FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 793, 14 October 1929, Page 10

FINANCE & MARKETS

An Unsettled Market Reflex of Australian Elections

By ‘

“Noon Call.”

A REFLECTION of the Australian elections was noted on ■'Change this morning when considerable diffidence was shown in quoting several of the well-known Australian stocks until cables came through with reports on the trend of the market across the Tasman.

A distinctly easier tone was registered in several quarters.

FLUCTUATIONS Price movements, shown by a comparison of sales on the Auckland ’Change this morning with the price at the time of the previous recorded sale, include: Auckland Gas, fall of Id. * * Business on the Auckland Market Transactions on the Auckland Exchange during the morning have included the following: At this morning's early call. —On ’fhan'-c: New Zealand Breweries (deb.). 29s (five parcels). Reported: Colonial Sugar, £54 ss; Kcmpthorne Prosser’s X.Z. Drug Company. 745. At midday call: —Reported: New Zeailand Insurance, 46s 2d: Auckland Cas. 24s Sd; New Zealand Breweries i deb.), 295. Firmer Tone in Farmers’ Trading A slightly firmer tone is registered in the market for Farmers’ Trading. Th< ordinaries, which were reported as dealt with last at 9s 2d, were sought at 4d this morning. At this price the ; pproximate return, based on the last dividend, is £8 11s 5d per cent. Recent alterations on the most modern overseas lines to this company’s big Auckland store appear to have taken «<n well with the public and should help considerably to boost turnover. Golden Age Mining Company The manager of the Golden Ago Alining Company reports that the crosscut at the mine is now out 36ft to cut Fox's leader. A very favourable class of country rock is being met with. Market at Midday Ono of the trading features of the market this morning was the comparatively heavy volume of business in New Zealand Breweries debentures, several hundred changing hands at Saturday’s improved price of 2 9s. A slightly better tone was also noted in the miscellaneous group, a healthy turnover for a Monday morning being recorded. Coals are quiet. Little actual business is being handled in the mining group, although

a comparatively wide range of shares is quoted. Most prices on the list fire only nominal, and there is little strength in the demand for anything outside the better-kndfevn concerns such as AVaihis. The gilt-edged market continues Firm. Lucky Shot Mines The manager of Lucky' Shot Mines reports that the stope above the No. 2 winze has been extended 10 feet. The reef ‘here shows a width of 4 feet and the ore is very heavily mineralised, showing a high percentage of antimony* and blend. The drive north of No. 2 winze at the intermediate level lias been extended 8 feet. The reef has again made a splice, each portion being about 12 inches wide. Coarse colours of gold are to be seen in the ore broken out from both portions. Unsettled Tone in Banks At both calls this morning there was a decidedly unsettled tone in the banking group, largely as a result of uncertainty as to what might be the result of the change of Government across the Tasman. Whereas last week comparatively heavy trading in bank shares was recorded, this morning sellers predominated. The market for Australian loan and agency scrip was also easier, the weakness being particularly noticeable in quotations for Dalgety’s - and Goldsbrough, Morts. * * * Dividends Payable Due. Amalgamated Brick and Pipe Co., intermim, 3 p.c Now Milne and Choyce— 3 p.c., p.a., shares and deb. stk. halfyear Now Farmers’ Co-op. Auctioneering—S p.c. p.a Today Dunlop Perdriau Rubber Co., Ltd.—Quarterly, ordinary and cum. pref., 10 p.c. p.a. Oct. 1,5 British Tobacco —pref., intermim, 6£ p.c! p.a Oct *3l Aus. Iron and Steel —pref., interim, p.c. p.a Nov, l Waihi Gold Mining Co.—ls a share 1 N.Z. Guarantee Corp.—lOd a share, fully-paid ord., 7 p.c. pref., 4d con Oct. 12 Broken Hill South—ls 6d a share - Nov. Id

TODAY’S QUOTATIONS

Closing quotations at today’s mid-day call were:—

BIG PLANT TRANSFER Austr&Aa/i and N.Z. Press Association SYDNEY, Sunday. The Sunshine Harvester Company, of Melbourne, announces that it has completed arrangments for t the establishment of it manufacturing business for the production of Sunshine harvesters in Canada. This decision is due to the restrictions ariaJmg from compulsory arbitration and ■ elated industrial disturbances in Australia. LONDON MARKET REPORTS Australian and N.Z. Prts3 Association LONDON, Saturday. Sheep.—Canterbury, medium, 6icl; New Zealand ewes, -lid; Australian ewe?, 4’ t d. Lambs.—Canterbury, seconds, 7 id; other selecteds. light SJd; medium, sd; North Island, firsts, light, medium, 7 3-Sd; seconds. 7 3-Sd; Australian firsts, Victorian, 8 l-Bd. other States, 7 15-16 d; seconds, Victorian, 7 7-Sd; others, 7 5-Sd, Froz-in Beef.—Australian fores, 4 o-16d. Chilled Beef.—Argentine, fores, 4 7-Sd; hinds, 7Jd; others unchanged from Friday's closing prices. COTTON. RUBBER, HEMP. ETC. Cotton.—November . delivery, 9.Sod <9.95d> a lb. Rubber —Para. 9 7-Sd (BJd) a lb; plantation and smoked. 9 15-lrtd (9jd). Jut p. —Oetober-November shipments, £29 10s (£2O) a ton. Hemp.—High point fair, nominally £34 (none offered), a ton. * -’opra.—Oetober-November shipments, Soucn Sea. £22 7s 6d (£22 12s 6<l) a ton; plantation, Rabaul, £22 12s 6d (£22 15s). Unseed 0i1.—£45 15s (£45) a ton. Turpentine. —44s 9d (455) a cwt.

BUTTER AND CHEESE Merchants report receipt of overseas cables relative to the dairy produce market as follow: Amalgamated Dairies, from its London office, under date October 12: Butter: Our prices unchanged, Anchor lS4s; market still quiet. Anticipate more interest with steadier Danish market, now 192 s f.o.b. Deliveries New Zealand, 813 tons. Stock. 5,395. Retails unchanged. Cheese: White, 945: coloured, 935. Market quiet. Canadian, 99s to 96s spot; 93s c.i.f. Retail unchanged. A. IF. Turnbull and Company, from W. Weddel and Company, London, under date October 11: Butter. Danish, 194 s to 200 s; New Zealand unsalted, ISCs to 190 s: salted. 179 s to lS4s: market quiet. Cheese, New Zealand white, 94s to 955; coloured, 93s to 945; Canadian, white, 95s to 975; coloured. 94s to 965. The Bank of New Zealand has received the following advice from its London office as at the close of business last week:—“Butter, dull, 182 s. Cheese, dull, coloured, 935; white, 945.” IRON AND STEEL MERGER Private advices were received in Auckland today of a merger between Dorman Long and Company and Bocklow, Vaughan and Company, steel and structural engineering firms. The business will be carried on under the name of Dorman Long, Ltd., and will be controlled by the members of the present boards of directors.

A GOOD YEAR WORK ON CHANGE AMENDMENTS WANTED TO COMPANIES’ ACT The turnover in stocks and shares over the past year has been the highest for some years, stated i the president, Mr. G. C. Creagh, at the annual conference of the Stock Exchange Association of New Zealand, which opened at Auckland today. Not only is it true that the Stock Exchanges have experienced remarkably good business, but it is satisfactory to note general trading conditions have improved and the outlook for the immediate future is very encouraging, continued the speaker. “At the annual conference last year,” said Mr. Creagh. “the retiring president, Mr. IJarman Reeves, referred to the questionable methods of a certain class of share salesman. I would again like to draw attention to his advice as, more than ever, is it essential that investors should make full inquiries from independent sources regarding investment in companies of which they have had no previous reliable information. ADVICE OF ACCOUNTANTS’ ASSOCIATION “In his speech at the annual meeting of the New Zealand Society of Accountants the president warned small investors of the necessity for being extremely guarded when investing in new enterprises. I-Ie pointed opt quite correctly that care should be taken to sec that the prospectus of a new concern is all it purports to be, that-state-ments of the vulme of assets being pur- ! chased are supported by an expert and I reliable independent valuer’s certificate. ; “Many schemes and flotations are either over or over capitalised ancl with no chance of success are being put on the market to tempt the unwary investor. “Another well-known accountant on the same occasion referred to what lie describe# as ‘the present practice of hawking/ very doubtful shares about the country and selling them to people who gyre not able to judge the future projects.’ lie added that he thought, as 'sc© all do. that an amendment of the, Companies Act was long overdue.: T>j*ese were the words of accountants, ! iYc/t of sharebrokers, though they bear ' oyit what the Exchange has been enfceavouring to bring home to the pub- [ lie for a very long time, v “A forward move had been made for j the Exchange during the year with the | publication of the “Stock Exchange j Gazette,” which was supplying a long- | felt need and should prove invaluable ;to investors. Appreciative reference ! had been received from as far afield as Australia.

LONDON MEAT MARKET SMITH FIELD PRICES The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated October 11, advising - Smithfield delivered prices averaged for the wfeek ended at that date as follow: New Zealand Wethers and Maidens. —Canterbury quality, selected brands, 561 b. and under. 7d a lb.: 571 b. to 641 b, GXd'; Gslb. to 721 b, 6 l-Sd*. Other brands, 561 b and under. 6id; 571 b to 641 b. C 3-Sd; 651 b to 721 b, 6d. New Zealand Ewes. —641 b «and under, 45 d. New Zealand Lambs.—Canterbury quality, 361 b. and under, 8 7-Sd; 371 b to 421 b. £ l-Sd: 431 b to 501 b, 73d; seconds, 7*d. Selected brands, 361 b and under, S2d; 371 b to 421 b. Bd. Other brands, first quality, 361 b and under, Sid; 371 b to 421 b, 7 5-8 d; second quality. 301 b to 321 b average, 7 5-Bd. Australian Lambs (new season’s). — Victorian, first quality, 361 b and under, S 3-Sd. Argentine Lambs. —First quality, 3Glb and under, 7id; 371 b to 421 b, Gijd. Argentine Chilled Beef. —Ox fores, 4 7-Sd; hinds, 7icl. Australian Frozen Beef.— : Ox crops, over 1001 b, 4id; hinds, over 1601 b, 5 3-Bd. New Zealand Frozen Pork. —Porkers, GOlb to 801 b, 92d; Sllb to 991 b, 9td: 1001 bto 1201 b, Did. Baconers, 1211 bto ISOlb, Bid. Lamb.—Market rather dull. Consumption easing off owing to heavy supplies of meat of all descriptions and of game. Mutton: Wethers: Market slightly easier and sales slow. Ewes are also easier. . New Zealand Porker Pigs.—Market firm, with better prices owing to ’short stocks. New Zealand Baconer Pigs.—Market quiet and steady.

BRITISH TRADE RETURNS FIGURES FOR LAST MONTH | Australian and X.Z. Press Association LONDON, Saturday. The Board of Trade returns for September show that the value of imports in the month was £98,371,000, an increase of £10,690,000 compared with September last year. The value of exports was C 05 ,104,000, a decrease of £1,515,000. The re-exports were valued at £6,736,000, a decrease of £119,000. The principal increases were:—lmports: Grain and flour, £2,620,000; non-dutiable food and drink, £922,000; wood and timber. £1,446,000: rubber, £1,153,000. Exports: Coal, £1,145,000. The chief decreases were:—Exports: Cotton yarns and manufactures, £1,641,000; vehicles, £1,352,000. Following is a comparison of the returns for the first nine months of this year and last year:— 192 S 1929 Tmrtorts . . £856.001,000 £550,285,000 Fv-norts 534,953,000 530,913,000 Re-exports 91,551,000 55,347,000 | Total exports £626,504,000 £619,260,000 i The apparent adverse balance of trade is £231,025,000, compared with £259,49*,000 ! last year. —— NATIONAL INSURANCE CO. NET PROFIT OF £49,528 Net premium income of the National Insurance Coy. for the year ended September 30, 1929. is shown at £2BO.GSS, compared with £ 248,809 last year, malting a freoli record for the company. After making full provision for losses outstanding and transferring £IO,OOO to Reinsurance Reserve there is an underwriting surplus of £17,648. The sum of £35,262 was collected by way of interest and rents and after allowing for £3,382 income-tax thereon, and adding the sum of £32,603 brought forward from last year, there is £82,131 available for distribution. Interim dividend accounted for £16,667. The directors now recommend that £5,000 be added to Reserve Fund, £1,780 to taxation and contingency account, and £1,421 to investment fluctuation account. A final dividend of 5d a share for the year will absorb £20.533. and leave £36,430 to be carried forward. The dividend rate of 12£ per cent, has been maintained over the past three years. For the three years back to 1924 it was 10. S per cent. In 1923, £IOO,OOO of reserves was capitalised.

Buyers. Sellers. £ s. d £ s. d BANKS— Aust. of Commerce — 1 13 9 Adelaide — 0 Australasia 14 6 Cum. of Australia . Ditto (pref. > .. - 7 4 Nat. of N.Z. . - 1fi New ?outh \N ales . 48 10 0 New Zealand . . . 11 19 Vnion of Australia 14 12 0 INSURANCEA.P.A — 0 13 9 New Zealand .. 0 G 9 •South British .. . 3 4 6 — LOAN AND AGENCY — Dalftety and Co. . — 34 0 0 farmers’ Co-op. Auc Ditto A (prefA . 1 >itto B (pref. > Coldsbrougrh. Mort. G Newton Kins; .. . 0 ‘Ditto (pref.) N.Z. Guarantee Cori 0 9 6 >. A tick. Farmers Co-op. (ord.) .. . o a 0 Ditto (B pref.) 0 11 ° COAL— i Irey Valley 9 Ditto (pref.) .. . 0 4 5 — Ditto A (pref.) . 0 3 6 5 13 Renown 0 1G 9 Ditto (new issue 0 L* S 11 1 !* Walpa lo a "West port- Stock ton (pref.) ■— C AS— Auckland 1 4 6 1 A 9 SHIPPING— T>evonport Kerry 1 2 0 .f 2 f. Jluddart-Parker u Ditto (pref.) . . . Northern Steam Ditto (eon.) . . . 0 u Vnion Steam (pref.) l 0 — TIMBER— Kauri Timber .. . — 0 n 0 1 .evIand-O’Brien 1 11 ft 1 1 2 ;; National o >> 0 9 6 Parker-Lamb .. . — 0 17 0 XVOOLLEN— Kaiapoi <4 11 6 — A\ ellington — » o 0 BREWERIES— C. L. Innes 1 1 0 Ditto (pref.) .. . „ 1 1 1 — N.Z. Breweries .. . 4 S 0 4 3 0 6 J. Staples . — 2 lo 0 MISCELLANEOUSAuck. Amuse. Park — 0 • 0 Australian Gly.srs 2 13 6 —

Buyers Sellers £ *5 d £ s d Aust. Iron and Steel (pref.) — 2 British Tobacco :> Burns, Philp .. .. Colonial Suprar .. .. Dental Supply .. .. 0 9 Dominion Pictures . 1 0 Ditto, (pref > 1 0 6 Dom. Investment ai/i Banking Dunlop-Perdriau 1 6 S Farmers’ Trading- . . 0 4 Ditto (A pref.) 0 17 0 0 3 Ditto (L* pref.)/ .. 0 14 Grey and Menzjyes 0 10 6 Haywaid's Pictures II.M. Arcade f,^>ref.) i 1 Kempthonie-I/rosse r 13 G Lewis Endy fpret.) Milne ar\<l C/joyce (del* stocik) . . . . i r, X.Z. Farm/SCrs’ Fert. j 0 1 N.z. Fapvr Mills .. 1 X.Z. Ref/iterating . 0 12 0 Ditto {con Xorthen/ Boot . . . . 0 s 0 Robins* jti Ice Cream 1 4 G Sanfor/3, Ltd 0 Ditc*> (pref.) .. .. S. R.. Maxwell 10 Tararjaki Oilfields . 4 11 1. nicgu Oil 2 W b /ttome-Stevenson Cement 2 2 - 2 0 TUNINGAlburnia (2s lOd pd > 0 0 4 0 1 1 /Ioanataiari fnaid) . (i Ditto (2s 2d paid) 0 0 0 0 4 ' Ditto (Is Gd paid) 0 0 Kawarau 0 0 U 0 0 9 Lucky Shot (4s pd) 0 1 G Ditta (con.) .. .. 0 1 Ohinemuri (ord.) 0 0 1*0 0 Ditto (pref.) .. .. 0 10 6 Waihi 0 13 4 0 13 Waihi Grand June... 0 1 4 1 Mount Lyell 0 <> Kuala Kampar Tin 0 12 0 0 12 9 DEBENTURES — ; Auckland Gas, 1932, 9G 0 0 i Auckland Harbour j Board. 1947. p.c. 101 0 0 Auek. TTosp. Board. 1931. 6 A p.c 102 10 0 Auckland Fire Board. i 6 P.c 102 0 0 104 0 0 X.y.. Breweries 1 s 11 Gisborne Sheepfarmers* 96. 0 0 00 0 0 GOVERNMENT BONDS War Loan. 1930, 4* 99 5 0 — ! Ditto. 1938, 4} p.c. 100 0 0 — ; Ditto, 1939, 4} p.c. 100 0 0 I Ditto, 1933, p.c. 99 10 0 Ditto, 1936, 5i p.c. 101 o 0 — INSCRIBED STOCK War Loan, 1938, 4} 100 0 0 — Ditto. 1939, 4J p.c. 100 0 0 — Ditto, 1927-41, 5J. 10 0 1 Ditto, 1933, p.c. 99 10 0 Ditto, 1936, 51 p.c. 101 0 —