COMMERCIAL.

Star (Christchurch), Issue 19201, 15 October 1930, Page 3

COMMERCIAL.

BUYERS EAGER ON AUCKLAND ’CHANGE. RENEWED CONFIDENCE IN INVESTMENT STOCKS. (Special to the "Star.”} AUCKLAND, October 15. The renewed confidence' in investment stocks that has been shown on Australian exchanges recently has spread throughout the Dominion. Auckland had its share of the large turnover with buyers hurrying to get their orders in before prices should further advance. In almost every case, sales made were at higher levels than had ruled the day before. Business was chiefly confined to banks and Australian general securities, and for these the market was still firm. At this morning’s call for Commercials, 18s lOd was offered; for Bank of Australasias £ll 10s; and for National Bank of Australasia (contributing), £6 ss. Renewed interest is being shown in Moanataiari scrip, but buyers’ limits are low.

Inquiries were continued during the morning and seven fresh sales were recorded at the noon call, with buyers in several instances raising their limits. Auckland Gas shares seemed a little 1 easier and the contributing issue was offered at 17s 4d. Milne and Choyce debenture stock was available at 23s 9d. A parcel of per cent inscribed stock was offered at £99 los.

NEW ZEALAND BUTTER AND CANADIAN TARIFF

Per Press Association. WELLINGTON, October IS. Although the new Canadian tariff against New Zealand butter was to operate from last Sunday, and the Niagara made a spectacular race against time in order to tinload a large consignment of butter at Vancouver before the expiry of the old tariff, no definite advice has been received by the New Zealand Government whether the higher rates are yet effective. A recent cablegram from London indicated the likelihood of the old rates remaining until negotiations between the heads .of the Canadian and New Zealand Governments at the Imperial Conference had proceeded further than was possible at Ottawa. The acting-Prime Minister (Mr Ransom) is unable to throw any light on the present position. “We have received no advice either from Canada or from London,” he said. STOCK EXCHANGE. 1 , CHRISTCHURCH. . Following are to-day’s quotations: Buyers. Sellers. £■ ■ £ s. d. N.Z. GOVT. STOCK—--4* ir..c.,r Inscr, 1933 1 39 15 0 p.c. Inscr, 1937 9G 0 0 5&. p.c. Irtscr, 1932 . &S 7 6 54 p.c. Inscr, 1933 99 12 6 6$ p.c. 'Bonds, 1933 69 15 '0 • ol P,c. Bonds, 193 S 99 15 0, OTHER DEBENTURES— Chriatchurc h Drainage 62 p.c., 1938-73 ...... 99 15 0 •Christchurch Drainage 5S p.c., 1973 100 0 0 BANKS— Aust. of Comm. 10 0,1 0 S Comm, of Aust. .. 018 9 019 0 Comm. 'of Aust. 1 (pref.) 6 ; 8 6 6 13 0 Comm, of Sydney 18. 5 , 0■ 19 0 0 E.,- S. and. A. 5 .11 0 o 13 0 Natl, of A’sia.. (£lO paid) 13 2 0 13 9 0 Natl,- of A’sia. (£5 paid) .... 6 1 0 0 7 0 Natl, of New Zealand ......... 5 8 0 6 22 : 6 New South Wales 33 12 6 84 15 0 New Zealand ..... 2135 Union of Aust. .. 9-15 0-10 5 0 INSURANCE — A.P.A. 0 7 8 National . 0 13.11 New Zealand .... 2 1 S Standard 3 0 0 South British .. 3 IS 0 LOAN & AGENCY— Dalgety and Co. S 7 6 8 14 0 Goldsbrough Mori 1 2 11 1 3 1 N.Z. Guarantee . Corporation . . 0 7 3 United Building Society 0 14 S 0 15 0 SHIPPING Huddart Parker . 15 0 FROZEN MEAT— N.Z. Refrig. (£1 paid) ........ 0 S 3 0 S 9 N.Z. Ref rig. (10s paid) 0 2 9 0 3 0 WOOLLENS— • _ _ Kaiapoi <l7s pd.) 0 II b Kaiapoi (7s paid) 0 3 0 COAL— . * . Grey. Valley .. 1 Y Taupiri J Westport -• •> Stockton (pref.) . 0 J 3 GAS— ..x . „ , Auckland 1 ~10 1 S 4 Christchurch .. 16 0 s. o Christchurch <los _ paid) 012 5 012 9 Wellington ..... 1 7 0 BREWERIES— , . Carlton 1 - » £ f New Zealand .... 2 5 2 7* L Staples 17 b 119 § Tooheys 01b b o jjj Tooths 7x % o Ward ” ' X White Star 0 14 0 MISCELLANEOUS — Australian Distillery ...... 01- 2 1 s r, Australian Glass . 1 » J? ~ ® X Beath and Co. . . 16 0 I*o Beath and Co. (Is n a ft paid) ... , ° 5 British Tobacco 1.14 ,1. 114 j Colonial Sugar . . oO 1- l. ol 10 0 Pe : dr!aU . 0 10 0 . 0 11 0 Bl (pref‘.> OIS 1 018 4 Henry Jones Co- n op. .1 . „ « 1 ° u Holden’s Motors . 0 9 0 Mount Lyell J ' J S*s « N.Z. Drug Co. .. 23* b o * 6 2S-.Z. Farmers’ Coop. (Ist pref.) 8 0 0 N.Z. Farmers’ Co--1940) ■ St -°X !C ’ 7« 0 OSO 0 0 United Pictures . 010 6 1 Whitcombe and Tombs (cum 0 , rflv > 3 * 3 a 1A b ’ Wilson’s Cement IIS 6 2 0 0 mining— f Mahakipawa -- 0 0 / 0 o *a Stoney Creek <6d paid) -.-•• 0 0 * Waihi (cum div.) 010 1 WaMCranddunc; # „ ‘ 0 0 4, 0 0 9 : Cornish Point (Is paid) 0 0 2 0 0 G King Solomon .. 0 0 114 0 124

Sales on ’Change—Australian Bank of Commerce, 20s Sd (two parcels); Commercial Bank of Australia, 19s 2d (two parcels), 19s Id; National Bank of Australasia (£lO paid), £l3 4s 6d; National Bank of Australasia (£5 paid), £6 7s; Bank of New Zealand, 53s 6d; New Zealand Breweries, 455, 45s 3d; British Tobacco, 34s 3d; Mount Lyell, 13s Id; Mahakipawa, 73 d (three parcels). Sales Reported—Commercial Bank ox Australia, 19s sd; English, Scottish and Australian Bank, £5 13s; Union Bank of Australia, £lO ss; Mount Lyell, ISs 6d; Colonial Sugar, £3l 10s. Number of Shares. 200 Australian Banlc of Commerce 800 Commercial Bank of Australia 25 English, Scottish and Aust. Bank 10 National Bank of Australasia (£lO paid) 20 National Bank of Australasia (£5 paid) 100 Bank of New Zealand 30 Union Bank of Australia 100 New Zealand Breweries 100 British Tobacco 500 Mount Lyell 1300 Mahakipawa Goldfields 5 Colonial Sugar OTHER EXCHANGES. Per Press Association. AUCKLAND, October 15. Sales on 'Change.—s£ per cent Government Loan, 1936, £99 ss; Mount Lyell, ISs. , . _ , Sales Reported.—E., S. and A. Bank,' £6 13s; Bank of New South Wales, £34 17s 6d; Commercial Bank, 18s lid; New Zealand Insurance, 41s 3d; Colonial Sugar, £3l 10s; Australian Glass, 27s 6d. WELLINGTON, October 15. Sale on 'Change—South British Insurance, 575. . . _ , .. Sales Reported—Commercial Bank, 19s Id; Bank of New South Wales, £35; Bank of New Zealand, 53s 6d and 53s sd; Union Bank, £lO 4s; New Zealand Refrigerating, 8s 6d; Tooheys, 17s and 17s 3d; British Tobacco, 34s 6d. Sales Reported—sJ p.c. Inscribed Stock, 1933, £99 10s; National Bank of New Zealand, £5 9s; New Zealand Guarantee Corporation (ord.), 7s 6d; British Tobacco (ord.), 34s and 34s 6d.

CANADIAN WHEAT POOLS REDUCE PRICE FIVE CENTS.

(United Press Assn.—By Electrlo Telegraph—Copyright.! (Received October 15, 1 p.m.) WINNIPEG, October 14. The central sales agency of the wheat pools has announced a reduction of five cents a bushel on the initial payment on wheat. This reduction, will go into effect until further notice. Thi3 makes the . pool’s initial payment basis 55 cents a bushel. No statement accompanied the announcement., agency officials remarking that no comment was required, when the market prices on the completely demoralised world markets were so close to the pool's initial payment. CHICAGO MARKET. (Received October 15, 11.20 a.m.) NEW PORK, October 14. Chicago wheat quotations are:—December, 783 cents a bushel; March, 522 cents; May, 542 cents. GUARANTEE CORPORATION. The seventh annual meeting of shareholders- of the New Zealand Guarantee Corporation, Ltd., was held in the Accountants* Chambers, Wellington, on Saturday, when Mr Sidney Kirkcaldie presided. In opening- the meeting he referred to the death of the late chairman, the Right Hon. Sir-Joseph Ward, and shareholders stood in silence for a few moments as a mark of respect. In commenting on the annual report and balance-sheet, Mr Kirkcaldie mentioned that practically the whole of the Corporation’s assets were liquid, that finances were well arranged and satisfactory, and that it was extremely unlikely that, there would be any necessity to call up further capital. “ During the Corporation's seven i years of existence," said Mr Kirltcaldie, 1 "it has provided shareholders in cash dividends with no less than £112,866, in addition to providing reserves of £35,00.0, and writing off the whole of the preliminary and establishment expenses." In accordance with the recommendation which had already been made by tl?e directors, he moved that the following dividends, free of income tax, be paid, and the sum of £SOOO transferred to the general reserve account;—<a) At the rate of 7 per cent per annum on preference shares; (b) lOd per share on the fully paid up ordinary shares, making a total of Is 8d for the year; (c) 4d per share on the balance- of the ordinary shares, making a total of Sd per share for the year. In speaking to the motion, the vicechairman, Mr Will Appleton, dealt with some of the difficulties encountered by the Corporation during the past twelve months, and stated that in view of the fact that the production of . motor-cars in the United States had fallen by something like 40 per cent, it was inevitable that it would be increasingly difficult to profitably employ the Corporation’s funds in the motor industry, and . that the directors, therefore, were on the look-out for other avenues for the use of the funds. He also explained why it was unlikely that any further calls would be made, and that the bank overdraft could be eliminated in a very short time if necessary.

The recommendations of the board were unanimously carried, and several shareholders expressed their appreciation of the good, work done by the directors during the past twelve