THE WORLD OF COMMERCE

New Zealand Times, Volume LIII, Issue 12612, 24 November 1926, Page 8

THE WORLD OF COMMERCE

WELLINGTON STOCK EXCHANGE YESTERDAY’S QUOTATIONS. (3.15 p.m. Call.) Yesterday’s closing quotations for premiums of investment and mining stocks, as advised by the Wellington Stock Exchange, are as under: — Buyers. Sellers. '■ £ s. d. M s. d.

tEx div. # Cum div. • Sales reported.— New Zealand Government Inscribed Stock (1938), £96 15s; Union Bank of Australia, .£ls 5s 6d and £ls ss; Wilson's Cement, £1 15s. . SALES IN*OTHER CENTRES Per Press Association. AUCKLAND, November 23. Sales on 'Change.—Moanataiaxi, 4s lOd; Lucky Shot, Is 4d (cont.)» Is fid (paid). # . Sale reported.—Moanataiar), 4s 10d, ss. Sales.—National Bank of New Zealand, «£7 Is; Bank of New South Wales, £45 2s fid ;• New Zealand Insurance, 395; Taupiri Coal, 21s 9d; Wilson’s Cement, 34s 9d; Alburnia, 4s 4d; Moanataiari, 5s 4d; ditto (cont.), 5s 2d, 5s sd, 5s 6d; Lucky Shot (cont.) . Is 3d, Is 4d, Is sd; New Woiotahi (cont.). Is sd. CHRISTCHURCH, November 23. Sales on 'Change.—4l per cent. Inscribed Stock (1988). £96 15s. Sale reported.—Bank of New South Wales, £45. Sales reported: Bank of New South Wales \£4s 2s 6d; Bank of New Zealand (rights). 6s 8d; Electrolytic Zinc (pref.), 376; Waihi Grand Junction, 2s 3d. Sale on ■'Change: New Zealand Guarantee Corporation, 10s 3d. DUNEDIN, November 23. Sales.—Dominion Rubber, 49s fid; Kawarau, 3s 6d, 3s 7d; New Zealand Government per cent. Inscribed Stock (1936), £IOO 10s. FOREIGN EXCHANGE RATES Axistralian and N Z Cable Association LONDON, November 22. Foreign rates of exchange, compared with par rates, or as averaged, first half of 1914. are*—

LONDON PRODUCE MARKETS

STORED BUTTER IN FATE DEMAND. The Bank of New Zealand, produce department., has received the following advice from its London office, under date 19th inst.:— Butter—Stored, in fair demand, 138 s to 142 s per cwt; controlled, no demand, 148 s to 150 s per cwt. Cheese—Controlled, slow, 84s to 85s per cwt • Frozen Meat —It is thought that the market for wetleer mutton has reached bottom. The market for ewes is unsteady, hut it is thought it will improve. The market, for lamb is weaker for heavy weights, light remain steady. Beef is in short supply, and prices are nominal;—Wethers, light, ssd to fijd per lb, ‘heavy 5d to sjd; ewes, 3sd to 4s<l; lnml>s, two's 9d to 93d, eight's Bld to 9d, four's 7cl to 7jd, seconds 84d to fid. LONDON* TALLOW SALES Messrs Dalgety and Co., Ltd., Teport having received the following cablegram from their London house, under date of the 2nd instant:—Tallow —Owing to absence of demand there will be no public sales this week. MISCELLANEOUS By Telegraph.—Press Assd.—Copyright. (Received November 23. 8.40 p.m.) LONDON. November 22. Wheat.—The cargoes market opened firmer, on the American improvement, but support was lacking, aud the market

closed with prices unchanged. Parcels were in quiet request at prices 3d to fid higher. Liverpool futures: December, 11s 3d; March, 10s 73d; May, 10s Sid per cental.

Metals.—Copper, standard spot .£57 Is 3d a ton, forward £57 18s 9d; lead, «£29 and .£29 7s 6d; spelter, <£33 fis 3d and £33 6s 3d; tin, £312 Is 3d and <£3oo 11s 3d; silver, standard 2Sfd, fine 27{d an ounce.

g CANTERBURY MARKETS

BUSINESS VERY QUIET good Crops expected. Per Pre6s Association. CHRISTCHURCH, November 23. At present merchants are experiencing a very quiet time, and not much activity can be looked for until the harvest. Very few potatoes are le4t now, and merchants will not risk sending shipments to Australia at this time of the year. The only trade with Sydney now is in a few farmers' consignments. These are bringing from £lO to <£l2 per ton, according to quality. The 160 tons which went on the Whangape- should have sold well, provided they arrived in saleable condition. Five days like yesterday on the water would convert potatoes into mush. The quality of the old potatoes remaining is now far from good, but there is still a fair inquiry from Wellington for Dakotas, which, however, are in short 'supply The new season's crops are looking particularly well, and there are no signs of blight. Given a few days of summer warmth, growers' fears that the abundant rain lately would cause trouble will vanish. A few deals in April, May and June delivery have been put through at <£3 IQs per ton. Farmers will discuss wheat prices at a meeting early in December at Ashbur- 1 ton. Quite a fair amount of business is reported to have heen done in forward buying at fis per bushel, but merchants have been more reluctant since the fall in Australian values. Competition from flour imported from across the Tasman is feared to such an extent that buyers are disinclined to make further commitments at the price quoted. No sign of rust is apparent in the new crops, which have never looked better. The harvest should be the best for years. Only a few isolated lots of last season's wheat are left, and 7s 6d per bushel is being given for prompt delivery. The oats market is dead, nominal quotations being 3s 9d per bushel, f.0.b., s.i., for A grade Gartons, and 3s 6d to 3s 7d for B grade. Some of the early crops are in ear and look well. The straw will be longer this year, but in the case of the oats cut into chaff the colour should be right. A few inquiries for next year's chaff have been received, but eo far there have been no sales, buyers' idea of value being too low. Small lots have been sold in Marlborough. A little business was done in cowgrass last week on the basis of 112 s per cwt. for znachine-dressed lines of choice quality, representing 9d per lb on trucks to farmers for undressed 6eed. No change is reported in ryegrass, while no cocksfoot is offering. ,

Partridge peas are being offered at 8s f.0.b., s.i., for No. 1 quality next season's crop, but at this price there are no buyers.

BURNSIDE STOCK SALE |

DECREASE IN VALUES i GOOD QUALITY FORWARD. " ' Per Press Association. DUNEDIN, November 23. The weekly Burnside stock sale was held to-day instead of to-morrow, on account of the opening of the summer show. Values showed a decrease in almost every department. The offerings all round were fair and .some good quality stock was forward, but the demand was i nsteady. There was another good quality entry of fat cattle, included in which were some extra prime heavy bullocks. The balance of the yarding were very useful steers and cows with only a sprinkling of heifers. Heavy cattle eased by about £1 per head, and light from 10s to 15s. Prices for bullocks were uneven, ranging from <£ll 15s to £l7 15s; medium prime-bul-locks made from .£l4 5s to <£ls 10s; heifers showed little change, selling at from £7 to £8 156; cows made from £6 15s to £l2. The pfice for 1001 b for extra heavy ox beef was 355, for prime light 37s 6a, for prime heifers 30s, and cows and light heifers made 255. About 170 head of store cattle of medium quality met with a fair’ sale. The entry consisted chiefly of fair tr prime cows and young stuff. Conditioned cows met with a good sale, but for others there was only a quiet demand and unchanged. Over 2000 head of sheep were penned, fully 75 per cent, of which were shorn. The quality was good all round. A few lots of good woolled sheep with some pens of unfinished woollies made up the balance of a good entry. The demand was quiet, however, and before the sale closed an easing was noticeable all round. * Best short sheep were down about Is per head, and mediums about Is 6d. Woollies eased by about 2s. The demand eased as the progressed, and some passings were made. There was only a meagre outside inquiry. Heavy wethers in the wool made up to 43s fid, and lighter from 32s fid upwards. Woolly ewes brought from 29e 3d to 34s 3d; shorn wethers from 26s fid to 27s 8d; light up to 25s 3d, and shorn ewes were firm at from 23s 6d to 30s 6d. The price per pound for mutton was: Heavy woolly, wethers, shorn, 4d; light shorn wethers, 4jd; and shorn ewes, 3Jd, A greatly-increased penning of fat lambs of good quality was forward, there being about 250 in all. Competition throughout was good, but values were lower all round. There were a few small lambs forward, but taken all round there was a sufficient quality to create a brisk demand. Prices were lower by a few shillings, and were as follow: Prime 29s to 33s 6d; medium light 24s 6d to 265; lighter sorts 22a 6d to 23s 3d. The price per pound ranged from 9£d to lid. About 103 fat pigs and 120 stores met with a good sale at prices slightly in advance of last week's for stores. Fat pigs remained at par. MARTON SALE Messrs Dalgety and Co., Palmerston North, report having a moderate entry of sheep and a small yarding of cattle at their Marton sale on Monday, 22nd instant. The whole of the yarding changed hands, and prices are as below: Culled mixed sex two-tooths 126 6d, medium two and four-toothed ewes 18s 8d; fair four-toothed wethers 18s 9d; mixed hoggets 20s Id* store cows, 22s 6d, 355, 37s 6d; light fat cows, £5; weaner pigs, 16s to 21s.

WANGANUI WOOL SALE

MARKET EXCEEDINGLY FIRM VALUES IN SELLERS’ FAVOUR. Per Press Association. WANGANUI, November 23. At the wool sale to-day, wool was much sounder than last year's clip, although tenderness was apparent in some of the fine sorts. In comparison with earlier sales, the market wna exceedingly firm and the trend of values was generally in sellers' favour, especially in the finer grades, from 46*s upwards. The attendance of buyers was very large, and competition was free and well spread. Continental buyers operated with more freedom. and Bradford was bidding strongly. The tone of the sale generally was good, and the market exhibited more buoyancy than was probably anticipated. PRICES WELiTmAINTAINED Levin and Co., Ltd., report that at the first Wanganui wool sale of the 1926 season, held yesterday (Tueeday\ a catalogue of between 8000 and 9000 bales was offered, tlieir proportion being 1000 bales. There was a large attendance of buyers. The United Kingdom, United States, Canada, France, Italy, Germany, Belgium. Japan, Dominion and Australian mills and local scourers nil had their representatives on the benches. Very few lots were passed iru 93 per cent.

of Levin, and Co/« catalogue being sold under the hammer.

Owing to the continuous wet,weather interfering with shearing operations, the aggregate offering yesterday was not so large as it has been for the past few years, and most of the catalogues have been supplemented with, wool carried over from last season. The new season's clip is showing an all-round improvement on last year, being well grown and nourished,' and so far light in grease. It was rather disappointing to see in a few instances super wools, which otherwise would command American competition, being offered by growers unskirted and with even bellies on. Where we can get the American competition on well-skirted lines the averages are kept proportionately high ■by the keen demand for/pieces and pellies from the Continent, and the average price of the clip would be undoubtedly better than by selling under the ajl-in policy. As usual in Wanganui, tne Continent was the mainstay of the sale, and purchased a good deal of wool at prices on a par with or better than those realised in Wellington and Napier last week. Considering the style of Wanganui wools these prices, in most instances, must be considered very satisfactory in comparison with the two sales last week, because we were getting practically the same prices for similar quality wools, which are inferior in style and condition, RANGE OF PRICES Following is the range of prices (March prices in parentheses):— Fine crossbred, 46-48: Super (12£d to 13Jd) 13d to lSjd, average (llid to ISJd) lid to 12id, inferior (7d to 9ld) fid to 103 d. Medium crossbred, 44-46; Super to 12id) 12d to 12£d» average (10£d to ll£d) lid to 12d, inferior (8d to 10£d) BJd to 10Jd.

Coarse crossbred, 40-44: Super (lid to 12d) lid to ll£d, average (lOd to ll£d) 10Jd to 10Jd, inferior (7£d to 10£d) 8d to 93d. L<?w crossbred, 36-40: Super (10£d to lid) lOd to 10£d, average (10a to 10W) 9Jd to lOd, inferior (10§d to fi£dV 74d to_ fi£d. Hoggets, 48-50 (none nfierin?), 12£d to 14£d; fine, 46-48 (lid to 13d), ll*d to 13£a; medium, 44-46 (9Jd to 11§cJ), lid to 12£d; coarse, 40-44 (8d to lOd), B£d to 10£d; low, 36-40 (8d to fi£d), 8d to.lOd. . Lambs, (none offering; none offering. Bellies and pieces: Crossbred, good to super (8d to Bjd), Bjd to 10Jd; low to medium (6d to 7Jd), s|d to Bd. Locks: Crossbred (4d to sJd\ 4§d to s*d. Crutchings: Medium to gopd (6£il to 7d), 7jd to 8!d); inferior to seedy (4d to Old), 5d to 7jd. *, CUSTOMS REVENUE. The Customs revenue received at the port of Wellington vesterdnv aggregated £5037.

Government Loans — Inscribed Stock (1939) 96 12 6 Inscribed Stock (1938) 96 15 — Inscribed Stock (1933) 100 10 0 Inscribed Stock (1936) 100 10 — War Bonds (1939) 96 12 6 96 15 0 — War Bonds (1933) 100 12 — War Bonds (1936) 100 12 6 Debentures— Wn. Racine Club ... 106 0 6 — N.Z. Breweries (stock) N.Z. Breweries (bonds) — 1 b 1 5 6 Petone-Lower Hutt Si 96 0 per cent. (1927) ...... Petone-Lower Huct 5* 96 0 per cent. (1952) Pahiatua Borough *> 95 10 per cent.' (1935) — Makerua Drainage Banks— 14 5 0 1 12 1 12 9 0 New South Wales 44. 15 0* — 3 0 3 3 1 0 6 6 0 6 Union of Australia ... 15 6 Financial— Goldsbrough Mort ... Equitable Building ... N.Z. Guarantee/ Corp. (ord.. 8s) N.Z. Guarantee Corp 0 10 4 6 2 11 9 15 0 10 0 0 9 1 0 — Wn. Invest. T. and A 0 10 6 — Wn. Trust; Loan 6 10 0 6 15 Wn Deposit & Mort0 10 4 Gas— Auckland (paid) ......... 1 3 3 — 1 3 6 Wellington (ord.) 1 6 S 1 7 0 Wellington (pref.) ...... 0 IB . Ashburton — Insurance— > f3 18 0 New Zealand — 1 19 6 South British • — Meat Preserving— N.Z. Refrigerating 9 (10s) 0 6 6 Gear 1 16 6 1 17 Transport— Huddart, Parker 1 0 9 1 0 0 Union Steam (pref.) ... P and 0. Deferred 1 o 3 Stock 240 0 0 250 0 0 Kelburn and Karori Tram (ord.) Timber— 1 7 0 *2 3 Leyland O’Brien — National — 0 16 0 Breweries— 0 19 9 _ Manning and Co. .....y 1 1 3 2 11 3 Staples and Co. 1 17 0 1 18 6 Ward and Co 2 2 6 2 3 6 Miscellaneous— 1 2 6 C. M. Banks (ord.) ... Electrolytic Zinc 1 17 Electrolytic Zinc 1 17 6 1 IS 0 N.Z. Paper Mills 1 0 Sharland &‘Co — 1 2 6 Sharland & Co. (pref ) — 1 3 0 Wellington Cordage ... AVilson’s Cement 1 14 7 0 18 1 14 10 Mining— 0 5 3 Kawarau 0 3 1 —

Brussels, belgas Nov. 22. Nov. 15. Par to £ Paris, francs 34.96 34.84 25.22* to £ Stockholm, knr. 136.25 . 144.63 25.22* 18.18 18.17 18.12 Oslo, knr. to £ C o p © n h a gen. 18.83 19.40 18.12 knr to X ... Berlin, reicks18.21 18.20 18.12 marks to £... 20.43 20.43 Borne, lire to £ Calcutta, pence 116.37 118.13 25.22* to rupee Yokohama, m m 24 pence to yen Hongkong, 24 5-16 24* 24.43 pcnc*? to dol Montreal dels. 28* 23* 24 to £ New York, dole. 4.84* 4.84* 4.866 to .£ Amsterdam, 4.84* 4.851-16 4.866 florins to £... Batavia, florins 12.12} 12.12* 12.107 to £ 12.10* 10.09*