Markets and Money

Sun (Auckland), Volume I, Issue 173, 12 October 1927, Page 16

Markets and Money

A Review for Business Men

ON THE 'CHANGE

BANKS ACTIVE INSURANCE SELLING The tone of the market i:o-day is brighter. The banking section is active and several sales have taken place. Insurance stocks are also in demand at recent prices. Coal shares are still sought after, Pukemiros stand with buyers 58s, no sellers appearing, and Taupiris have sold at increased prices. Timber shares remain weak, Ley-land-O'Briien being the only stock supported. Government and local body debentures continue in good tone and several lines haves changed hands. SALES REGISTERED At yesterday afternoon’s call. —On ’Change: N.Z. Inscribed Stock, 1933, 5£ per cent., £lOl 10s. Reported: Taupiri Coal (ord.), £1 6s; Auckland Gas (con.), 17s 3d; British Tobacco, £2 19s 9d. At this morning’s 10 o'clock call. — On 'Change: Bank of Australasia, £l4 11s; Bank of New Zealand, £2 17s 6d; Hikurangi (A pref.), 5s 4d. Reported: Union Bank of Australia, £l4 18s 6d; New Zealand Insurance, £1 19s; Standard, £3 Is; Borough of Rotorua, 6 per cent., £IOO. At the mid-day call.—On 'Change: Ohinemuri Gold and Silver Mines, Bs, 8s Id. Reported: National Insurance, £3 19s 6d; Farmers’ Co-op. Auctioneering Co. (A pref.), 17s 3d; Renown Collieries (con.), 7s 9d; Sanford, Ltd. (ord.), £1 0s 3d. MID-DAY QUOTATIONS Closing quotations at mid-day today were: MID-DAY QUOTATIONS Closing quotations at mid-clay to-day were:—

SOUTHERN EXCHANGES Press Association. Christchurch. —Sales Reported: N.Z. Refrigerating (con.), 7s 9d. On ’Change: N.Z. Government 4i per cent, bonds, 1938, £96 5s (2 parcels); Commercial Bank of Australia, 27s lid; N.Z. Refrigerating (con.), 7s 9d (2 parcels); British Tobacco, 59s 6d; Holdens Motors, 34k 6d; Mount Lyell, 27s 3d (2 parcels).

eas. ABERDEEN ANGUS BREEDERS MEET

HEADQUARTERS CHANGED A. AND P.’S MOVE FARMERS’ MEETING PLACE Headquarters worthy of New Zealand’s premier A. and P. Association have now: been taken over by the Auckland A. and P. Association. During the week the association’s headquarters have been transferred from the old premises in High Street to a large and well-lighted suite of rooms in Dalgety and Company’s new buildings, Albert Street. Within 100 yards of THE SUN, the association is now situated in the most central part of the city. The suite comprises a main office, private office for the managing-secretary, and a large combined meeting-room and library. 'lt is in the latter room where the greatest innovations are to be introduced. It is hoped to fit it out more in the form of a farmers’ club-room and to bring right up-to-date the association’s already extensive library. The central idea behind the move is, in fact, to make the rooms a worthwhile meeting-place for farmers.

POLLED ANGUS BULL VALUES Press Association. DANNEVIRKE, Tuesday. The annual sale of Polled Angus two-year-old bulls, on behalf of Frank Armstrong. of Akitio stud, was held yesterday, when 50 head were sold under the hammer at prices ranging from 46 guineas downwards, the average being 26i guin-

POPULARITY OF CATTLE Press Association. DANNEVIRKE, Tuesday. The annual meeting of the New Zealand Aberdeen Angus Breeders’ Association was held at Dannevinte last evening. Mr. W. Kinross White stated the finances were in a satisfactory condition. The accumulated fund amounted to £695. He referred to the steadily-growing popularity of the breed and the improved outlook for beef. , Mr. White was re-elected president and Mr. M. Greenwood was appointed vice-president. Votes of condolence were passed with the relatives of two deceased members Mr. A. S. G. Carlyon (Gwavas) and Mr. Burling (Masterton). COMING AUCTIONS Mr. E. E. Carpenter will hold a genera'.: clearance sale of good used furniture anc. effects at his rooms, 183 Karangahapc, Road, opp. Newton P. 0., to-morrow (Thursday), at 1 p.m. Mr. E. E. Carpenter will sell. Messrs. J. H. Ansell and Co. will holci a general clearance sale of good used furnishings and effects at their rooms, 167 Symonds Street, to-morrow (Thursday), at 11 a.m. Mr. J. H. Ansell will sell. The North Auckland Farmers’ Co-op., Ltd., have received instructions to sell at their rooms. 18 Commerce Street, on Friday next, at 12 noon, a kauri house of five rooms, recently renovated through - out, situated at 27 Church Street, Ponsonby. Mr. P. Landells will sell. The North Auckland Farmers Co-op., Ltd., have been instructed to sell by public auction at their rooms, 18 Commerce Street, on Friday next, at 12 noon, a well-built bungalow of five rooms, at 13 St. Leonards Road, Devonport. Mr. F. Landells will sell. Messrs. J. H. Ansell and Co. have been instructed to sell on the premises. 89 Eden Terrace, corner Virginia Avenue, on Friday next, at 12 noon, the whole plant, stock and fittings of interest to farmersi, coachbuilders, blacksmiths, etc. Mr. J. H. Ansell will sell. Messrs. Bye apd Selyt offer owners of baches, seaside cottages and homes a unique opportunity of furnishing them at their sale to be held to-morrow (Thursday), at 11 a.m., at their rooms, corner Pitt Street and Grey Avenue. Mr. H. H. McCarthy will sell. Messrs. J. H Ansell and Co. have received instructions from the executors in a deceased estate to sell at 1 Rothesay Street, off Station Terrace, Clonberrx Road, Remuera, on Tuesday, October 18, at 11 a.m., the complete list of furnishings and effects. At 12 noon the residence, a beautiful villa, will be offered for sale. Mr. J. H. Ansell is the auctioneer.

With Investors on the ’Change

THE WEEK REVIEWED HEALTHY TONE PREVAILS By “Noon Call, 1 ’ Wednesday, 9 a.m. Even the most optimistic could not claim the past week oi the ’Change to have been one cf big business. If anything it has been even quieter than the quiet weeks which preceded it. REFERRING in particular to Auckland it has seemed that, apart from a few parcels of mining which to optimists offer fair speculative inducement, investors are only prepared to consider propositions which give rise to the assumption that the money so invested will be reasonably safe, and will yield a fair return. The speculative element, apart from mining, has been almost entirely absent. Christchurch has reported average business, but other Dominion centres, Auckland in particular, record restricted turnovers. For all these depressing indications there is a healthy tone in the market and a steady demand exists for many of the better classes of securities. Recovery of New South Wales Banks continue In good tone with steady sales on a firm market. New South Wales have recovered over the week, improving from sellers at £43 10s, to see buyers in at £43 15s, and sellers withdrawn to £44 sk. Nationals* of New Zealands have beei done in Christchurch at £6 19s 6d. Commercials and New Zealands, on a market firm at late quotations, have ranked among the most frequent sellers. Insurance and loan and finance shares have been quiet and mostly idle, though the section remains in fair tone. In Christchurch, Goldsbrough, Mort have been done at 46s 6d. New Zealand and River Plate have seen 27s 3d. Two sales of National Insurance are reported from the South at 80s and 81s, respectively. Coals in Demand Coals continue well up in investors* favour, and a strong tone prevails for most parcels. Pukemiros have been done at 595, which must be a record for these shares. Whether or no, however, they offer the best proposition in the section is a problem that is open to argument. The company certainly has huge reserves, but there is no guarantee that it will be able to go on pa.ying JO per cent, dividends which would be required to justify buying in at the present market price. It must be remember ed tha t the firm is not going to have it all its own way on the coai market in the future. Besides established companies in the Waikato and elsewhere which are making a. big bid for increased output, though which certainly in many cases cannot show such proportionately low operation costs as Pukeiriro, new firms are coming into the field which cannot be taken lightly. Position of Renowns Depressed thoug'a the outlook of the Renown Collieries may look there has been nothing, apart, maybe, from a tendency to the bad management in the earlier stages, to justify any dimming over of the prospects which caused the shares to be over-subscribed within a fortnight of being placed on the market. The company is reported to have even greater coal resources than Pukemiro. With Renowns available on a market equal to about 18s fully paid up and every prospect oi the company commencing operation:? within the next six months, there seems greater possibilities in its shares than Pukemiros. Certainly there is a greater chance of an advance in the market. The company is practically assured of a profit within the next 12 months. It must .be remembered, again, that Pukemiro were almost begging at 10s before the firm began to show a profit. Waipas operating quietly and paying a steady 10 per cent, also are worthy of consideration alongside Pukemiros at 595. Gilt-edged Stocks Gilt-edged stocks;, particularly 1933 and 1936 stocks and bonds are in better demand, and buyers have increased their offers over the week. Mining offers little to interest the investor, as apart from the speculator. Ohinemuris, firm around Bs, are uncertain. There may be an even further sharp advance, but mining is always risky, and forecasting a question for the individual speculator. WaihJs are firm around 22s 6d, and there is little likelihood of these shares easing to any great extent in the near future. Other mining is depressed and idle. In miscellaneous, Amusement Park have eased over the week to see a sale in the South at 16s. Taranaki Oils weakened to be done an 6s 9d. Wilsons Cement continue firm. British Tobacco also meet with a strong demand. MINING NEWS MAORI LAND. —The manager reports: “Dujdfag the week ending October 8 the No. 4 level, east crossctit, was advanced 9 feet, making tie total to date 99 feet. The country passed through is of a more blocky nature, with black mineral heads, and there is more water showing than previously. GOLDEN AGE. —The manager’s report, dated October 10, states:—“The drive on the main reef ha 3 been advanced a distance of Bft for the week. There is a fair amount of water coming out of the hanging wall. The quartz in the face is 12in in width, ancl I think the main body of quartz is in ti e hanging wa 1. When we drive another 10ft we will crosscut in both walls to ascertain their width and value.” LUCKY SHOT. —The manager reports: “Work done on the footwall dropper has been confined to breaking out for timber and no quartz has been broken out since my last report. We have stripped the reef for a distance ,of ISft in length and 3ft 6in in height along the back of the drive. We shall be breaking down on Thursday next. The winze between Nos 2 and 3 reefs has been sunk a total depth of 25ft. The count-y incased in the reef looks well. Up to the present no quartz has been broken out.” HIDE AND SKIN VALUES LOCAL MARKET Vried sheepskins were approximately Jd firmer all round at the hide, skin and tallow sale held in Auckland yesterday. There was a good, attendance of buyers Prices ranged as follow: Cowhides.—Best grade, 33-40, 9£d to 9gd; 41-44, 9d to 9Jd; 45-50, 8 7-8 d to 9d° heavy, 8 7-8 d; second grade, Jid to Bid; scored and meaty, 5Jd to 6Jd; cut, 7Xd to 8d; ox, best grade, light, 9d to 91d; medium, 8 5-8 d to 8 7-8 d; heavy, 9d to 9Jd; heavy, with substance, 9],d to 93dcut, 7|d to 8d; kip and runners, best! 9Jd to 9Jd; second grade, 7Jd tc 8d; yearlings, best grade, 9£d to 10 Jd; second, 72d to 8d; calfskins, best, light to medium, 14d to 15d; heavy, lOd; cut, 94d to 10 Jd: slipes and stale, 7d to 7£d. Sheepskins. —Dried, three-quarter to full-wool, medium crossbred, 11 Jd to 12d; 32Jd to 13 Jd; coarse crossbred, 10Jd to lid; faulty, 9§d to 10 Jd; damaged. BJd to 92d; half-wool, mediurr to fine crossbred, 10 Jd to 10|d; coarse, 9Jd to lOd; damaged, 6ijd to 7Jd; fau ty, SJd to 9d; bare to quarter-wool, fine crossbred, 8d to BJd: faulty, s|d’ to 7d; salted sheepskins, full-wool, extra large, LOs lOd to 11s £d; large, 10s to 10s 3d; mecium, 8s 3d to Ss 3d; three-quarter to full-wool, large, 8s 6d to !)s 3d; medium, 7s 9d to 8s 4d; light, 6s 6d to 7s 4d; faulty and damaged relatively lower. Tallow. —In barrels, best mixed, 24s 6d to 25s a cwt.; second grade, 21s to 22s 6d; inferior, 17s 6d to 19s; in shipping casks, best mixed. 36s to 36s 6d; second grade. 24s 6d to 255. ABERDEEN ANGUS SALE PRICES LOWER THAN LAST YEAR Pres.t Association. DANNEVIRKE, To-day. The fifth annual breeders’ sale of Aberdeen Angus cattle was held at Dannevirke yesterday. Prices were not as high as last year, the top price at auction being 50 guineas for a two-year-old bull, bred by Mr. W. Kinross White. A yearling bull from Armstrong's Akitio stud was sold privately at 100 guineas. Prices for others ranged froci 45 down to 20 guineas.

COTTON AND WOOL

MANUFACTURE OF UNlfw TEXTILES 0,1 NEEDS OF N.Z. MILLS (THE SUM’S Parliamentary * rp ELLINGTON, Tvesd A little sop to encour.a, manufacture of an i nferior Hon *D° Burid7 Pt K ” appl " d bTt£ Hon. D. Buddo, Ka.apo,, to th« de! cision of the Minister of Cuit»» the Hon. W. Downie admit raw cotton free of duty. 10 W HEX tJle ilem was r*«-che<i i • ’ siderauon of the Customs AaJJS’ tient Bill in the House of tives this evening Mr. Buddo saidth a duty was imposed in 1921 i„ JS BI that cotton mixtures should not dorr” ate woollen goods, which had such high reputation. If it were known a product of the New Zealand woolu mills was mixed with cotton the-' would be no advantage over the iS’ ported articles. What was wanted w pure woollen goods. Mr. Buddo -»»t tire item be struck out and thi 1 inner duty of 4d a lb. be retained™’ Mr. Stewart, in reply, said that ws, the duty of 4d a lb. was put on in i*e it was meant to he prohibitive and tf high standard of New Zealand wool I w had then been emphasised. The cul at that time were all making lm,! woollen goods. On this occasion* S; position was that when represenlatiwi oi the various mills were giving er dence as to the position of the indos try some of them—a small minority hi would admit—had said that it woinl be unfair if they had to coma,against goods in which there was": mixture of cotton when they themselvei were unable to make the same class .! stuff. Other mills favoured aboUtfe! of the duty and pointed out that most of those who wanted the duty retain,! were not only manufacturers but also importers. That was one of u,', difficulties he had to contend wit) There were differences between thus, engaged in the same industry accord ing to whether they manufactured on!: or were both manufacturers and in! porters. Some of the mills used wwi only, and others wanted to use a Pit. portion of cotton. The position aaj the reverse of what it had been li 1921. when all had been unanimous that importation should be prohibit,! by a high duty. Several members suggested tit* branding would get over the dißculir and Mr. M. J. Savage, Auckland West. ■ doubted whether Mr. Euddo's suggen tion would prevent the importation if raw cotton. Mr. li. E. Holland, Leader cf tl, Opposition, asked whether raw cottcn hr d been imported during the last ih« or six years. The Minister said that some mam. facturers thought that they shok! have the opportunity of making unkt textiles, but the majority did ndt want it. However, it seemed unreasosah i that those who wanted to compete t this line should not be allowed to U so. Those who did not like to u» co - ton mixtures could advertise that their product was pure wool, and so maiata.in their reputation. In reply to Mr. Holland, the Mi-'. ter said that 451 b. of raw cotton ww imported in 1925, and in 1926 niL Mr. Buddo’s amendment was loet on the voices and the abolition of the duty was agreed to. D.I.C. DIVIDENDS A PROFITABLE YEAR (Prom Gur Own Correspondent) DUNEDIN, To-daf. A net profit, after making full ?r*» vision for taxation, of £46,573, Is show* in the balance sheet of the Drapery an! General Importing Company for the year ended Augu:?t 20, 1927. The directors recommend the payoMt of a dividend at the rate of 6 per etnt. on preference shares and 10 per eeiu. on ordinary shares. ’ BUTTER MARKET EASIER CHEESE PROSPECTS GOOD Cabled advice received from J. and L Lonsdale and Coy., Ltd., London prii» cipals of A. S. Paterson and Coy., Ltd* indicates a dullness in the butter marker with the cheese position practically nrchanged. Butter is quoted at selling oa a dull market at 176 s to 178 s. Cheese * quoted steady at 2055. In a circular to the trade A. JS. Paterson and Coy. state that the dullness is the butter market and the reduction H prices was not what was ooked for a short time ago, but the posi Jon is sonni for early arrivals, and the downwui fluctuation may only be cf r, temporary nature. A recovery may set in at any tixne. | In regard to cheese, the firm states fiat the position is undoubtedly strong, and. against reduced production which actually materialised in Canada, we have prfc** on a very high level, and it is a qu«stion of whether these prices will be maintained. OFFICIAL QUOTATIONS Under date October 7 the London oCkr of the New Zealand Dairy Produce Botrt cabled the following resume of the London market, prices for last, week being given in parentheses:— BUTTER New Zealand. —Salted, 176 s to I*-* 1178 s to 182 s); unsalted, 186 s to l&Osi (IW* to 190 s). The market Is very quiet, ant the forward position until Christmas » still good. Australian.—Finest salted, 174 s to 1W (178 s to 180 s); unsalted, 178 s to 184 s (18W to 184 s). Argentine.—Finest unsalted, 174 sto 178 s (174 s to 1765). j Irish Creamery.—Salted, 174 sto (1765): unsalted. 174 s to 180 s (180 s) Dutch.—Unsalted, 194 s to 198 s (19«* “ Esthonian.—Salted, 174 s to 176 s ttMs 182 s); unsalted, 176 s to 178 s <lS2s to 18»* Lithuanian.—l7os. Siberian.—ls6s to 160 s (158 s to lf»»* Danish.—l94s to 196 s (1945: to 19M). Retail prices are unchanged. CHEESE , New Zealand.—White and colour. 104 sto 106 s (104 sto 106 s). Market qtw* but firm. Forward position until Decrm ber is still good. , , Canadian.—Finest white and caw"' 104 s to 106 s (105 s to 106 s). _ English.—Finest farmers’, 124 sto » (120 s to 1245). Ilte Australian.—White, 101 sto l** coloured, 100 s to 103 s. Retail prices are unchanged.

Sellers. Buyers. BANKS— £ - a. d. £ B. d. Bank of Australasia — 14 11 0 Com.. Bank of Aus. . 1 8 C 1 7 10 Eng. Scot. & Aust. 7 9 0 Nat. of N.Z 7 0 C 6 17 0 New South Wales .. 44 0 0 New Zealand .. .. 2 17 9 2 17 3 Mortg. (10s paid) 0 16 0 Mortg. (20s paid) 6 0 Union of Aus. .. 16 0 14 INSURANCE— National ... .... •. 4 0 0 . 1 19 ' 1 19 0 South British .. .. 2 17 9 2 17 3 Standard LOAN AND AGENCr Farmers’ Co-op.— 3 0 A (pref*) 0 18 0 0 16 9 B (pref.) 0 15 3 0 14 9 Goldsbrough, Mort . National Mort. and 2 7 0 3 Agency 12 6 Newton King (pref.) N.Z. and River Plate 1 8 0 1 7 3 N.Z. Loan Merc. .. Ditto tpref.) .. .. — COAL— Renown (con.) .. .. 0 7 0 Ditto (paid) .. .. 0 14 0 Hikurangi 0 3 2 2 7 Ditto (pref.) .. .. 7 0 Ditto (A pref.) .. 0 5 9 5 2 Pukemiro 2 18 Taupiri .. 1 7 0 5 Waipa 0 16 6 0 15 9 GAS— Auckland .. .... .. 1 3 0 1 2 8 Ditto (con.) .. Birkenhead and Nort0 17 3 0 17 1 cote .. .. 0 16 0 — SHIPPING— Devonport Steam • 1 4 0 1 3 0 Huddart-Parker 2 7 ( 2 6 0 0 15 ( 0 14 6 Ditto (con.) .. .. 0 7 1 0 7 0 Uhion Steam (pref.) — 0 19 n TIMBER— Kauri Timber .. .. 1 5 0 Leyland-O'Brien 1 14 0 National 0 13 0 Parker-Lamb .. .. 1 0 0 Taupo Totara .. .. BREWERIES— 0 16 6 C. 11*. Innes (pref.) . 1 0 0 Staples and Co. .. MISCELLANEOUS— 2 0 3 1 17 6 Auek. Amuse. Park 0 16 6 0 15 9 Bri tish Tobacco 3 0 6 2 19 0 Bycroft, Ltd 1 9 6 Checker Taxicab .. 0 19 0 Dom. Pictures .. .. 1 0 0 Ditto, (pref.) Donaghy’s Rope — 1 0 0 and Twine Co. .. 1 15 6 1 13 0 Electro Zinc, (ord.) 1 11 6 Ditto (pref.) .. .. 1 11 0 Gear Meat 1 16 3 Grey and Menzies .. 0 12 0 Hamilton Theatres . 0 18 0 Hill, and Plummer .. 1 1 6 H.M. Arcade (pref.) 1 0 0 Kempthorne-Prosser 3 4 G Milne and Choyce 1 3 3 Ditto (pref.) .. .. 1 3 Ditto (B pref.) .. 1 3 3 Ditto (deb. stk.) Murchison Oil (20s 1 3 6 1 3 paid) 0 17 C 12 National Pictures . N.Z. Paper Mills .. 0 N.Z. Refrigerating . Ditto (con.) .. .. 0 Robinson Ice Cream 1 3 € 9 1 0 S’ Ditto (pref.) .. .. 1 1 0 1 3 Taranaki Oilfields .. 0 r e Thames Theatre Co. 0 0 0 Union Oil .. . .. .. 2 0 Wilsons Cement .. 1 17 0 1 16 0 MINING— Alburnia 0 3 (l 0 2 9 Ballarat (con.) .. .. 0 0 2 6 Moanataiari (pd.) . 0 2 6 0 1 Ditto (con.) .. .. 0 1 (1 0 0 7 Golden Age (con.) .. 0 0 2 Kawarau 0 0 H 0 0 5 Komata Reefs .. .. 0 0 2 Kuranui .. .. .. 0 0 6 Lucky Shot Css pd.) 0 2 (] 0 1 6 Maoriland Consolid1 0 ated (con.) .. .. 0 3 Majestic 0 Ditto (con.) .. .. Occidental-Una 0 0 9 0 (2s paid) 0 Ditto (con.) .. . • 1 1 Ohinemuri 8 Jl Ditto (pref.) .. .. — 3 Waihi Waihl Grand June. AU STR ALLAN— 0 — 1 3 9 Mount Lyell DEBENTURES— 99 0 0 Auckland Harbour 85 Ditto, 5J per cent. 98 10 0 Ditto, 6 per cent. . 101 0 0 City of Auckland, 1940 51 per cent 95 0 0 Auek. Elec. P. Bd. Bor. of Devonport 98 0 0 6 per cent 100 0 N.Z. Breweries 1 3 S 6 Glaxo — 90 0 0 government bonds— War Loan, 1930, 4J 97 12 6 Ditto, 1938, 41 .. 96 10 ( 96 0 0 Ditto, 1939, il .. — 96 0 0 Ditto, 1936, 55 .. — 100 15 0 INSCRIBED STOCK— War Loan, 1929, 5 .. 98 0 0 Ditto, 1938, 45 . . 96 10 ( 96 0 0 Ditto, 1939, 45 .. 96 10 0 96 0 0 Ditto. 1927-41, 51 97 15 0 Ditto. 1933, 51 . . 101 10 c Ditto, 1936, 51 ..