FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1042, 5 August 1930, Page 11

FINANCE & MARKETS

More Interest in Banks Movements on ’Change

By

“Noon Call.”

A LITTLE* more activity in the banking group has been one of the features of business on ’Change over the past 24 hours. Gilt-edge securities hold very firm.

fluctuations Price movements, shown by a comparison of sales on 'Change over the past 24 hours with the price at the time of the previous recorded sale, include: Commercial Bank of Australia, fall of Id. Mount Lyell (rights), fall of Id. Bank of New South Wales, rise of 2s 6d. National Bank of Australasia (con.), rise of 9d. Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included the following: Yesterday afternoon: Australian Bank of Commerce. 21s 10£d; Sanford, 11s Gd; Mount Lyell, 23s 6d. At the 10 a.m. call.—Commercial Bank of Australia, 21s 3d; National Bank of Australasia, £6 10s 9d; Bank oi New South Wales, £37 2s 6d. At midday.—Mount Lyell (rights), 3s 6d: Commercial Bank of Australia, 21s 3d. Market at Midday Most of the business on ’Change at the moment is being transacted" outride the call room. There is a better tone in the market. and investors. generally, are showing a little more confidence. Government stocks and bonds continue to meet with the best dfemand, offering as they do the highest degree of security with a return which ranges round 32 per cent.; local ftody debentures are offered fairly freely, but the demand for this class of investment j.-: not keen on the open market. Mining is neglected. Banking Group Active Increased activity has been shown in the banking group over the past 24 hours and a number of sales have been recorded. Commercials of Australia have

changed hands freely at the slightly lower price of 21s 3d; at this price the approximate return on investment, after allowing for the dividend of 9d due in a day or so. is 7.3 per cent. Both New South Wales and Nationals of Australasias are a little firmer: the return on ’Asias, based on the latest dividend, is also' a shade over 7 per cent. Gold in the Kawarau With a week’s hard frost, increasing nightly in severity, the Kawarau River has been at its lowest known level, and has tempted numerous prospectors. They were very successful, several small parties gathering from an ounce to an ounce and a-half for an after noon’s work. On Friday morning, the local claimholders telegraphed to the Public AV orks Department asking for the dam to be closed for an additional 1G hours until Sunday afternoon. No reply was received, but had the dam been closed over the week-end, a large crowd would have been at work. The weather is still settled with hard frosts. Moturoa Oilfields Moturoa Oilfields, Ltd., report as follows for the week ended August 2: Gas has been sealed off at No. 1 well by the circulation of mud and fluid. Light-inch casing worked free. All damage done by the blow-out at 1,740 teet has been*repaired, and drilling to be resumed on Tuesday.—(P.A.). Dividends Due N.Z insurance—final. is a share . . Aug. 6. Com. Bank Aus.—final, pref., 4 p.c. p.a., ord., 15 pc. p.a. Aug. 7. Queensland National Bank—quarterly, 2 p.c., making 9 per cent, for year Aug. 14. Farmers - Fertiliser Co—B p.e Aug. 15. Dominion Investment and Banking—annual, 7 p.c.. .. Aug. 15. Victoria Nyanza Sugar—lnterim, 75 p.c Aug. 25. Electrolytic Zinc—ord. and pref. final. 4 p.c Sept 4

TODAY’S QUOTATIONS

Closing quotations at today’s midday call were:—

STEEL PIPE INDUSTRY NiW FACTORY AT WELLINGTON A factory is shortly to be erected at bower Hutt by Hume Steel, Ltd., for *“0 manufacture of steel pipes of all descriptions. Hume Steel, Ltd., which a capital of £ 500,000. is an associate company to Hume Pipe Company |Aus.). Ltd., and commenced „ operahons in Australia about six years agro, manufacturing? an automatically welded steel pipe by a new and patented process. The Dunedin City Council has Siven the company a contract for the Ripply of 30.200 feet of 14-inch diameter cement-lined steel pipes to be dsed in the extension of the water •upply system. It is proposed that T ne Pipes shall be manufactured at T? Wer Hutt from steel plates imported th Ct i_ from Great Britain and shall Ren be shipped to Dunedin, to be f^ ent -bned at the Dunedin branch ctory of the Hume Pipe Company. Steel. Ltd., in its first efforts, cured contracts for the supply of 113 , ae ® of steel cement-lined pipes. from 16 to 8 inches in diafor tlie South Australian Water sSi •• and for 10 miles of 46-inch Pipes for the Melbourne and { h ® tr °P 0 litan Board of Works. Since thn ac^or ios have been opened in all i e States of Australia and fi ’ aPOr ° anc * ot i ier parts of the

SEVERE DROUGHTS SHORTAGE OF LIVESTOCK FOOD liecd. 5.30 a.m. CHICAGO. Monday. Mr. Alexander Legge, chairman of the Federal Farm Board, stated that the severe drought conditions have given rise to an emergency warranting the use of low-priced wheat as livestock feed. He said the severe drought had caused a shortage of regular feed for cattle and swine, and suggested relief of over-stocked wheat by this method A message from Washington says Ijouis Taber, Master of the National Grange, told President Hoover that a catastrophe would face droughtstricken farms in areas east of the Mississippi unless there was rain soon. Mr. Taber urged the Government to consider measures to aid the situation. AFFORESTATION ACTIVITIES WORK FOR UNEMPLOYED Although the present is rather a quiet season with respect to the planting - of l'resh areas in the afforestation districts of South Auckland, a comparatively large number of men are finding employment during the winter either with the Government or with the afforestation companies. The tota* area planted this winter will not be as large as in any previous season over the past five years, but this is not so much due to any limit being reached in the area to be planted, as to an easing down preparatory to even greater progress in the future. The Forestry Department is finding employment for a large number of men in the Taupo area, while Now Zealand Perpetual Forests, Ltd., has over 600 men employed, at Putaruru.

NITRATE INDUSTRY SCHEME , FOR SOUTHLAND SATISFACTORY INVESTIGATIONS For sopie time past residents of Southland and business men through- ! out New Zealand have been interested in the proposed scheme for the production of nitrates in the West Coast Sounds country of Southland with power developed from waters of Lake Manapouri. A thorough investigation into the possibilities of the scheme was recently made by Mr. Gibb on behalf of London financiers interested in the schenib, and Mr. Gibb left for Lon-' don last week to present his report to his principals. This report is confidential and will not be released to the general public, but will be presented to shareholders or prospective shareholders in the venture. The report is stated to be highly satisfactory in every phase and is so thorough that it will enable the promoters of the scheme to order the necessary machinery for the nitrate works if they decide to go on with the development. The report deals with tho harnessing of the waters of the lake, with the tunnelling which will have to be taken through the mountains to the proposed site of the nitrates factory and with a factory site and shipping of the product. In an interview, Mr. A. Leigh Hunt, New Zealand agent for the promoters, said that he could not disclose the contents of the report, which was a very technical one, but he was at liberty to say that it was highly satisfactory. He felt confident that it would prove very satisfactory to the promoters and he was optimistic of the future of the scheme, which was a big one and one that would do a great deal toward promoting progress in New Zealand. “It will, make some of the pessimists of the country realise that they are wrong,” lie said. “There are great possibilities in tho Dominion and it will be for the good of everyone if they, are developed.” LONDON PRODUCE MARKETS I The Department of Agriculture has received the following cablegram, dated August 2, from the High Commissioner for New Zealand in London: Tallow.—A fair demand on spot for fine mutton at the same price as last week. There is little available of other descriptions. The market is steady for forward shipment. Fruit. —The market continues dull with a slightly better demand for cold stored apples. Present quotations are: Sturmer, 8s to 10s Gd; Dougherty, 8s to 12s Gd; Delicious, 10s to 12s; Rokewood, 10s to 13s; Jonathan, 10s to 11s: Statesman. 8s to 12s; Sturmer (old stock, ex ship), clearing at 5s to Ss. Hemp.—Manila: The market is quiet and slightly easier owing to reductions in Mexican prices. “K” grade August-October shipment, sold at £22 ss. Sisal: Good white Mexican nowoffered, c.i.f., England and Continent, at £23 15s. African: The market continues dull. July-September shipment. No. 1 fair average quality, sold at £2l 10s; No. 2, £23 15s. witli sellers over; good marks. 10s more. New Zealand: Tho market stagnant and no first-hand sales are reported. A distressed parcel of high fair is reported to have been sold on spot at £22 10s. Wool—A better tone is reported in Bradford, and the general tendency is against buyers. Present quotations for tops are: G4’s, warp, 2s 4<l to 2s 4*d; average, 2s 3d to 2s 3Jd: sG’s, is 7d to Is 7. J .d; 50’s, prepared, Is sd; 40’s, Is 2id to Is 3d.

Oats. —A better demand by consumers. English threshing has been delayed owing to rain. Best bold white offered, 19s Gd to 20s. There is good spot inquiry for imported, but demand is limited for forward shipment. PlateFair average quality, August-Septem-ber shipment, offered 12s 9d; Chilean, 33s 3d: New Zealand, A grade Gartons. July-August shipment, 21s. Peas.—Maple: English are firm with the best making 44s 6d. The new crop is expected to be large, but the weather has delayed harvesting. Imported: The market is steady, and small business in No. 1 New Zealand old crop was done at 58s. The new crop is quoted at 60s without firm offer. A grade Tasmanian afloat sold at 635. Blues: No demand for Colonial owing to liberal supplies of English- and Nominal value of Tasmanian and New Zealand is not more than £ll a ton, c.i.f. Beans.—English: Quiet. Old crop winter making 38s to 395; choice spring, 43s to 445. The new crop promises well. Danish cocksfoot prices are firm for the new crop, September-October shipment offering 75s a cwt, c.i.f. COMPANY REGISTRATIONS Recent company registrations at Auckland include the following: Public United Tobacco Corporation, Tauranga, Limited, dealers in tobacco, etc. Capital, £125,000 in £1 shares. Subscribers: P. G. Easson, C. P. Lock, C. T. Keegan. K. A. Sneddon. R. W. Lock, S. H. Gallagher, H. S. Joll, D. S. Ivory and L. J. Merrielees, 200 shares each. Te Aroha-Thames Valley Co-opera-tive Dairy Company, Limited, dealers in dairy products, etc. Capital. £40,000 in £1 shares. Subscribers: H. O. Cooper, 200 shares; C. A. Hayward, 120 shares; IT. McKean. C. A. Amford, IT. Emett and M. C. Smith, 100 shares each; P. 11. Sutton, 59 shares. Private Otahuhu Theatre Company. Limited. Otahuhu, picture theatre and restaurant proprietors, etc. Capital, £15.000 in £1 shares. Subscribers: Union Theatres, Limited, Te Aroha, 11,700 shares; A. W. Andrews, 2,625 shares; M. Sinclair, 250 shares: J. C. Carroll and T. H. Billing, 150 shares each; A. Sinclair, 125 shares. British Supplies and Company, Limited, Auckland, general merchants, importers, exporters, indentors, manufacturers’ agents, etc. Capital, £4OO, in £1 shares. Subscribers: W. Jenkins, 300 shares; C. W. Swift, 100 shares. Refrigerators, Limited, Auckland, dealers in refrigerators, etc. Capital, £SOO in £1 shares. Subscribers: W. J. Bailey and A. D. Mcßae, 250 shares each. Craigwell, Limited, Parakai, private hotel proprietors. Capital, £1,500 in £l/shares. Subscribers: A. Eddleston, 1,100 shares; A. Eddleston, 100 shares; D. Raines, 300 shares. Springside, Limited, Parakai. private hotel proprietors. Capital, £1,500 in £1 shares. Subscribers: A. Eddleston. 3,000 shares; A. Eddleston, 300 shares; E. and M. Eddleston, 100 shares each. Watts’s Sports Depot. Limited, Auckland, dealers in shorts goods, etc. Capital, £1,350 in £1 shares. Subscribers: J. H. Watts, 810 shares; IT E. Watts, 540 shares. Parry Brothers, Limited. Auckland, shipping agents, etc. Capital, £2,000 in £1 shares. Subscribers: H. T. and T. O. Parry. 750 shares each; I. L. Barker, 400 shares; H. A. Garnash, 100 shares. Vacuetto Distributing Company (N.Z.), Limited, Auckland, dealers in machinery, merchandising, etc. Capital, £3OO in £1 shares. Subscribers: A. K. Jackson, D. Latimer and I. B. D Esam, 300 shares each. Two Islands Investment Company, Limited, agents, brokers, etc. Capital. £SO in £1 shares. Subscribers: S. and L. Doyle, 25 shares each.

Buyers. Sellers. £ s. d. £ s. a. BANKS — Aust. of Commerce . . 1 1 6 1 2 3 Australasia 12 0 0 Com. of Australia . 1 1 3 1 1 4 Ditto (con.) .. .. 0 10 Ditto (pref.) .. .. o 30 0 6 14 0 Ting;., Scot. & Aust. lo 0 .National of N.Z. 16 G New South Wales . 36 15 0 New Zealand 15 10 16 Ditto (D Mort.) . i <1 1 nion of Australia J<i 13 6 — INSURANCE— National 0 13 New Zealand .. b 3 r, South British .. .. — 2 19 0 LOAN AND AGENCY — Farmers’ Co-op. Auc t. A (pref.) 0 16 fi Ditto B (pref.) .. 0 15 Goldsbrough, Alort * 1 6 1 7 9 Newton King; (pref.) 0 0 N.Z. & River Plate 1 10 0 N.Z. Guar. Corp. 0 7 6 N.Z. Loan & Merc. 8(1 0 0 93 0 0 Reliance Doan . . .. — 1 2 .0 CO A L— Pukemiro 3 , a Renown 0 lb 0 Ditto (pref.) . . . . 0 3 0 Ditto (new issue) 0 2 7 0 2 11 Taupiri 1 7 0 1 8 6 Ditto (pref.) .. . . 1 6 "Waipn 0 12 6 ■\Vestport-Stockton . — , 0 2 0 GAS— Auckland 1 4 9 0 Birkenhead and Norchcote 0 1 2 0 Gisborne 0 1 f 0 Thames — 0 S 6 SHIPPING— 1 4 O Down rd .Smith .. .. 0 17 k iluddart-Parker 1 3 9 & Northern Steam .. 0 14 f. <0 14 9 Ditto (con.) .. .. 0 6 4 r. and O. (def. stk.) 3 6 — l nion Steam (pref.) 1 0 3 — TIMBER— 1 f> 0 National 0 8 9 0 10 0 Parker- La mb .. .. 0 14 0 RREWER1ES— * Ditto (pref.) .. .. 1 1 0 __ 2 10 0 11 0 rimaru 0 12 6 — miscellaneous— British Tobacco IS 0 Bycroft, Ltd 1 15 0 Colonial Sugar 37 10 0 —

Buyers. Sellers. £ s. d. £ s. d Con. Brick and Pipe 0 17 Dominion Pictures . 1 r, Ditto (pref,) 1 1 G Electrolytic Zinc (ord.) 1 0 0 Ditto (pref.) .. .. 1 9 l 4 Palmers’ Trading •• 0 s 0 S 0 Ditto (P» pref.) .. 0 12 0 o 1:5 Puller’s Pictures 0 12 9 Ha y ward ’ s Pic tures n 12 Hill and Plummer . 1 , 3 Ditto (pref.) 1 0 X.z. Dr up 1 •1 0 Milne anti Choyce (deb. stock) . . . . 1 4 o 1 National Pictures . 0 13 .N.Z. Farmers’ Fert. 1 1 0. N.Z. Paper Mills 0 19 0 Robinson Icc Cream 1 0 Sanford, Ltd 0 12 Ditto (pref.) . . . . 0 19 0 Sharland 0 Taranaki Oilfields 0 2 0 0 Thames Theatre 0 11 0 0 lb 0 1 Jnion Oil 1 15 0 \\ hittome-Stevenson 1 18 0 Wilsons Cement 1 19 0 2 1 0 MININGMoanataiari (paid) . 0 0 7 ft 1 p, K a warn u 0 0 6 Ducky Shot (4s pd.) 1 . 0 Ohinemuri (ord.) . . 0 1. 0 Ditto (pref.) 0 1 3 Waihi 0 13 9 0 14 1 Waihi Grand June. 0 1 10 0 2 9 Mount Lyell t 3 0 1 3 Ditto (rights) 0 1 0 1 9 Kampong .. ; . .. 0 18 0 — DEBENTURES— Auckland Gas. 1932, 94 0 0 Ditto, 1935. GJ p.c. 101 0 0 Audi Harbour Board. 1959,' p.c 95 10 0 Ditto, 1941. 6 p.c. 101 0 0 City of Auckland. 1940, 5} p.c 97 0 0 Ditto. 1919, 5i p.c. 95 10 0 1 959, 5* p.c 95 10 0 Bor. of Devcnport, 6 p.c 101 0 0 Gisborne Sheepfarmers’ 80 0 0 1 1 0 Glaxo .. 90 0 0 — GOVERNMENT LOA-NS War Loan, 1930, 45 99 5 0 — Ditto, 1938, 45 p.c. 99 10 0 Ditto, 1939, 45 p.c. 99 10 0 Ditto, 1941. 45 p.c. 99 10 0 Ditto, 1933, 55 p.c. 99 0 0 Ditto, 1936, 55 p.c. 99 2 6 — INSCRIBED STOCK War Loan. 1938, 45 99 10 0 — Ditto. 1939. 45 p-c. 99 10 0 Ditto. 1933, 54 p.c. 98 15 0 Ditto, 1933, 55 p.c. Ditto, 1D30, 5i ll.c. 99 —