes redemption. The first column gives the price at which the latest sale was made:

moment as to what will happen in 1903. the year in which the company reserves the right to redeem these debentures, we do not attempt to give the return. vXo attempt it made to work out the return on profit-earning mining scrip, sales of which are merely included in this list for record purposes. CHICAGO WHEAT MARKET (Australian and X.Z. Press Association) | Tied. 9.5 a.m. CHICAGO, Tuesday. I Wheat.—July, 1 dollar 7 5-S cents a j bushel: September, 1 dollar 11 7-S cents; December, 1 dollar 16 7-S cents.

BETTER POTATO MARKET SOUTHERN PRICES FIRMER Press Association CHRISTCHURCH, Tuesday. Potatoes are firmer than they were a few days ago, a good inquiry for them coming from Auckland. No quotations for June are under £.5 10s, f.0.b., s.i., whereas recently the figure was £ 5 7s Gd. July-August-Septem-ber deliveries are quoted at £6 7s 6d, against £6 ss. The price paid to farmers on trucks at country stations is £4 ss. Dakotas are in demand from Wellington, the price in respect of these to farmers on trucks at country stations being 15s more than for whites. The Kaimanawa sailed for Auckland on Saturday, having on board 1,821 sacks from Lyttelton. The next vessel to load for Auckland is the Waipiata, about Saturday next, and the Waikouaiti is expected to sail about Monday next with cargo from both Timaru and Lyttelton. Since the season commenced some 4G.793 sacks of potatoes have been shipped to Auckland from Lyttelton and 32,694 sacks to Wellington. As Auckland usually takes about twice the quantity that Wellington does in the course of a season, it would appear from these figures that Wellington requirements are growing considerably. It may happen, however, that the Auckland figures will adjust themselves before the final shipments are made. Meanwhile farmers who have finished their digging and have put what potatoes they have in pits are showing a reluctance to sell. The price of Partridge peas to farmers on trucks at country .stations is 4s 9d a bushel for No. I’s. There is a fair demand for chaff at an advance of 2s Gd a bushel on late i-ates, the prices being £5 15s f.0.b.. s.i., and £4 on trucks. LAMB FOR EXPORT PRICES QUOTED Press Association WELLINGTON, Tuesday. The New Zealand Meat Producers’ Board advises that the following prices were being offered for fat stock for export at June 10: Canterbury—Prime woolly lambs, 361 b and under, lOd a lb; 371 b to 421 b, 9d; 431 b and over, 81d. Second quality lambs, 8. 7-Bd. Southland—Prime woolly lambs, 361 b and under, 9£d; 371 b to 421 b, and over. r 8 l-4d. Second quality lambs, 361 b and under, S 5-Sd: over 361 b, 7 5-Sd. FRANKTON STOCK SALE LATE RATES MAINTAINED (From Our Own Correspondent) HAMILTON, Tuesday. There was a large attendance at the stock sale at the Frankton yards today*. Beef came forward in average numbers and there was a good yarding of sheep. Pigs were yarded in large numbers and created keen competition. The auctioneers report as follow;—• New Zealand Loan and Mercantile Agency Company, Ltd.—Light fat bullocks, £lO 11s 6d to £ll 5s fat cows, £ll 5s to £lO 19s; lighter cows, £7 6s to £8 19s; light cows, £5 os to £6 ss; fat wethers, 36s to 38s; ewes, 23s Dd to 24s bd; heavy baconers, £3 18s to £4 3smedium, £3 3s to £3 10s; light baconers and heavy porkers, £2 l?s to £2 ISs: light porkers, 38s to £2 ss. Farmers’ Co-operative Auctioneering Company, Ltd.—We had a good yarding of beef which met with keen competition and sold at late rates. There was an average yarding of fat sheep and store cattle, also a good yarding of fat baconers and porkers, which sold at late rates. Prime baconers averaged from bid to 7d a lb: and porkers (»d to Old. M e quote: Fat steers, £ll 10s to £l2 13sfat cows, £lO to £ll ss; medium fat Ss £9 15s; light, £7 to £S 12 ? 6 f d J forwards, £6 Is to £6 15s; stores, £~ ii>s to £4 10s; forward-conditioned steers, to £8 19s; vealers, to £4 9s; fat lambs, 24s to 30s; fat ewes, 255; dairy cows, £6 10 s to £8; heavy baconers, if.s to £4 4s; medium, £3 Ss to £3 los; light, £2 ISs to £3 4s; heavy por--7? M? £ 2 19s » medium, £2 4s o? £2 f ls * .30s to £2; stores, 23s to 14s’ slips ’ 15s to £1; weaners, 10s to Balgety and Company, Ltd.—There was average yarding of beef which sold at late rates. Young light-weig'ht cows and heifers sold at up to £8 16s; ordinary fat cows. second quality, made £6 Jos to £o 2s 6d; and small vealers realised up to 435. There was a large yarding of store cattle. Following are the principal sales: Polled Angus cows £lO 10s; Hereford and Polled Angus cross cows, in calf, £lO 11s; Hereford cows in calf. £lO ss; Polled Angus heifers in calf, £8 9s Shorthorn cows, in £8 los; yearlings and' calves, at late rates. Fat sheep sold at about late rates. bat wethers sold up to 36s Gd; tat ewes, 28s to 30s; store ewes, 18s; tat woolly lambs, extra good, 325; l'at woolly lambs, 295; two-tooth wethers, 30s iambs, 21s; black-faced amh?’ 9 1 L wlnte-faced shorn ewe 6d; shorn wether lambs, 20s 6d, small ewe lambs, 17s 6d; store owes JBs, two-tooth wethers, 26s 6d. A medium yarding of all classes of pigs.' Best baconers made £3 16s to £4 4s; medium £3 to £3 10s; heavy porkers, £2 5s to £2 los; light, £1 5s to £1 12s; best stores, £1 2s to £1 Ss; slips, 14s to 18s; best weaners. 11s to 16s; small weaners, 6s to Ss. NEW SERVICE UNIT RENAULT FOR NEW PLYMOUTH RUN The big Renault seven-passenger saloon recently imported by Wright, Stephenson and Co., Ltd., New Zealand distributors, has been acquired by Mr. H. Innis Jones, of Hamilton, and it is understood that the new owner’s intention is to use it on the Auckland-Harn-ilton, Hamilton-New Plymouth service as a unit of the AA.RD organisation. This car, the largest stock-model ear in the world, has a rated horsepower of 45, and its engine actually develops a brake horsepower of well over 200. The piston displacement is 9,120 c.c.. which is by far the largest piston displacement of any stock model car produced. AARD patrons may now travel in comfort and luxury hitherto unattainable. ROBINSON ICE CREAM NET PROFIT OF £3,586 j A net profit of £3,586 is shown in the seventh annual report and balance-sheet ot the Robinson Ice Cream Company for the year ended April 30, 1929, compared with £3,915 for the previous year. The directors recommend the payment of a dividend of 10 per cent.—the same as last year. Trfis will absorb £2,79G, leaving £790 to be transferred to the reserve account. During the year an item of £I,OOO goodwill was written off, with a corresponding reduction in the reserve account, which now stands at £2,247. The balance-sheet shows that during The year the paid-up capital was increased from £24.697 to £29,610: the bank overdraft was reduced from £1.434 to £328. Land, buildings and plant are shown as £23.221. Kegs, churns, cabinets and i freezers, of which a large purchase was made during the year, are valued at ! £7.480, motor-vans at £3,470. and there are sundry debtors owing £1,320. The annual meeting will be held on I .Tune 2n. Messrs. W. M. Neumegen and !T. Raster retire from the directorate, but offer themselves for re-election.

BANKS— Latest Price. Approx. Return. d. f s d. Australasia . . . . 0 14 11 Com. of Australia . Nat. of N.Z. .. 7 Nat. of A’asia (con.) Ditto (ord.) .. .. New South Wales . 51 New Zealand .. Union of Australia I NS URANCE— 15 15 6 4 15 1 National 0 O * 4 4 New Zealand South British . . . . 5 9 •; 16 1 LOAN AND AGENCY— Dalgety and Co. .. 15 15 0 r, 11 r ai mers Co-op Auct. (A prel.) 0 IS G Goldsbrougli, Mort 2 11 Nat. Mortgage 4 s United Building Wright, Stephenson 0 15 S G 7 8 (ord.) 1 30 Ditto (pref.) .. .. U IS 0 G COAL— Grey Valley 1 9 0 Taupiri 1 5 Westport GAS— 1 14 s G 9 Auckland Christchurch .. .. 3 3 4 1 « 32 5 SI-IIPPING— 0 H ud dart-Parker BREWERIES— 2 7 4 7 New Zealand . . 3 Staples •> Tooths 2 19 9 4 3 MISCELLANEOUS— Aust. Distilleries . . Aust. Iron and Stee 1 2 0 — (pref.) Beath and Co K British Tobacco ji Canterbury .Meat Dunlop Rubber . . . . 0 Electrolytic Zinc (pref.) Farmers’ Trading 1 17 li 6 9 3 (ord.) G 9 Gear Meat Kempthorne, Prosser - 2 6 5 5 1 N.Z. Drug . . . . 3 5 X.Z. Farmers’ Fort. 1 N.Z. Refrigerating (con.) 0 r> 3 3 Taranaki Oil Scoullar and Co. . . 0 1 4 1 7 S Wilsons Cement 2 1 9 1 15 9 t MINING— Waihi 0 Mahakipawa 0 Mount Lyeli .. .. 1 \\ itiding Creek .. DEBENTURES— Auckland Gas, 1935, 0 3 -J . G\ p.c 103 15 0 13 4 .N.Z. I* ai mers Co-op, 00 0 N.Z. Ins. Stock. 1939, 99 17 10 4 Ditto. 19 3 3. 5’. p.c. 101 0 0 4 Ditto. 193S, 41 p.c. 3 3 10 S -N.Z. Breweries i G 6 — "As the market s uncertain it the