FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 804, 26 October 1929, Page 10

FINANCE & MARKETS

Steady Demand for Coals

Market on Change

By

“Noon Call.”

The week on 'Change closed this morning with a quiet tone in most sections. Local influences, strengthened by bearing factors overseas, are continuing to work toward slightly lower price levels. Coals make practically the only group on New Zealand Exchanges at the moment which are recording a healthy tone and meeting a firm market.

FI actuations Price movements on the Auckland market over the past 2 4 hours, shown bv comparisons with the price at the time of the previous recorded sale, include: Pukemiro Collieries, rise of Is. Mount Lyell Mining, rise of 6d. Commercial Bank of Australia, fall of 3d. Wilsons Cement, fall of 3d. National Insurance, fali of Id. * * * Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included: — Yesterday Afternoon. —Bank of New Zealand. 60s 3d; South British Insurance. 65s Cd; I'ukemiro Collieries. 70s; Auckland Gas (con.), 18s Id; Wilsons Cement. 42s 3d; Mount Lyell, 42s 9d. This Morning.—Commercial Bank of Australia. 275: Bank of New Zealand, <;os 3d; National Insurance, 16s 4*d. * * * Movements in Banking Group Commercials aro again featured :,mong the falls in the banking group, xhe market losing another 3d over the past 2'4 hours. Kales put through at 27s this morning allow for a return of approximately £5 11s per cent. New Zealands meet with a steady demand .and a comparatively heavy turnover is rocerded at 60s 3d. Other shares in the group show little movement and the market is lifeless. Australian Glass Subsidiary A new subsidiary to the Australian Glass Manufacturers’ Co., Ltd., has been registered in Melbourne in the Australian Window Glass Proprietary, Ltd. The new concern has a capital • f £300,000. The new works will be in Sydney, and will probably be in operation in six months. No new capital will be required by the parent company to finance the new flotation, because sufficient money for the purpose was subscribed by shareholders some years ago. * * * Market This Morning Little movement was shown in any group at this morning's call. Insurances are quiet, with New Zea-

' lands and South British the only , shares meeting with, anything ap- ' proaching a strong demand. Nationals were dealt with on slightly lower : levels. All the better-known coals meet : with a steady inquiry on a firm mar- j ’ ket. At the moment. Pukemiros. Tau- ' piris and Renowns are favourites, and ' * any tendency of the market for these i shares is upward. Breweries are weak and sellers predominate. The feature of the gilt-edge market is the increase in selling strength, particularly for inscribed stocks. The whole section has a decidedly weaker tone. * * « Australian Guarantee Profits ! An exceptionally healthy position is shown bv the Australian Guarantee ■ (Corporation, Ltd., in its four annual I report covering the year ended June ' 30, 1923. Net profits are shown at £ 74,619, compared with £68,247 for the previous year. Revenue from in- | terest and other earnings was £124,332, ; and interest paid and administrative ■expenses . £49,712. With £40,047 brought forward, there^was £114.667 available. From this amount £15,573 was transferred to income-tax reserve, four quarterly dividends at the rate of 15 per cent, per annum 911 ordinary shares accounted for £48*059, 8 per cent, preference dividend, paid quarterly, required £4,000, leaving £46,734 to be carried forward. * * • Dividends Payable Due. 1 British Tobacco —pref., in- ' terim, 62j p.c. p.a Oct. Cl ; D..l.C.—Pref, 6 p.c. (halfyear). ordinary, 10 p.c., P.a Nov. 1 I Dominion Pictures—pref and ord., 75 p.c. p.a Nov. 1 j Aus. Iron and Steel —pref., interim, 7} p.c. p.a Nov. 1 1 Waihi Gold Mining Co.—ls a share .. Nov. 1 j Farmers’ Co-op. Auctioneering—S p.c. p.a Nov. 32 Queensland Nat. Bank. —interim 3 0 p.c. p.a Nov. 14 Broken Hill South —Is 6d a share Nov. 15 I Nat. Bank of Australasia—- " Ord. and con., interim 10 p.c. p.a • Nov. 27 * tprey Valley Coal—final, 5 p.c. (making 8 p.c. p.a.) .. Nov. 30

TODAY’S QUOTATIONS

Closins Quotation* at today'* tnld-day call were: —

BUTTER AND CHEESE Merchants report receipt of overseas cables relative to the dairy produce market as follow: Newton King, Ltd., from their principals, Messrs. It. and W. Davidson, Ltd.. dated October 25:—“Butter: Market slow; salted. 177 s to 182 s: unsalted, 3 88s to 190 s. Wheys: Firsts, 168 s: seconds. 1645. Cheese: Market improving; coloured, 925, 945; white, 5)35. 94s.*’ LONDON MARKET REPORTS 'Australian a>id X.Z. Press Association LONDON, Thursday. (Quotations on Oct. 17 in parentheses.) Copper.—Spot, £72 8s 9tl (.£72 9s 4id); three months, <£72 15s Tid (£73 Is 3d). Electrolytic Copper.—Spot. £S3 13s (£.84); three months. £S4 os (£S4 ss>. Wire Bars.— <£B4 10s (£B4 10s). Lead.—Spot, £23 11s 3d (£23 6s 3d); three months. £23 10s (£23 ss). Spelter.—Spot. £22 10s (£22 7s Rd); three months, £22 18s 9d (£23 7s Od). Tin.—Spot, £ISJj 17s 6d (£lB7 16s lOJdc three months, £192 ISs 9d (£192 2s 6d >. Silver.—Standard, 23d (23d) an oz.; line, 24 13-16 d (24 5-16 d). WHEAT, FLOUR AND PULSE Following upon the sharp decline in America and Argentina, cargoes opened dull and Is easier. Parcels were 6d to Is lower, but buyers were not interested. Futures, London, October-November, 47s 7d a quarter; December, 48s Id; January. 48s 9d. Liverpool: October, 8s 7d a cental: December, Ss 10 5-Sd: March, 9s sd; May, 9s 7sd. Spot trade steady. Australian, ex ship. 45s 6d. Flour —Dull at 35s Rd to 3GS. Parley.—Weak. Australian, 41s to 425. Beans.—Steady. Pea.*?.—Quiet. New Zealand Partridge, €o* to 67s 6rt. flßWLAT.—November, Ss 1 «-Sd.

AUCTION NOTES Samuel Vaile and Sons, Ltd., instructed by the mortgagee, will sell by public auction, at their rooms, Queen Street, Auckland, Friday, November 8, at 2 p.m., the following properties:—House of five rooms situated Tennyson Street, Birkenhead; also farm of 29J acres, situated Drury. FOREIGN EXCHANGE RATES British Official Wireless RUGBY, Thursday. The following - rates oil foreign exchanges are current today, compared with the cabled quotations on October

A STRONG INQUIRY PORK FOR EXPORT DEMAND FROM LONDON At the moment there is a firm in- ' quiry for New Zealand pork for shipment up till the end of November. According to Mr. A. C. Norden, of ■ the exporting firm ol’ Norden and j Company, of this city, English buyers ! are offering equivalent to BJd a lb j f.o.b. for shipment over the next five ! weeks. As is generally the case when j prices are high, however, porkers are ! not available in sufficient numbers for shipment, and the limited number coming on to the New Zealaud market is readily absorbed for home consumption. At Addington in recent weeks buyers have been giving up to lOd and Is a lb for best quality porkers and taking the risk of rejects; at Westfield there has been a keen demand in the yards at up to Sd a lb. At these prices it can be seen that BJd a lb for export has little attraction. The export season should start early in December. Heavy claims are reported to have been made against last season’s shipments on account of the “fishy taint,” but exporters consider that it is too early yet to judge what effect that will have on this season’s market. Strong efforts are being made to prevent a recurrence of the trouble. POTATO MARKET EASING POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. Prices of potatoes have fallen still j further during the week, and it would appear that the season is nearly over. Northern inquiry is non-existent. The Wingatui yesterday took a small lot of 212 sacks from Lyttelton, but over 2,000 from Timaru, and the Kurow, which is now loading in the South, is expected to lift a heavier consignment from both ports at the end of the ! month. Today Kurow potatoes were sold as low as £ 6 10s a ton, f.0.b.. s.i., and this figure to £ 6 15s covers values. Farmers are being offered £ 5 10s on trucks. The price of oats is unchanged, and they are quoted at 8d for A grade Gartons, and 3s 7d to 3s 7£d for B grade. The inquiry is very small. Chaff has been moving freely, and values are firm. Good bright quality has sold at £7. f.0.b., s.i. There does not appear to be much chaff about, a fair quantity having been used on the farm for sheep during the rough weather. In addition, a bigger quantity than usual was shipped from Lyttelton. The market for peas is dead, the nominal quotation being at up to 4s Gd i a bushel on trucks. Wheat shows no | change, there being very little if any “free” wheat in the growers’ hands.

PAPER MILLS DIVIDEND 3i PER CENT. AUTHORISED Press Association DUNEDIN, Today. The directors of New Zealand Paper Mills, Dimited, at a meeting yesterday morning, authorised the payment of an interim dividend at the rate of 3* per cent. FEILDING STOCK SALE Press A ssociat ion FEILDING, Friday, Prices for fat sheep at the stock sale today showed a drop of 3s a head compared with last week, and for fat cattle there was also a distinct decline. Prices were:—Sheep: Fat shorn hoggets, 21s 7cl to 26s 6d; woolly hoggets, 25s 2d to 33 s 3d; fat shorn ewes, 21s to 26s Gd: woolly ewes to 27s Del; fat shorn wethers, 24s 6d to 25s 9d; woolly wethers, to 34s Gd; store wether hoggets, black face, 19s 3d to 21s 7d: fourtooth wethers, shorn, 20s 9d to 22s 6cl: ewes and lambs, 22s to 26s 6d. Fat cattle: Polled Angus heifers, £l3 ss; light Shornhorn heifers, £7 10s; Holstein bullocks, £l4; Shornhorn-Hereford cows. £l2 12s 6d. Dairy stock: Springing heifers, best, £9 to £lO 10s: good, £7 10s: really good Jersey, £ls 10s; good, £9 10s to £ll 15s.

Buyer*. Seller*. £ s d. £ s. d. BANKS— Aust. of Commerce 1 10 6 1 12 0 13 12 6 It 0 0 «*om. of Australia . l 6 11 1 7 Kng., Soot. Aust. 7 16 6 0 National of N.Z. 6 14 0 G 16 0 Nat. of Australasia 8 12 0 0 0 0 New South NV ales . 48 0 New Zealand ;; o Ditto. r> Mon. .. 1 s 4 1 0 0 Union of Australia . — INSURANCE— National — 0 16 s New Zealand .. .. 2 6 0 2 6 «Queensland 3 3 0 South British .. .. 3 5 0 3 6 0 LOAN AND AGENCTDalgety a* 141 Co. 13 10 0 13 17 c Farmers’ Co-op. 4 l 0 Ditto A (pref.) .. 0 IS 0 19 0 1 »itt.» ( R pref.> . 0 17 0 «Joldsbrough. Mort 2 3 Newton King' (pref.» 0 11 0 0 13 0 N.Z. Guar. «Y»rp. . . 0 9 4 N. Auok. Farmers’ Co-op. ford.) .. .. 0 3 1 Ditto (B pref.) 0 11 0 0 13 0 Reliance Loan . .. 1 2 0 1 4 0 COAL— - IlikuransI 0 1 Ditto (pref.) .. .. 0 4 6 — Ditto A (prei.) . 0 3 6 0 5 0 Dukerniro 0 17fnriwn n i.; 6 0 17 0 1 >itto (pref.> . . . 0 0 3 G Ditto, new issue . 0 2 1 9 1 10 6 Ditto (pref.) . . - 1 3 0 N% a lpa 0 15 0 Westport-Stock ton — CAS— Auckland 1 4 6 1 4 10 Ditto (con.) .. .. — 0 IS 4 SHIPPING— Devonport Steam 1 1 0 1 3 0 Howard Smith 1 3 n lluddart-Parker 2 4 0 Northern Steam 0 14 s 0 13 P. &t O. (dcf. stk. ‘ — :: o 0 Union Steam (pref.) — 1 0 9 TIMBER— Nauri Timber . . 0 IS 0 1 ,e viand-O'Brien — 1 12 l) National 0 s 0 • ) 9 6 3*arker-Lamb . . — 0 17 9 WOOLLEN— Xaiapoi (pref.) _ 0 17 0 BREWERIES— C. T/. Innes . . .. . 1 1 0 1 >itto (pref.) . . . . 1 1 0 N.Z. Breweries 4 9 *i. Staples — 2 14 6

Buyers Sellers £ s. d. £ 5. a. MISCELLANEOUS— Auck. Amuse. Park 0 2 0 Australian Glass .. .0 0 13 0 Aust. iron & Steel 1 0 British Tobacpo 0 0 Burns, Philp Colonial Sugar . . . lo Dental and Medical 0 8 0 Dominion Pictures . I 0 0 Ditto (pref.) .. .. 1 0 6 Dunlop Perdriau . . 1 0 1 7 0 East African Coffee I IS 0 Electrolytic Zinc (ord.) 1 14 Ditto (prel.) .. .. 1 lo 0 Farmers’ Trading . ft 0 ft 9 6 Ditto A (pref.) (» 17 0 0 IS Ditto (B pref.) 0 13 0 16 0 Kay ward’s Pictures 0 19 0 Henry Jones Co-op. l 12 G H.M. Arcade Theatre (prel.) 1 1 0 Lewis Eady (ord.) . 1 4 0 Ditto (pref.) . . . . l 0 0 Milne and Choyce, (deb. stock) .. .. N.Z. Farmers’ Fert. 1 J. 9 l G N.Z. Paper Mills . . 0 19 0 l 0 6 N.Z. Refrigerating . 0 12 6 o 13 Ditto (con.) .. .. ft 10 0 6 Northern Boot 0 8 Robinson Ice (’ream 1 4 6 Ditto (rights) 0 1 0 Sanford, Ltd 0 1$ 4 Taranaki Oil Fields 0 1 Thames Theatre Co. 0 11 0 W liittome Stevenson 6 0 Wilsons Cement .. 2 1 0 2 2 0 MINING — Alburnia (2s lOd.pd.) — 0 1 1 Moanataiari (paid) . ft 0 Ditto (2s 2d paid) 0 Ditto (Is 6d paid) . 0 0 0 0 Lucky Shot (4s paid 0 0 6 Ditto (con.) . . . . 0 9 6 (» 1 Waihi 0 13 G 0 13 8 Waihi Grand Junct. 0 1 3 0 1 7 i Broken Hill . . . . 1 G Kuala Kampar Tin — 0 12 3 DEBENTURES— Auck .Hosp. Bd., Si 102 ft 0 1 N.Z. Breweries — 1 9 Gisborne Sheepfarmers .. — 9S 0 0 j GOVERNMENT BONDS— ! War Loan. 19:1$, 41 lftO ft ft Ditto, 1939. 4i p.c. 100 ft —. Ditto, 1941, 41 p.e. 100 0 0 — | INSCRIBED STOCK War Loan. 193$, 41 100 0 ft 100 10 0 I Ditto, 1939. 4 h p.c. 100 0 0 100 10 0 Ditto. 1927-41. 5i 99 0 0 i Ditto, 1933, oi p.c. 10ft 0 0 j Ditto, 1933, 5J p.c. 101 10 0 * Ditto, 1936, 51 p.c. — 101 10 0

22 and par:— Oct. 24 Oct. 22 Par. Montreal, dol. 4.95* 4.921 4.866 N'ew York, dol. 4.8S 1-32 4.S7 25-31 4.866 Paris, fr 123.855 : 86 124.21 Brussels, belga 34.875 :;4.SS5 35.00 Geneva, fr. .. 25.17 25. IS 25.22 Amsterdam, fl. 12.90 7-S 12.10 5-8 12.10 Rome, lire .. 93.105 93.125 92.46 Berlin, r.m. .. 20.405 20.403 20.43 Stockholm, ltr. . 1S.155 1S.155 1S.159 Oslo, kr 18.205 18.205 18.159 Copenhagen, kr. 18.205 IS. 1 59 Vienna, sch. .. 34.71 54.695 34.58 h Prague, kr. . . 164S Helsingfors, m. 1941 Madrid, pes. .. 34.20 1642 24.02 194 192.23 23.825 25.221 Lisbon, escu. .. 108.25 108.25 Athens, dr 375 375 375.00 Bukarest, lei. . 817 817 25.221 n. <le Jan., m. 5 7-S r, 7-s B. Ayres, dol. . 4SJ 402 47.570 Calcutta, rupee 17 27-32 17 27-32 1 Sd Shanghai, tael . 264 26 i — H#ng Kong, dol. — 20 7-S —■ Yokohama, yen. 23 17-32 Batavia, U. ... 12.14 22 17-32 24.5Sd 12.14 12.10