FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 713, 12 July 1929, Page 10

FINANCE & MARKETS

A Buoyant Market

Healthy Trading on ’Change

By

‘ Xoon Call.’’

DESPITE the fact that the volume of business showed a slight falling off this morning, the market on ’Change registers a very firm tone. More notice is being taken of Banks.

Pries movements, shown by a c

parison of sales over the past 24 hours. , compared with the price at the time i of the previous recorded sale, include: — j National Bank of Australasia (con.), 1 fall of 6d. New Zealand Breweries (deb.), rise ©f 4d. Bank of New Zealand, rise of 3d. Commercial Bank of Australia, rise of 4d. Pukemiro Collieries, rise of 1s 6d. Business on the Auckland Market Transactions on the Auckland market over the past -4 hours include :—• Yesterday afternoon. —New Zealand Breweries (deb.). 26s lOd; Commercial Bank of Australia, 29s lid; ditto fpref.), £7 10s; National Bank of Australasia (con.). £9 14s 6d ; Bank of New Zealand, 61s 6d; Ohinemuri Minin?:. 8s 9d. Business at mid-day.—Reported: Commercial Bank of Australia, 30s; New Zealand Breweries (deb.), 26s «Hd: Bank of New Zealand, 61s 6d: Pukemiro Collieries. 66s 6d; Kaiapoi "Woollens (pref.), 16s. * * * Recovery of Commercial Banks The market for Commercial Banks ©£ Australia, which weakened to see scales down as low as 29s 6d on the Christchurch and Wellington markets two days ago, strengthened yesterday to see sales on the Auckland market at the afternoon call of 29s lid. At this price the approximate return to investors is £ 5 Os 3d per cent. This concern closes its books on June. SO, and pays out its final dividend during August. Other banks are meeting with a steady demand on a very firm market. New Zealand Breweries Very Firm The market for New Zealand Breweries continues very firm, the shares being particularly ;-*tive in the South, where they were :®!iing yesterday at from 78s to 78s 3d. At the latter figure the return, on the 15 per cent, dividend, is approximately £ $ 16s Sd per cent. Other breweries are quiet. Movements at Mid-day The market for Commercial Bank of Australias moved up another Id during the morning to see business at 30s, u. figure which allows an even return of approximately £5 per cent. Ooldsborough, Morts eased slightly to see sellers at 47s 6d supported by buyers at 47s 3d. In the coal group, Fukemiros are very firm, and sales were made during tho morning at 66s 6d, compared with 655, the price at the time of the last recorded sale about the middle of June. Renowns show increasing strength, buyers moving up 2d at mid-day. New Zealand Breweries were sought srt 7Ss Cd, 3d above yesterday’s market, but holders asked 80s. British Tobaccos are slightly firmer, with sellers asking 49*.

Buyers of Electrolytic Zincs moved v*p to 365; the preference issue was sought at 36s 9d. Taranaki Oils are easier, with sell-

ers asking 3s 2d in response to buyer.-’ offers of 2s lid. Mount Lyells moved up 3d in ad- j vance of yesterday’s market to see buyer: offering 435, but sellers asked 43s 9d. * * * Electrolytic Zincs In Better Tone Electrolytic Zincs have recovered from the rather depressed tone of a few weeks ago, and sales were made in the South yesterday at the improved price of 36s 3d. At this price the return is approximately £6 12s 5d per cent. Other Australian industrials are also j registering a brighter tone at the j moment. Waihi Crushing Results The following information has been I cabled to the London office of the j Waihi Mining Company: For the period ended June 29, com- 1 prising 21 crushing days, 16,341 tons ! ol ore were crushed for a result of j 6.214 fine ounces of gold and 22,945 fine ounces of silver; this includes 873! tons mined from Grand Junction area. : which yielded 525 ounces of gold and 7,044 ounces of silver. In the No. 10 level of the Dominion lode in the crosscut at 91ft west the last 13ft assays 132 s6d a ton, making the total true width 20ft, of an average assay value of 97s 9d a ton. In the North leader driving south-west the next 13ft is of little or no value: the vein has now pinched out. Driving north-east the next 35ft is of little or no value, and work in both directions is stopped. “Bright Times Ahead for Sanford, Ltd.” Speaking at the annual meeting of Sanford, Ltd., yesterday, the chairman, Mr. A. F. Jagger, hinted that better times were ahead of the company. The newly-appointed manager, Mr. A. W. Brochie, stated that May, the last month of the financial year, had been a record trading month. Sales were keeping up on high levels, and there was e\*ery indication that fresh trading records would be established in the near future. At 13s 3d, the last market pi'ice for the scrip, the return on investment, based on the latest dividend, is approximately £7 13s 5d per cent. This, of course, does not take into consideration the 3£ per cent, dividend declared yesterday. The shares, on present prospects. warrant a close watch from discriminating investors. • * * Calls and Dividends Calls and dividends are due as follow: . Dividends— Due. Sanford. Ltd., p.c. (final) July 11. National F.ank of New Zealand— Final dividend of 12 p.c. p.a. and bonus of 2 p.c. .. July —. Waihi Grand Junction—ld a share July IS. Electrolytic Zinc, 6 p.c., ord. and pref. (final) Sept. 6 N.Z. Insurance, lid per share (final) August 6 CallsLucky Shot—3d a share .. . July 22. Alburnia—2d a share July 31.

TO-DAY’S QUOTATIONS

Closing quot&toins at to-day's mid-day

:all were:—

TIN PRODUCERS MEET

ASSOCIATION FORMED {Australian and N.Z. Press Associatio'n) Reed. 9 a.m. LONDON, Thursday. A meeting of over 300 delegates and directors of tin-nroducing companies, comprising 137 companies, with a total annual production of approximately 100,000 tons of tin ore. unanimously ’ esolved to form a Tin Producers’ l “• •

TOA TCA DAIRY COMPANY

(From Our Oxen Correspondent) OPOTIKI, Thursday. The Tea Toa cheese factory has just I concluded a very satisfactory season. ! with an increase both in production and I the quality of its product. Definite figi ures are not yet available, but it is coni sidered that the 1927-28 production of | 70 tons has been exceeded by about four ■ or five tons, and that the grading figures should average over 93 points, a consid- | erable improvement from 92.482 during the previous year. The monthly advance ! payments during the season have been ; at the rate of Is Sd a lb. while with final I disbursements the average butter-fat • pay-out should be more than Is 7d.

TRADE IN PRODUCE

SHARP RISE IN POTATOES PROFITS FOR SPECULATORS Sun Office, 2 a.m. j A slight flutter in potatoes has been one of the features of the week in grain, seed, and produce circles. For no tangible reason the market , hardened suddwily in the South toward the close of last week, and the movement continued until sellers’ « f.o.b. quotations showed an advance of i approximately 17s 6cl a ton. A fairly ; substantial shipment came forward to • Auckland on the Katoa early in the i week at the old prices, but even here, one or two speculative Auckland buyers got in and cleaned up all the free potatoes coming up on consignment to resell on arrival at up to £ 1 a ton profit. The Waipiata brings a fairly large shipment today, but merchants through store quotations should hold steady around £9 a ton over the next week. Merchants report a comparatively heavy demand for shipment on the Tofua for the Islands, at least 1,000 j sacks being wanted for the Tofua to- j morrow. Onions Very Scarce A period of dear onions is now a.t j hand. The Southern crop is practi- j cally cleaned up and Pukekohes are ' scarce. The first of the Japanese onions came forward on the LTimaroa this week, but in all the consignment did not amount to many cases, and 100 of these were transhipped at a pnpfit on to the Tofua for the Islands. The quality was reported to be excellent. Each Sydney boat should bring increasing quantities until the end of the month, when the main consignment is expected to arrive. Local onions are selling through store at 14s a cwt; the Japanese crop will land here at a price which will-make 17s 6d a crate necessary if importers are to clear themselves. Cereal Market Steady Little movement is recorded in the ! cereal market. Wheat is very steady, I going out of Auckland merchants’ j stores at 7s 7d a bushel. The market j still looks with a certain amount of i uneasiness toward the possibility of an i aleration of the tariff following veiled suggestions made by members of the i Government. The oat market is a shade easier, if anything, but spot prices show little change, B gartons being offered at 4s 6d a bushel through store. Chaff continues to hold on the highest levels for many months, merchants asking £9 15s a ton through store. Maize Market Steady Maize is not causing much concern, as ample supplies are now available. The first big shipment of Gisborpe maize arrives this week, sellers asking up to 6s 4d ex the wharf. Through store Auckland old maize sells at 7s 3d a bushel, and new around 6s 9d. Next month should see the bulk of the business being done in direct railings from Bay of Plenty stations. The Gisborne consignment arriving this week is part of the forward delivery maize contracted for at 5s 6d f.o.b. Gisborne. Spot supplies of bran and pollardj are rather short at the moment. Stocks | of pollard should he supplemented by : consignments of Australian pollard ex the Kurow, which is working its way round the coast. Merchants ask £lO 10s for pollard through store Auckland and £8 10s for bran on the same basis. Little activity is registered in the fertiliser market at the moment. Fairly heavy deliveries of imported manures, basic slag and North African phosphate, have taken place over the week. Produce Boat Movements The Katoa, from Lyttelton and Wellington, arrived in Auckland on Tuesday and left again last evening to commence her loading at Southern ports on a return trip. The Waipiata, from Bluff, Oamaru, Timaru, Lyttelton and Wellington, arrived at Auckland last night. The vessel leaves for the South again about Monday next. The Wingatui arrived at Dunedin last night to load produce for the North. Via Timaru, Lyttelton, Wellington and Picton, the vessel is due here about Monday week. The Kurow, from South Australian ports, arrived at Bluff on Monday and cleared Lyttelton for Wellington last night. The vessel is scheduled to work New Plymouth tomorrow and arrive at Auckland about Monday. The Kaiapoi is scheduled to leave Melbourne today for Hobart, where she fills up for Bluff, Dunedin. Lyttelton. Wellington, New Plymouth and Auckland. The vessel is due here in about three weeks’ time. AUSTRALIAN PRODUCE (Australian and N.Z. Press Association) SYDNEY, Thursday. The following are today’s quotations on the Sydney produce market: Wheat.—At country stations, 4s 2d; ex trucks, Sydney, 4s 9d. Flour.— £ll 10s. Pollard.— £B. Bran. — £7 ss. Potatoes. —Tasmanian, £l6 to £18; Victorian. £l6. Onions.—Victorian Spanish, £l6. Oats. —White, 4s 9d. Maize. —5s 4d a bushel. Adelaide prices are: Wheat.—Growers’ lots, 4s 6id. Flour. — £ll 10s. Bran.— £7. Pollard. — £7 10s. Oats. —Algerian. 3s 3d. Reed. 10.55 a.m . MELBOURNE, Today. Wheat 5s to 5s Id. Flour, £ll 5s to £ll 10s. Bran. £7. Pollard. £7 10s. Oats, Cs 9d to 3s lOd. Barley, English, 3s 6d to 3s 7d. Maize, 5s 2d. PUKEKOHE STOCK SALE (Front. Our Own Correspondent) PUKEKOHE. Th ursday. An exceptionally large number of i dairy cows and heifers was offered at j Alfred Bucklaiul and Sons’ sale at I’uke- ; kohe today, the quality throughout being only fair. Extra choice Jersey heifers, close to profit, sold well, but th< re was j little demand for more backward sorts. Beef and store cattle came forward in smaller numbers. Few pigs were offered. Those penned sold at late rates; large 1 stores met with a keen demand. Prices I ranged:— i Beef. —Fat cows and heifers sold from I £S 15s to £10; others, £7 to £8 ss; i stores sold from £2 15s to £4 ss. Dairy Cattle.—Extra choice Jersey ; heifers, close to profit, £l2 10s to £ls: I less forward but good-quality sorts, £9 10s to £l2: medium quality cows, close ; to profit, £9 10s to £l2; others, £7 to j £9; backward, f £4 to £6. I A line of Shorthorn and Jersey dairy { ccws, comprising 15 hea * offerer 3 on acI count of W. Parkinson, o. Puni, 0 alised from £lO 10s to £l7. ! Pigs.—Heavy baconcrs. £3 17s to £4 ' ss: medium, £3 12s to £3 16s; heavy ; porkers and light baconers. £2 18s to : £3 12s: medium porkers. c*2 7s to £2 | 17s: light and unfinished, £ 1 12s to £2 : 3s: large stores, £1 4s to £1 S.= : medium, j 19s to £1 6s; slips, Its to £i; weaners. 1 ?s to 17s.

Buyers. Sc Hers. JL s. d. d. BANKS— AusL of Commerce 1 16 0 1 16 9 Australasia 14 16 6 Com. of Australia . 1 10 Ditto (con.) .. .. 0 19 9 Ditto (pref.) .. 7 s 0 Enj?., Scot, and Aust. 8 9 0 8 11 Nat. of New Zealand 3 0 6 0 Nat. of Australasia 19 13 0 New South IVales . 51 6 51 15 0 New Zealand 3 1 1 9 1 Vnion of Australia . 15 12 0 15 14 0 INSURANCE— A TV A 0 11 9 National 0 16 0 0 16 New Zealnd 2 7 6 2 s Queensland 3 3 9 3 4 South British .. . • «> 7 ■> 6 LOAN AND AGENCY— Abraham & Williams (pref.) 4 t loldsbrough, Mort . Nat. Mortgage .. . . 4 9 N e wton Kins < prel) 0 11 N.Z. & River Plate 1 11 1 12 N.Z. Guar. Corp. . 0 4 0 9 Loan and Merc . . . • 123 0 Ditto (pref.) . . . . 80 0 0 N. Auck. Farmers’ Co-op. (ord.) .. .. 0 Ditto (B prof.) .. 0 11 G 0 14 0 Wright. Stephenson and Co 1 4 6 — COAL— C.rey Valley 1 4 — Kikuranga (pref.) .. 0 4 0 0 6 6 Ditto (A pref.) 0 0 0 4 6 Renown 0 lo 0 16 0 Ditto (pref.) . . . . 0 1“ 0 3 2 Taupiri 1 6 9 Ditto (pref.) .. .. 1 Walpa 0 12 0 "Westport 1 12 "\\ estport-Stock ton 0 2 10 — GAS— Auckland 1 4 4 1 4 9 Ditto (con.) . . . . IS 3 18 6 Gisborne 0 12 3 0 13 0 SHIPPING— Devon port Steam .. 1 1 9 1 3 0 iluddart-Parker . - 0 6 0 Ditto (pref.) .. .. 1 0 6 Northern Steam i t 0 15 Ditto (con.) .. .. 0 6 G 0 1 IV O. (def. stk.) 0 6 T'nlon Steam (pref.) 1 0 6 — TIMBER— Bartholomew 1 0 (i — Kauri Timber . . .. 0 IS 2 0 19 0 I.ej'land-O'Brien . . 1 13 0 National 0 s 0 0 9 0 WOOLLEN — Kriapoi 0 13 s 0 14 4 litto (con.) .. .. Ditto (pref.) .. .. 0 1 i> 16 "Wellington . .. •• 0 6 Ditto (pret.) .. .. ‘ 6 u — BREWERIES— CV L. Innes (pref.) 1 ft ft — N.Z. Breweries .. .. IS 6 4 0 0 MISCELLAN F.O L" S— Adair Bros l 6 Auck. Amuse. Park 0 9 0 0 Ditto (pref.) 0 12 0 Ufofh. Macdonald < ord.) ft 1 6 0 Ditto (pref. > .. .. 0 0 British Tobacco 8 0 9 0 Burns, Philp - 0 —

Buyers. Sellers. By croft, Ltd l 12 9 l 16 0 Checker Taxi .. .. 0 1 Colonial .. .. 67 12 6 58 0 0 Dominion Pictures.. 0 6 Ditto (pref.) 1 0 ft Dnnaghy's Rope l 14 6 Dunlop Rubber . . .. 1 7 Electrolytic Zinc ford.) 1 36 0 Ditto (pref.) .. 1 16 9 1 17 6 Farmers’ Trading .. 0 * 0 0 8 3 Ditto A (pref.) .. 0 36 0 0 17 6 Ditto P, (pref.) .. 0 12 0 14 0 Gear Meat 2 3 0 Grey and Menzies .. 0 11 0 Henry Jones Co-op. 1 14 0 H.M. Arcade (pref.) 1 0 9 Kempt borne Prosser 14 Lewis Eady (ord.) . 1 1 0 Ditto (pref.) . . . . Milne and Choyce . 1 6 8 Ditto (pref.) .. .. 1 6 8 T 'itto B (pref.) . . 1 6 X Ditto (deb. stock) 1 6 3 6 9 X.Z. Express (pref.) 0 17 0 IS 0 X.Z. Farmers' Fert. 1 6 1 N.Z. Paper Mills .. 1 0 0 1 0 6 X.Z. Refrig 0 15 9 Ditto (con.) .. .. 0 7 4 0 7 7 Phillipps and Irnpey . 37 6 Robinson Tee Cream 1 Sanford. Ltd 0 1. 6 0 19 0 Sharland and Co. . J 0 0 Ditto (pref.) .. .. J 0 0 Taranaki Oilfields 2 11 ft 2 Thames Theatre .. 0 10 0 0 16 0 Tonson Garlick .. .. 0 4 0 Union Oil 4 0 Vic. Xyanza Sugar \\ ilsons Cement 0 ■Wellington Meat — 0 East African Coffee — 2 4 MlN’INci— % Alburnia (2s lOd pd) 0 1 0 0 2 0 Moanataiari (pd.) 0 6 Lucky Shot (4s pd.) 0 0 10} 0 1 6 Ditto (con.) . . . . 0 0 4 1 Occidental- Una (2s 0 0 6 Ohinemuri (ord.) .. n s 6 0 8 10 Waihi 0 12 0 0 12 2 Waihi Grand June. 0 1 0 Mount Lyell . . . . 3 0 9 Kuala Kampar Tin . 0 13 6 0 14 4 UfclBtlNTt KES — 0 0 99 0 0 Ditto* 5} p.c 101 0 0 Ditto, 6 p.c 103 10 0 City of Auckland, 1040 GJ p.c 99 0 0 Ditto, 103*. 5i p.c. 99 0 0 Ditto, 1943. 5i p.c. 101 0 0 Bor. of Devenport, 103 0 0 Bor. of Mount Eden. 6 p.c. . . . 104 10 X.Z. Breweries l 6 1 Gisborne Sheepfarmers .. . r 97 0 0 99 GOVERNMENT BOKDS— War Loan, 19SS, 4* 190 0 0 — Ditto. 1939, 4-, I'M) Ditto, 1941. 4i .. 99 15 ft 99 0 | Ditto. 1933, p.c. mi 0 ft — j Ditto, 1936, 5} p.c. 101 o 0 — INSCRIBED S’l OCR — | War Loan. 1938, 4* 100 0 0 Ditto, 1989. 4i p.c. 100 0 0 I Ditto, 1927-41, 5J 99 0 1 Ditto, 1933, 5J p.c. 99 0 t Ditto, 1933, 5| p.c. 101 0 0 I Ditto, 1936, bX p.c. 101 0 i Ditto, 1932, 5} p.c. 99 5 0 100 0 0