Markets and Money

Sun (Auckland), Volume I, Issue 171, 10 October 1927, Page 12

Markets and Money

A Review for Business Men

ON THE ’CHANGE MARKET STILL QUIET , OHINEMURIS FIRMER A quiet tone still prevails on the ’Change, though there is a healthy inquiry for the better classes of securities. Auckland Gas continue in good tone on a market varying between 22s 10d and 22s lid. Coals are generally idle, with Hikurangis, if anything, slightly weaker. Waipas are firm. Little activity is recorded in miscellaneous. Mining, with the exception of Ohinemuris, is depressed and idle. Ohinemuris firmed during the morning to see a sale at 8s ana the market closed at mid-day with buyers 7s lid, sellers Bs. Government bonds and stocks, especially the 1933 and 1936 stocks, are in good demand on a firm market. SALES REGISTERED At this morning’s 10 o’clock call: On ’Change—Auckland Gas (ord.), 22s lid; Waihi G.M., 22s 6d. At to-day’s mid-day call: On ’Change—New Zealand Insurance, 39s 3d; Ohinemuri, 7s lid. Reported— Ohinemuri, 7s lid and Bs.

MID-DAY QUOTATIONS Closing quotations at to-day’s midday call were:

COMING AUCTIONS

H. C. Barker, of Ardmore, via Papakura, has instructed Alfred Buckland and Sons to sell the whole of his live and dead stock to-morrow, October 11.

At the Pukekohe yards on Thursday, October 13, Alfred Buckland and Sons will sell 200 head beef, 600 head store civttle, 200 dairy cows and heifers ar d 500 pig*.

BIG ISSUES PENDING LONDON MONEY MARKET SOUTH AFRICA’S GOOD CREDIT By Cable. — Press Association.—Copyright LONDON, Saturday. The closing of Government’s conversion loan offer has been followed by a sharp recovery in British Government securities, especially 5 per cent. War Loan. A satisfactory feature is that the recovery appears to be chiefly due to purchases of a purely investment character by comparatively small investors. The demand for Colonial stocks has been exceptionally good. The Australian 5 per cents, were bought freely with the result that the last issue is no longer quoted at a discount, but has feached about £ premium. With the market in this favourable position many new issues are expected in the near future. The first is a 5 per cent, loan of £5,000,000 for the Union of South Africa. The stock which will be redeemable at any time after 1945 at the borrowers’ option and will mature in 1975, will be issued at 99J. The loan was underwritten yesterday. Some surprise may be felt that South Africa can get 995, while Australia last July got only 93, but it must be remembered that the indebtedness of South Africa is far smaller than that o? Australia. The present South African 5 per cents, are quoted at 1015, and monetary conditions are far more favourable to-day than they were in July. Another large impending loan is one for Brazil of £17,000.000, which will be placed in New York and London. The London portion is £8,700,000, part of which will be allocated to the Continent. The price of issue has not yet been settled, but it is expected to yield to the investor a return of 7 per cent.—A. and N.Z. LONDON BUTTER MARKET DEMAND FROM AMERICA By Cable. — Press association.—Copyright LONDON, Saturday. The butter trade has been somewhat quiet in the last few weeks. Retailers have still sufficient stocks for their requirements, but the undertone in the market is very firm, in view of the statistical position. It is expected that prices will be maintained until the new season’s butters have arrived. After that it is believed deliveries of Australian butter will relieve the position. It is thought there is likely to be a demand from America and Canada for New Zealand and Australian butters, which will relieve the British market at a time when the supplies are very heavy. —A. and N.Z LONDON MARKETS FROZEN MEAT PRICES 2?j» Cable. — Press Association. — Copyright LONDON, Saturday. Sheep. Canterbury, medium, 65d; heavy, 6 l-8d; North Island, medium, 6 l-8d; heavy, 5 7-Bd. Lambs. Canterbury, medium, 93d; heavy. 9 l-8d; seconds, 9 3-8 d; other selecteds, medium, 95d; North Island, seconds, 95d. Frozen Beef. —New Zealand hinds, 51d: Australian hinds, 4 7-8 d; Argentine hinds, 53d. Other meats unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton. —November delivery, 11.29 d (11.15 d.), per lb. Rubber. —Para, 14d‘ (14d.), per lb; plantation and smoked, 16d (16£d.) Hemp. —October-November shipments, £35 (£35 August-October), per ton. Copra. —October-November shipments. £26 10s (£26) per ton. Linseed Oil. — £3l (£3O 10s) per ton. Turpentine. —37s (37s 3d) per cwt. Wheat. —Corgoes are firm and better grades are 3d higher. Liverpool futures: October, 10s 3 7-8 d per cental; December, 10s 5 7-8 d; March, 10s 5 7-8 d; May, 10s 43d.—A. and N.Z. SOUTHERN EXCHANGES SATURDAY’S SALES Press Association. Christchurch. National Insurance, 81s; -Union Steam (pref.), 20s 3d; Dalgety and Company, £l3 8s 6d; Commercial Bank of Australia, 27s lid (two parcels); New Zealand Refrigerating (con.), 7s 6d (three parcels); Beath and Company, 32s 9d. Dunedin. —National Insurance, 80s. LONDON MEAT VALUES OFFICIAL QUOTATIONS Under date October 7 the London office of the New Zealand Meat Producers’ Board cabled the following schedule of Smithfield delivered prices:— New Zealand Wethers and Maidens.— Canterbury quality, selected brands: 561 b and under, 6fd per lb> 571 b to 641 b, 65d; 651 bto 721 b, 6£d. Other brands: 561 b and under, 6id; 571 b to 641 b, 6Jd; 651 b to 721 b, 5J? eW Zealand Ewes.—64lb and under, New Zealand Lambs.—Camteibury quality: 361 b and under, 93d; 371 b to 421 b, 93d; 431 b to 501 b, 9gd; seconds, 9|d. Selected brands: 361 b and under, 9|d; 3 Tib to 421 b, 9Jd. Other brands: First quality. 361 b and under, 95d; 371 b to 421 b, S£d; second quality, 301 bto 321 b, average, J id. New Zealand Beef.—Ox -fores, 38d: hinds, s£d. Argentine Chilled Beef.—Ox fores, 4d; hinds, 65d. Argentine Frozen Beef. —Ox fores, 33d; hinds, 53d. Frozen Forkl —Bolb to 1101 b 9d; 1201 b to 1801 b, 7d. Lamb.—The consumption is decreasing owing to large supplies of Home-killed lamb, but the market is firm. Mutton Market.—Wethers, are firm and ewes show a weaker tendency.

banks— Sellers. £ 6. d. £ <L Bank of Australasia '-ora. Bank of Aus. . 1 7 10 Ditto (pref.) .. .. Nat. of N.Z. .. 7 0 New South Wales .. 43 10 New Zealand .. .. Ditto (10s pd.) .. Ditto (20s pd.) .. Union of Aus. .. .. 15 0 0 14 17 6 INSURANCE—* National New Zealand .. .. 10 South British .. .. 2 17 9 2 17 3 LOAN AND *GENCI Abraham and Williams (pref.) .. .. t . Farmers’ Co-op. — 4 4 0 A (pref.) 0 18 B (pref.) .... .. Goldsbrough, Mort . National Mort. and 2 7 0 Agency 3 Newton King (pref.) 0 12 6 N.Z. and River Plate 0 N.Z. Doan Merc. Ditto (prer.) .. .. — 80 0 0 COAL— Renown (con.) .. .. Ditto (paid) .. .. 0 14 0 2 Ditto (pref.) .. .. Ditto (A pref.) .. 0 6 Ditto (pref.) .. . Waipa 0 16 6 0 15 10 GAS— Auckland 1 3 Ditto (con.) .. .. Birkenhead and Nort0 1-7 3 0 17 0 cote 0 16 0 SHIPPING— Devonport Steam . Huddart-Parker Northern Steam 0 15 Ditto (con.) .. .. 0 7 2 Union Steam (pref.) • — 0 19 li TIMBER— Kauri Timber .. .. Leyland-O’Brien National Taupo Totara .. .. 0 16 9 BREWERIES— C. L. Innes (pref.) . 1 0 Staples and Co. 2 0 6 MISCELLANEO US— 0 17 0 16 Auck. Amuse. Park British Tobacco 2 18 Bycroft, Ltd Colonial Sugar 1 10 6 1 9 6 (Aus.) 53 0 0 Dom. Pictures .. .. Ditto, (pref.) Donaghys Rope — 1 0 0 and Twine Co. .. 1 15 6 Electro. Zinc (ord.) 1 10 0 Ditto (pref.) .. .. 1 D 6 Gear Meat 1 3 Grey and Menzies .. 0 12 0 Hamilton Theatres . 0 18 0 Hill and Plummer .. H.M. Arcade (pref.) 1 0 0 Kempthorne-Prosser Milne and Choyce 3 4 0 (ex div.) 1 3 3 Ditto (pref.) .. .. 1 3 3 Ditto (B pref.) .. 1 3 3 Ditto (deb. stk.) Murchison Oil (20s 1 3 9 1 3 3 paid) 0 17 6 National Pictures .. 0 16 0 0 12 0 Farmers’ Fertiliser 3 15 0 N.Z. Paper Mills .. N.Z. Refrigerating 0 17 0 0 15 6 (con.) .. .. .. 0 7 11 0 7 6 Northern Boot .. .. 0 18 0 Robinson Ice Cream 1 3 0 Sanford, Ltd. .. .. 1 1 0 Ditto (pref.) .. .. 1 1 0 1 0 3 Taranaki Oilfield .. 0 7 9 Thames Theatre Co. 1 0 0 Union Oil 2 2 0 2 0 0 Wairakei, Ltd 0 8 0 Wilsons Cement .. 1 17 0 1 16 0 MINING— Alburnia 0 3 0 0 2 9 Ballarat (con.) .. .. 0 0 2 Moanataiari (paid). 0 2 6 Ditto (con.) .. .. 0 1 0 0 0 6 Empire Reefs (con.) 0 0 6 — Golden Age (con.) .. 0 0 2 — Kawarau 0 0 10 — Koraata Reefs .. .. 0 0 3 Kuranui .. 0 0 6 Lucky Shot (2s pd.) 0 2 0 0 1 5 Ditto (con.) .. .. Maoriland * Gonsolid0 1 9 0 4 ated (con.) .. .. 0 1 0 Majestic New Walotahi (4s — 0 0 2 paid) 0 0 10 Ditto (con.) .. .. Occidental -U na 0 0 11 0 0 8 (2s paid) Ditto (con.) .. .. 0 11 Ohinemuri Waihi Waihi Grand June. 0 1 & AU STR ALLAN — Mount Lyell .. .. DEBENTURE* — Auckland Gas, 1928, - 1 6 3 D.c 101 0 0 99 0 0 Auckland Harbour Beard. 4 p.c. 85 0 0 Ditto, 51 per cent. 98 0 0 Ditto, 6 per cent.. 101 10 0 City of Aucklahd, 1940, 5i per cent Bor. of Devonport 95 0 0 6 per cent. . . .. 100 0 0 Ditto, 45 per cent. 92 0 0 N.Z. Breweries 1 3 9 1 3 5 Glaxo — 90 0 0 GOVERNMENT BONDS— War Loan, 1938, 4* . 96 10 0 96 0 0 Ditto, 1933, 5* .. — 100 15 € Ditto, 1936, 55 .. — 100 15 C INSCRIBED STOCK— War Loan, 1929, 5 93 0 0 Ditto, 1938, 41 .. 96 10 0 96 0 (1 Ditto, 1939, 4i .. 96 10 0 Ditto, 1933, 5J .. 101 0 0 Ditto, 1936, 55 .. — 101 0 0