With Investors on the 'Change

Sun (Auckland), Volume I, Issue 179, 19 October 1927, Page 12

With Investors on the 'Change

WEEK REVIEWED

HEALTHY TONE PREVAILS (By -Noon Call.A «'EDXESDAY, ? j On Wednesday of last week the dei pression which seined to dog - the ’Change i for the past few weeks vanished, and a i healthy inquiry set in in most sections. Healthy business has been recorded jin all centres over the week and, j though the demand lias been eon- - lined chiefly to the proven securities, there is an increasing tendency to incest in shares which, although not in a gilt-edged class, offer greater possibilities in dividends. The effect of the New South Wales elections have been reflected on the banking section. New South Wales and Commercials of Australia hardening appreciably since the announcement of the results. Frequent sales of Commercials have been reported up to 28s 2d. New South Wales were put through in Christchurch on Wednesday last at £44 15s, and later at £44 12s (id. New Zea lands have seen frequent sales on a rather unsteadv market ranging from 57s Gd to 58s. Other banks continue in good tone, with steadv buyers. The insurance section is quiet, but the market is practically unaltered. In the loan and agency section. New Zealand Guarantee Corp. shares have weakened to see sales at 8s sd, cum. div. Other shares in this section mostly continue firm at late quotations. Farmer •' Co-op. Auctionering preference shares have been popular on the Auckland ’Change at current rates. POSITION OF COALS Tn coals Hikurangis have had a slight weakening tendency, and Waipas have also eased a point or so. Renowns have been done at 7s 9d, and Taupiris at 25s 6d and 2G. I’ukemiros continue in strong demand with sellers hard to locate. Timbers and woollens attract little attention, and. in fact, at sellers’ ideas of value, offer little comparative inducement to investors. Especially is this the case in regard to woollens. Kauri Timbers were done at 24s 6d and Parker-Lambs at 19s. Miscellaneous shares saw the week open with Sanfords in steady demand. Following sales around 20s 3d for the ordinary shares, however, the market has eased slightly, and buyers are not so active. Auckland Amusement Park continue sought after on a market Arm at about 16s ?>d. Wilsons Cements, though somewhat easier over the last day or so, still stand high in investors’ favour and sales are recorded up to 36s 9d. TARANAKI OIL PROSPECTS In this section it fs worthy of note that Taranaki Oils have brightened up over the week. Whether or no the shares are in for a periodical flutter is hard to estimate. One thing is certain. Unless the firm strikes oil or obtains additional finance at any early date there will be little of the original subscribed capital of £350,000 left to play round with. In the mining section a slight revival of activity has been recorded. Ohinemuris have weakened, hut most other shares in this section have, if anything, an upward tendency. Gilt-edged securities are in good tone, and the market for Government Bonds and Stocks is firm Building and Investment Societies Of interest to the smaller man who looks to investment solely as a means of saving, and quite apart from the speculative aspect, is the balance sheet of the United Permanent Building Society just published. Undoubtedly this is one of the best, and in the long run, one of the surest ways of placing restricted savings to the best advantage. The balance at credit of profit and loss account, including £4,385 13s lid. brought forward, is £11.158 9s 2d. From this amount has to be deducted £5*064 5s 2d dividends paid, and £1,150 transferred to the reserve fund, leaving available £4,944. The directors propose this shall be distributed as follows: —Payment of a dividend of per cent., £2,795 Is 7d; allocation to the reserve fund, £1,500, making a total of £9,429; balance carried forward, £649 2s sd. The balance-sheet shows under the heading of liabilities, A shares paid up, £76,255 (last year £67,676); deposits, £24,702 (£23,044); reserve fund, £7,929 (£6,350); National Bank of New Zealand, £6,836 (£4,625); balance at profit and loss account, £4,944 (£4,386). Under assets are listed: Mortgages, £119,175 (£105,546); loans on shares, £1,491 (£535). Following is a comparison of the company’s results and appropriations for the last three years:— 1095

FRANKTON MARKET

PRICES MAINTAINED COMPETITION GOOD (Special to THE SUN.) HAMILTON, To-day. The Farmers’ Co-operative Auctioneering Company, Ltd., report:—At the Frankton yards yesterday there was a good yarding of beef, fat. sheep, fat and store pigs and a fair entry of store cattle. The beef was firm and on a par with last week’s values. Competition was good. Fat sheep were in good demand; also all classes of store cattle. Fat pigs were easier, with stores about equal to the previous week. Beef sold as follows: —Prime fat steers, medium weight, £lO ss; light fat steers. £9 7s 6d; prime fat cows, £7 9s to £S ss; prime fat heifers, £7 12s to £7 15s; medium quality fat cows, £5 5s to £6 12s 6d; plain and unfinished, £3 12s 6d to £3 19s; forward empty cows, £4 15s; vealers, £2 9s; yearling Jersey cross heifers, £5 7s 6d; two-year empty Shorthorn heifers, £3 10s; small yearling heifers, £2 9s to £2 17s; springing dairy cows, £7 15s to £8 10s; springing dairy heifers, £8 10s. Sheep.—Prime, woolly fat ewes. 31s 3d; fat woolly wethers, 30s 3d to 335; fat woolly hoggets, 26s lOd; two extra prime woolly hoggets brought 355; prime fat shorn wethers, 26s to 26s 6d fat shorn hoggets, 22s to fat shorn ewes, 17s 9d to 21s Id; good' store woolly hoggets, 24s Id. Pigs. —Best baconers, £2 15s to £2 17s; others, £2 10s to £2 14s porkers, £2 4s to £2 8s; choppers, £3 2s 6d to £3 10s; sows in pig. £3 10s; good stores, 33s to 3Ss; slips, 26s to 27s 6d; weaners, 13s to 19s.

HEAVY MORTALITY AMONG YOUNG LAMBS

INVESTIGATION WANTED TLXEAVY mortality has been experienced among lambs on North Auckland farms this season. This view was brought forward by several speakers at an Auckland provincial executive meeting of the New Zealand Farmers’ Union last evening A remit from the Pakaraku. Bav of Islands, branch on the question also came before the meeting. Mv. C. C. Munro stated that the disease had been prevalent for years, but that some years it was worse than usual. There was a tremendous wastage every year and it was a pity that the department had not got to the root of the trouble. No definite information could be got as to the reason of the trouble, though the most feasible theory was that it was due to excessive nutrition. Air. W. IT. Allen said that it was the very best lambs that went off. in many cases when they were opened up a wool ball was found inside them. It was decided to write to the department asking that it investigate the disease to the fullest possible extent.

BUTTER AND CHEESE

OFFICIAL QUOTATIONS Under date October 14 the London ngen.v of the New Zealand Dairy Produce Control Board, cabled as follows: — BUTTER New Zealand. —halted. 174 s to 175 s a cwt. (ITS? to 1525): unsalted, lS4s to ISSs (154 s to 190 s). The market is very slow, but indications are that it is turning. Australian. —Finest salted. 172 s to 176? (174 s to 1 7Ss); un?alted. ITS? to lS2s (ITS? to 3 545). Argentine. —Finest unsalted. 170 s to 176 s (174 s to 17Ss). Irish. —Creamery, salted. 174 s to 176 s (174? to 17Ss); unsalted, 174 s to 1 TSs (174 s to ISOs). Dutch. —Unsalted, 194 s 19Ss). Estonian. —Salted. 170 s to 178 s (174 s to 1765): unsalted. 174 s to 175 s (176 s to 17*?». Siberian. —152 s to 15Ss (154 s Danish. —192 s to 196 s <1 Retail prices are unchanged. CHEESE New Zealand. —White and coloured, now 103 s after having reached 106 s (104 s to 106 s). The market is quiet. Canadian. —Finest white and coloured. 104 s to 105 s (104 s to 106 s). Australian. —Finest white, 101 s 1 (101 sto 103 s): coloured. 100 sto 103 s (100 s to 103 s). English. —Finest farmers’, 126 s to 130 s (124 s to !2Ss).

PRODUCE MARKETS IN HEALTHY STATE

AN OPTIMISTIC NOTE

“The recent decline on the London butter market is a little unaccountable." states a circular to dairy companies issued by A. S. Paterson and Co.. Ltd. “We are glad, therefore,” continues the report, “to have London’s expectation that the market will now hold and possibly improve during* the next month. There has been a very decided dullness pervading the market for some little time, and while the position is steadier, there is still an absence of brightness and activity. “The high prices for cheese which have been ruling, and still rule, have brought about a dullness in this market also, and the price quoted to-day is described as nominal. The period of forward buying for portions of outputs for manufacture up to the end of November and the end of the year has terminated, and buyers are holding off. At the same time the outlook is favourable, and we do not consider there is a likelihood of any material fall in prices in the near future. “Generally speaking, both the butter and cheese markets can be described as being in quite a satisfactory state.”

POTATO MARKET STEADY

POSITION IN THE SOUTH Press Association. CHRISTCHURCH, Tuesday. The potato market is about the same. Inquiries continue to come from Auckland fairly freely for end-of-month and early November deliveries. The early crop in the Pukekohe district is turning out disappointingly, and there is a probability of Southern potatoes being wanted until well on in November. However, although a degree of firming is probable, merchants expect little appreciable advance. The f.o.b.s.i. price is a shade better than last week. To-day, there are no £4 a ton potatoes about, but there has been a little business at £4 ss. Farmers are not offering at the recent on-truck price of £2 15s, but are prepared to consider £3. This week's Auckland boat will not sa.il until about Thursday, a delay being caused through the broken weather in the South interfering with loading operations. The other branches of produce for the most part remain firm. Wheat is offering in very small quanties, although fowl wheat is the source of a fair amount of business.

DUNEDIN WOOL VALUES

Press Association. DUNEDIN, Tuesday. A supplementary wool sale was held in the Victoria Hall to-day when about 1,300 bales were offered by the Dunedin agents. The wool comprised mainly erutchings, with odd lines of fleece wool. Prices were well up to the level prevailing at the closing sales of the 1926-27 selling season. The demand for erutchings was poorer than was expected and prices did not reach the level of those ruling at the Christchurch sale a week ago. The best price for erutchings was 121 d. The general run of values was from Id to l*d lower than late rates in Christchurch, but last season’s prices were well maintained.

MINING NEWS MAORI LAND.—The manager reports: During the week ending October 15, the crosscut at No. 4 level has been advanced 10ft, making the total to date 109 ft. The country passed through is of a favourable class, with mineral seams and silica heads, crossing the face. There is a fair amount of moisture coming from the face, which is the usual sign before striking a reef. During the last 3ft the ground was much harder. KURANUI. —The manager reports: The drive seaward on the Oddfellows’ reef has been continued for the best part of the week with no better results as there is no sign of the reef making yet. Have started the men driving on the small leader in the footwall of the main reef as advised by the directors. The leader averages about four to six inches in width and the quartz that has been broken is very heavily mineralised and shows a lot of blend. MOUNT WELCOME.—The manager reports: Good progress is being made with the low level, the face being now 231 ft in from the main crosscut. A false wall is travelling with the reef at present, but should cut out at any shift and if so and the clean country contacts with the lode again we can expect gold, as the country ahead is good gold-bearing strata through to what is known as Barker’s winze

KING COUNTRY STOCK VALUES

(Prom Our Oicn Correspondent) TAUMARUNUI, To-day. There was a good yarding of sheep, a fair one of pigs, and a poor offering of cattle at the Taumarunui fortnightly stock sale, held this week. Buyers were present in considerable numbers from the adjacent districts. Sheep moved up at to late rates, but cattle met with a very poor demand. Prices were:— Sheep.—Fat wethers, 28s; fat ewes, 20s 6d to 22s 4d: ewes and lambs, up to 31s 2d; ewe hoggets, 18s 3d, 255, to 295; wether hoggets, 36s 9d, 245, 24s Gd, to 255; mixed sex hoggets, 19s 4d to 20s lOd. Cattle.—Two pens of fat bullocks were passed in, owing to no demand. Fat heifers, £7 10s; light fat heifers, £6 8s to £6 10s. Other- cattle moved at late rates. Pigs.— Store pigs. 20s to 335; weaners, 32s 6d, 13s, 14s, 3 7s, 39s 6d, 23s 6d, to 25s 6d.

SOUTHERN EXCHANGES Wellington.-—Reported sales: Xational Bank of Australia <£.> paid). £S 12s: Bank of New South Wales. £4l 12s 6d.

AUCKLAND PROPOSAL RILES SOUTHERNERS CHAMPIONSHIP AWARDS “Colossal cheek and imperti nance, were the terms used by a committee member of the Manawatu a. and P. Association, when commenting: on the Auckland A. and P. Association’s proposal to issue North Island championship ribbons at future shows. The question, it. was contended, at a committee meeting of the Southern association, was one for the Royal Society, not an individual association to deal with. Strong comment was made by other committee members. On the motion of Mr. M. Johnston the following resolution was carried unanimously : “That the Royal Society and North Island A. and P. Conference having considered the remarks made by members of the Auckland Association, point out that it is not within their power to attempt to create the Auckland Association as being the one permitted to issue New Zealand championships, and that this power can only rest with the Royal Society.”

1925 1926 1927 £ £ £ Brought forward . 350 550 S36 Net profits . 4,907 6,051 6,773 £5,257 £6,601 £7,609 To Reserve .. . 1.000 3,150 1,500 Dividend, 7 h P-c. . 3,707 4,616 5,460 Carried forward . . £ 550 £ S36 £649