FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 810, 2 November 1929, Page 12

FINANCE & MARKETS

A Brighter Tone Market on ’Change

Bv

“Noon Call."

AX all-round improvement in the market for the more solid stocks has been one of the features of business on Change over the past 24 hours. Heavy trading has been recorded in the banking group.

FI uctuations Price movements, shown Dy a comparison of sales over the past 2<- hours with the price at the time of the previous recorded sale, include:— Bank of New South Wales, rise of ss. Commercial Bank of Australia, rise of 9d. New Zealand Insurance, rise of 3d (last sale at Christchurch), Auckland Gas. rise of Id. Aoldsbrough, Mort, rise of 1s 2d. / Renown Collieries, rise of 9d. Business on the Auckland Market Transactions on the Auckland inarket over the past -4 hours included:— Yesterday afternoon. Goldsbrough, Mort. 44s 4d; New Zealand Farmers’ Fertiliser, 225; Hayward’s Pictures, Auckland Gas. 24s lOd. This morning.—Bank of New South •Wales, £ 48: Renown Collieries, 17s rid (late sale yesterday); Farmers' Trading. Sis 3d (late sale yesterday). [Reported at mid-day: Commercial Rank of Australia, 27s (two parcels): New Zealand Insurance. 46s 3d; Union [Bank of Australia, £l4 7s. Wikurangi Mine Progress A special Sun message from Wliarigarei stales that sine© the installation of the new generator at the Jrlikurangi [Mine the water has been lowered at the rate of two feet a day. Heavy tain over the last week-end retarded operations, but pumping is again proceeding satisfactorily. There was 34J feet of water in the shaft yesterday. The manager slates that, provided the present rat© of progress is maintained. a start should be made at mining coal this month. * m * Activity in Banking Group Considerable activity has been recorded in the banking group over the past 2 4 hours, and the cables have been busy across the Tasman with buying orders. Many hundreds of ; hares have changed hands on a rising market. Commercials of Australia have seen the greatest activity, the market closing in Sydney last evening with buyers offering 275; that price was held as the middle figure on the Auckland ’Change this morning. Sales were made at varying prices yesterday, from 25s lOd upward. Other banks have also strengthened: New South Wales scrip selling this morning at £4B after touching bedrock on the Sydney market at somewhere in the vicinity of £46 19s; one Male, at least, was reported at the latter figure.

Dominion Pictures’ Successful Year At the 16th annual meeting of the Dominion Picture Theatres, Ltd., held yesterday afternoon, the chairman of directors, Mr. C. It. Chapman, said that the year under review had been the most successful in the history of the company. The whole of the company's building had been let, and it was proving a sound business proposition. The retiring directors, Mr. R. T. Michaels and Mr. W. H. Madill, were re-elected, and the auditors, Messrs. Kendon, Mills and Stewart, were reappointed for a further term. * * * Gold Seekers, Ltd. The manager of Gold Seekers, Ltd., reports:—“Sine© my last report rising on the Curassier Reef has been continued. At th© south end the reef is six inches in width and at the north end 15 inches in width. The quartz has improved in appearance and colours and dabs of gold have been seen when breaking down.” * * * A Brighter Market The whole market has a generally brighter tone. In the loan and agency group the market for Goldsbrough, Morts, a scrip which can be regarded more or less as a true indicator of the pastoral outlook, has improved appreciably to see business at 44s 4d. Coals are very firm, Renowns improving to see sales at 17s 3d late yesterday afternoon, compared with 16s 6d last week; buyers of Pukemiros at last week’s market price fail to draw a declaration from sellers. In th© miscellaneous group there is a noticeably better tone in the market for the more solid Australian securities and an all round brighter tone in the section generally. * * * Dividends Payable Bank of Adelaide—interim, 10 p.c. p.a Nov. C Anthony Horde rn—i nter i m (half-yearly), pref., 7} p.c. p.a., ord. S p.c. p.a Nov. 13 Dalgety, Ltd., 3 p.c. and bonus of 7s a share Nov. 11 Queensland Kat. EJank. —interim 10 p.c. p.a Nov. 14 Northern Steam. interim (half-yearly), at rate of S P c- P-a Nov. 3 3 Broken Hill South— ls 6d a share .. Nov. 15 Burns-Philp—interim (halfyearly). 10 p.e. p.a Nov. 15 Nat. Bank of Australasia—• Ord. and con., interim 10 P; c - P- a Nov. 27 N.Z. Paper Mills—interim, "i P-c Nov. 29 Sharland and Co.—Pref. and ord. (final), 4J p.c Nov. Aust. Glass—interim, at rate of 9 p.c. p.a. on prefs., and 10 p.c. on ords Dec. 1

TODAY’S QUOTATIONS

Closing quotation* at today's mid-day call were:—

COMPANY REGISTRATIONS Two private companies, one with a capital of jC 3. are included in recent Auckland registrations. J. J. Kelliher. Ltd.—Capital, «L*2soin I shares. Objects, auctioneers, land si cents, general merchants, etc. Subscribers: John Joseph Kelliher, 124 s*hr.res; Walter Frederick Butters, 124 lares; George Grierson Cork, ' two shares. Henley, Ltd.—Capital, .£3. Objects, general clothiers, etc*. Subscribers: Xorman George Henley, two shares; John George Bussell, three shares. FLAX GRADING RETURNS # Returns of flax graded at the port rf Auckland during October show a flight falling off when compared with the figures for the corresponding period of last year. The figures are, those for October of last year being given in parenthesis: Hemp.—Good fair. 137 bales (18S); * high fair, 467 463); low fair. 44 L (510); common, 36 (120); rejected, 10 (19). Total, 1,131 (1300). Tow. —Xo. 1. 20 f 62 > ; Xo. 2. 240 ITS); Xo. 3, 01 (76): condemned, 10 10 ». Total. 370 » 335). stripper Slips.—Xo. 2. (13); con- ■ n^ 1 —(1). Total, —(A4>.

BUTTER AND CHEESE Merchants report receipt of overseas cables as follow: Xewton King, Ltd,, from R. and AV. Davidson. Ltd., under date Xovember i 1 - —" Butter: Market slow: salted. 175 s to ISOs; unsalted, ISSs to 3 90s. "Wheys: Firsts, 1655: seconds, 1635. Cheese: Market steady; coloured, 935: white I 945."

SATISFACTORY PROGRESS N.Z. DAIRY PRODUCTION HERD TESTING RESULTS Last season herd-testing received wider and more systematic support than ever before in the history of New Zealand, states a report published in the “Journal of Agriculture," by Mr. W. Singleton, director of the Dairy Division. The average yield also reached a very satisfactory figure. | Some 259,594 dairy cows were tested ; in 1925-29, as compared with 224,130 in 1927-28, an increase of 5 5.134. The animals tested represented 20.1 per cent, of the total of the Dominion’s dairy cows in milk, or 15.9 per cent, of all cows—in milk and dry. Although, in retrospect, these percentages are evidence of considerable achievement —the 1919-20 tested cows having been only 4i per cent, of the Dominion total —it would appear reasonable to hope for steady advancement for some years yet to come. Mr. Singleton points out iiiat statistics are difficult to collect, but it is hoped that a means of putting the work in hand will be found before long. Showing how herd-testing lias i grown, Mr. Singleton reports the : tested in 1922-23 numbered 34,525: in , 1923-24 they were 151,214; in 1924-25 j they increased to 196.850; next year ! they declined to 169.776; in 1926-27 i they increased to 170,150; and in the i following year to 224,130. DISTRICT FIGURES Districts in which tests were taken | for 1928-29 were shown as follow:

The average yield figure, which last year was down to 224.681 b of butterfat, has risen for 1928-29 to a fraction more than the 1926-27 mark. The average butter-fat production for the season under review’ works out at 240.591 b, Which, taking into account the marked increase in total cows represented, is a very satisfactory attainment. The average for all cows in milk was 242 days a cow. The highest cow Avas 805 days. the loAvest 105 days in milk. In five years the dairy-coAV population has increased by 47,631. But there were 95,637 more cows milked in 1928-29 than in 1924-25, -while despite the increase in total cows, the number of dry cows has decreased by 46,000 in the five years. This represents a satisfactory economic position, as there is a marked tendency in the direction of decreasing the proportion of non-producing COW'S. Total cow’s in 1928-29 numbered 1,371,063, of which 1,291,204 were in milk; in the season 1927-2 S there were 1,352,39 S cows, of which 1,242,729 were in milk and 109.669 were dry. Summing up, Mr. Singleton observes that tlie INTew Zealand dairy industry is justified in viewing the general position with satisfaction. More cow’s are being milked each year; the dairy-cow population is increasing; and average production a cow is slowly but certainly on the upward trend. From the broader point of view' the market values and general conditions relating to the commerce in dairy-produce presage a hopeful future, provided our quality is equal to the demands of the consumer. Some of the increased support accorded the herd-testing movement by the industry must he credited to the Government’s assistance through grants to testing dairy-herd owners. The first subsidy, granted July, 1927, was £B,OOO. subsequently increased to a maximum of £9,500,*' to enable a subsidy of Is a cow to be paid on aninials eligible for subsidy on testing carried out under the group system, and 6d a cow for the association system. The second subsidy Avas increased to £10,500, and has been applied to the 1928-29 testing. A similar amount has been granted for distribution in due course on account of the current season, 1929-30. LONDON MARKET REPORTS (United P.A. — By Telegraph — Copyright) LOXDOX, Thursday. (Quotations on October 2S in parentheses ) Copper. Spot, £7l Is 3d < £ 72Ss • three months. £7O ISs 9d (£72 3s lid) i- C i t £°! yti ? Copper.—Spot. £S3 1 0s (_S ; , 10s): three months, £S4 (£S4 10s). Wire Bars.—Spot. £S4 (£S4 10s). Lead.—Spot, £22 10s (£23 7s 6d); three months. £22 7s Cd <£?3 ss) Spelter.—Spot, £22 is 3d~(£22' _ 2s Gd)three months, £22 10s (£22 10s). Tin.—Spot. £lB9 2s Gd (£lB3 32s Gd)three months. £192 2s 6d (£lB7 32s Gd). Silver.—Standard, 23d (22 15-16 d) an oz; fine, 24 3-lGd (24 33-16 d). WHEAT, FLOUR, PULSE, ETC. Wheat.—Cargoes are firm, with nuotations from 9d to Is dearer. The fall in the bank rate and a forecast of smaller Hlate shipments led to some expansion in business. Parcels held at 9d to Is, 3d advance, but trading was confined to La Platas. Futures; London, October delivery, 48s 11 ch; November, 4Ss 9d: December. 49s 3d; January, 49s lid. Liverpool: December. 9s 1 7-Sd a centalMarch, 9s S 7-Sd: May, 9s 11 7-Sd: the spot trade is dull; Australian, ex ship, Flour.—Easier. Australian, ex store, 35s to 35s Gd. Oats.—Quietly steady. Peas and Beans.—Quiet. Beet Sugar.—December, Ss sd. FOREIGN EXCHANGE RATES RUGBY, Thursday. The following rates on foreign exchanges are current today, compared with cabled quotations on October 24 and par;—

CHICAGO WHEAT MARKET United P.A.—By Telegraph—Copyright j "Wheat.—Decemher. 1 dollar 2fi 7-S i cflnrs a bushel: JJareh. 1 dollar 36 1-8 rents; May, X dollar 30 5-S rents.

PRODUCE MARKET QUIET POSITION IN CANTERBURY Press Association ’ CHRISTCHURCH, Friday. The grain and produce market is lifeless. Values for potatoes have declined since the mid-week, prompt f.0.b., s.i., rates being £6 and offers to farmers £4 10s on trucks. The wheat market remains dull. ••Pool” prices are 6s sd, f.o.b. Fowl wheat is worth 5s 11?.d, f.o.b. Prices for oats are unchanged, with little inquiry. Chaff, no doubt on account of the lateness of the season, in the North as well as the South Island, is in permanent request and numerous sales have been made at £7 a ton, f.0.b., s.i., or 5s to 5s 5d on trucks. All classes of seeds are held firmly. It is inevitable with the shortage of feed that fewer paddocks will be closed up for seed and the crop in sight for “ext season is practically certain to be affected, particularly in the case of Akaroa cocksfoot, where, under ordinary conditions, the paddocks would be closed up a month ago. HARTS, LTD. PREFERENCE SHARE ISSUE Harts Limited offers for subscription 30,000 preference shares. These carry an S per cent, cumulative preferential dividend, and in addition participate further with the ordinary shares in dividends up to a total of 9 per cent, per annum. This preference issue is covered more than twice over by the Company’s assets, and the net average annual profit for each of the past two years has been more than twice the amount required to pay a preference dividend of 8 per cent. The Company's balance sheet and profit and loss account for its current year are published in the prospectus. The Company’s brokers are The Craig Investment Company, Limited, whose Auckland Provincial Representatives are Wallace Bruce and Duthie, 41 Shortland Street. (Box 487). Applications may also be made through any other licensed sharebroker. FEILDING STOCK SALE Pj'css Association FEILDING. Friday. There was a large yarding of store cattle at the stock sale today, but the yarding of other lines was only medium. A heavy thunderstorm broke over the town during the sale, the rain rather spoiled business. Prices were:—Sheep: Fat hoggets, 25s Gd to 325; two-tooths, 24s to 27s 9d; prime shorn ewes, to 275: others, 19s to 22s 3d: woolly ewes, 24s 3d to 275: shorn wethers. 23s 7d to 29s 4d; shorn store ewes, 10s 6d to 14s 6d: two-tooth black face, 15s 2d to 20s 3d; store wethers, 225; ewe. with lambs, 24s 3d to 31s 7d: sixtooth to five-year ewes, 19s Id: fat for--1 ward ewes, 15s Id. Dairy cattle: Springj ing heifers, choice, £ll 10s to £ls; good, ! £8 to £9 2s 6d; cows, £S 10s to £9; Ayrshire cows, £lO ss; cows in milk. £5 7s j Gd: well-bred Jersey bulls, to £ls. Fat cattle: Cows, to £l4; heifers, light, £6; bullocks, £l7. Store cattle: Good yearling Jersey heifers, £6 Is to £7 7s: others, £4 33s to £5 17s 6d; IS-months heifers, £7 Gs: two-year heifers, £5 10s to £G 10s; empty cows. £3 35s to £4 15s; forward cows, £5 ss; Jersey-cross cows and calves, £3 12s 6d to £5 12s 6d; steers, £4 15s; good Polled Angus bullocks, £ll 17s 6d. AUCTION NOTES Samuel Yaile and Sons, Ltd., instructed by the mortgagee, will sell by public auction at their rooms, Queen Street, on Friday, November 15, at 2 p.m., the following properties: House of five rooms, Jellicoe Avenue, Manurewa: house of four rooms. Harding Avenue, Panmure: bungalow of six rooms, Xo. 67 Calgary St.. Mount Eden. George Walker, Ltd., instructed by the ‘ executors in the estate of J. A. Brad- , street (deceased), will sell by public auction at the residence, Wallace Road. Papatoetoe, on Saturday, November 9. j at 12 noon, tb® whole of the household furnishings and general appointments. j

CURE OF MAMMITIS

EFFICIENCY OF VACCINES FARMERS EXPRESS DOUBTS From Our Own Correspondent HAMILTON, Friday. Doubts concerning the efficacy of vaccines for the treatment of contagious mammitis in dairy cows were expressed by executive members of the Waikato Farmers’ Union at a meeting in Hamilton today. Several members said definite cures could not be -effected by the use of vaccines, and the farmers were in many cases dupecl. Mr. T. H. Henderson, president, considered the Agricultural Department, which so far had been silent, should state its mind on the subject. Mr. W. Boyd pointed out that the sale of alleged remedies was governed by the Food and Drugs Net, and steps should be taken by the Government to ensure that the Act was being complied with in cases of vaccine. Mr. T. Roach told members of his experience with several animals which had suffered from mammitis, and which, he believed, had been cured by a vaccine sold by a proprietary concern. That some cases might be cured if the disease had not developed too far was stated by Mr. S. R. Cox. Tie added that when the germ had made inroads so far into the udder that the tissue was destroyed nothing could be done. “Yes, but the fellows who inject the stuff won’t tell you that.” said Mr. Livingstone. “The poor old cocky, swallows it whole!” It was decided to write to the Agricultural Department asking for a full investigation of alleged remedies, and for details of vaccines sold. The Newstead branch forwarded a resolution expressing the need for the Government offering substantial rewards for reliable and applicable remedies. Mr. Boyd contended that world-wide research was taking place into methods for combatting mammitis and the offer of a reward in New Zealand might not be justified. It was decided to commend to the branch the comprehensive report on mammitis appearing in the last issue of the “Agricultural Journal.”

I uy«r*. Seller*. s d. £ s. d. BANKS— Aust. of Commerce 1 30 0 Com. of Australia . 3 1 7 Ditto (pref. > .. .. k 17 0 Xing.. Scot «v Au.v JO 0 s 0 0 National ot N'.X. .. G 13 0 G 17 Is at. of Australasia (non.) S 12 k Nov South W ales 4S 0 0 4S 0 Is'oss* Zealand 0 0 0 9 Ditto (D. Mort.) . l X 1 0 U JJnion of Australia 14 5 0 — INSURANCE— -VP. A — 0 13 r. New Zealand . • South British .. .. 3 b 0 3 0 5 LOAN AND AGENCY— T>algoty and Co. . . 13 12 6 L>om. Invest and Bank 1 1 r. Tanners’ Co-op Auct 4 1 0 Ditto A (pref.) 0 111 0 «ioldsbrouph. Mort 2 4 G Is. Auck. Farmers* Co-op. (ord.) . . . n 0 0 Ditto (A pref.) .. 0 11 0 0 13 0 COAL— liikurangi 0 1 p — I»itto « pref. > . . .. •1 Ditto (A pref.) .. k 0 0 Bukemiro 10 0 Renown k; 9 0 17 k I >i?to (pret. > . . 3 0 Ditto (new issue) (1 3 Taupirl 1 9 k 1 10 G Ditto (pref.) .. .. 1 NS aipa 0 15 0 "Westport-Stockton .. — 0 3 5 GAS— Auckland 1 4 10 Ditto (con.) .. .. u IS 0 — SHIPPING— Pevonport Steam . 1 1 s 1 *» I Toward Smith .. .. 1 o Northern Steam 0 1-t 3 0 1 nion Steam .. .. 1 0 G — TIMBER— 1 Bartholomew 1 0 6 I eyland-O'Brien 3 National 0 s 0 9 0 1‘arker-Lamb .. .. — 0 17 9 •WOOLLEN— Kaiapoi (pref.) .. .. — 0 1G 6 BREWERIES— N X. Breweries . . 4 0 4 S 0 AlIS* 'ELLANEOUS— Auck. Amuse. Park 0 0 Australian Glass .. 11 0 British Tobacco 4 Colonial Sugar 32 5 0 33 0 0 ~

Buyers Sellers £ s. d. £ s d. "Dental and Medical 0 Dominion Pictures . 1 0 6 ; Ditto (pref.) . . . . 1 0 a Dunlop Perdriau 1 ft | East African Coffee 1 10 0 1 Electrolytic Zinc (ord.) 1 13 0 Ditto (X3ref.> .. .. .1 13 Farmers’ Trading . 6 Ditto (B nref.) n 13 Grey and Menzies . 0 10 6 Hayward's Pictures 0 17 11.M. Arcade Theatre (pref.) 3 1 0 Kempthorne, Prosser 3 12 Lewis Eady (ord.) . 1 Ditto (pref.) . . . . Milne and Choyce, (fleb. stock) .. .. 3 7 0 X.Z. Farmers’ Fort. 1 1 10 'S '/.. Refrigerating- . 0 12 0 0 1 )itto (con.) . . . . 0 30 Northern Boot .. .. 0 Robinson Ice Cream Sanford, Ltd Ditto (pref.) . . . . 0 19 6 S. It. Maxwell Taranaki Oil Fields 0 4 2 I onson Garlick . . . . 0 4 1 nion (.ill 2 •> 0 O IS liittome-Stevenson AS ilsons Cement 2 2 3 2 3 0 MIXING— Moanataiari (paid) . o 0 0 , Ditto (2s I'd pd) o Ditto <ls 6d pd) 0 0 1 Lucky Shot (Is pd) 0 0 S 0 Ditto (con,) .. .. Ohinemuri (ord.) .. 0 30 0 30 Ditto (pref.’) .. 0 9 9 WaiHi 0 12 5 0 12 7 Waihi flrand June. 1 Mount EveH 1 0 j Kuala Kampar Tin 0 11 5 0 11 1DEBENTURES— Auok. Harbour Board, 5* per cent 99 0 0 Ditto, . r ,\ p.c 100 0 0 Auck. Hosp. Bd., 51 101 Limaru Har. 1936, 5 per cent X.Z. Breweries .. .. Gisborne Sheepfarmers — 100 0 0 GOVERNMENT BONDS — War Loan. 1939, 41 100 0 n Ditto, 1941, -42 p.c. 100 0 Ditto, 1933, 5i p.c. 99 0 0 INSCRIBED STOCK War Loan. 1938, 4i ion 0 ft Ditto. 1939. 4i p.c. 100 0 Ditto, *1927-41, 54 99 Ditto. 3 92:;. p.c. 99 0 1 Ditto, 1933, 51 p.c. 100 10 0

Xovtli Auckland 4S.713 Auckland 106,S23 Gisborne 9,579 Hawke's Bay S.243 Taranaki 30,298 ■Wellington 36,547 North Island .. 2-40,203 Nelson .. 1,241 Marlborough 2,176 Westland Canterbury 3,524 Otago ' 581 Southland 11,SCO South Island 10,391 Dominion 259,504

Oct. 31 Oct. 24 Par. Montreal, dol. 4.96 3-S 4.98} 4.S66 -\'ew York, clol. 4.87 13-16 4.S7 15-16 4.S66 Paris, fr 123.82 123.83 124.21 Brussels, belga 34.S65 34.S65 35.00 Geneva, fr. .. 25.175 25.17 25.22 Amsterdam, fl. 12.08 7-S 12.09 1-S 12.10 Rome, lire .. 93.105 93.12 92.46 Berlin, r.m. .. 20.385 20.2S 20.43 Stockholm, kr. . 18.165 18.16} IS.159 Oslo, kr IS.205 18.20 1S.159 Copenhagen, kr. 18.205 IS.20 18.159 Vienna, sch. .. 34.70 34.71 34.58} Prague, kr. .. 164} 164} 24.02 Helsingfors, m. 194 1-S Madrid, pes. .. 34.275 1941-8 192.23 34.06 25.22} Lisbon, escu. .. 10S.25 108.25 Athens, dr 375 375 375.00 Bukarest, lei. . 815.5 S16 25.22} R. de Jan., m. 527.32 527.32 B. Ayres, dol. . 45 3-S Calcutta, rupee 17 13-16 Shanghai, tael . 26 h Hong Kong, dol. 20iJ Yokohama, yen. 23 11-16 }?*„-!, 47.57d lSd IS! 23 23-32 24.5Sd Batavia, fl. .. 12.24 — 12.10